Too often women care more about the size of their thighs than the size of their bank account. They research the best skin care regimens but not the best investment opportunities. They worry about looking older but not about how they will pay for their expenses when they actually get older.
However, this does not have to be the case. Women can take hold of their finances, no matter what they currently look like, and focus as much on financial fitness as they do on physical fitness.
There are many things women can do to up their financial fitness game. The key is to start concentrating on being financially healthy.
Work on setting financial goals and focusing on the future. Do not settle for living paycheck to paycheck, or robbing Peter to pay Paul. Following the five basic steps below can boost your financial fitness and get you on the road to where you want to be.
1) Open a checking account.
It is amazing the amount of money one can spend over the course of a lifetime at “check cashing” establishments. Look for checking accounts that are free and have an established network of fee-free ATMs.
2) Pay bills as they come in.
The best way to get out of debt is to never get in it. But even if you are in debt up to your eyeballs right now, work on paying each bill as it is received in the mail. Any extra money should go towards paying down any debt that has already been accrued.
3) Create a budget.
Figure out where the money is going right now and then set realistic money management goals that can be kept. Educate yourself on how to maintain that budget and stay on track with this money management plan.
4) Stop the “broke” talk.
Resist the temptation to talk about being broke, poor, having no money or any other negative self-talk. It can become a self-fulfilling prophesy. Instead, focus on all the good things being done to achieve financial fitness. Creating a positive affirmation such as “I am becoming financially fit,” can be helpful to say when self-doubt creeps in.
5) Make debt-repayment automatic.
There’s nothing worse than someone whining about being in debt yet they are doing nothing to solve the problem. Paying down debt can be an auto-pilot program once one understands all the debts one has accrued.
Start by paying the minimum payment on everything owed. Put any extra money towards paying down the smallest debt, or the one charging highest interest first. When that one is paid off, put the money onto the second smallest debt, or next highest interest rate, and so on. Commit to a debt repayment schedule and stick to it!
Financial fitness is a valuable goal. It doesn't usually come all at once, and it's important to be disciplined about it. Just as one day or week or month may not get you into shape physically, that’s usually the truth for becoming financially fit too. However, little steps over the course of time can yield big results.
Sources:
Becu.org. Web. 28 May 2014. “10 tips for financial fitness.”
http://www.becu.org/learn-and-plan/articles-detail.aspx?id=55&type=article&articles=1&webcasts=0&calcs=0&sort=newest&topic=12
HuffingtonPost.com. Web. 3 January 2013. “Five tips for financial fitness.”
http://www.huffingtonpost.com/ellen-rohr/5-tips-for-financial-fitness_b_2426149.html
Reviewed May 29, 2014
by Michele Blacksberg RN
Edited by Jody Smith