Anita Saulite, CEO and Founder of SavvyMoneyGal is a Certified Life Coach Practitioner, and has an MBA from the Richard Ivey School of Business in addition to over 20 years of experience working in personal financial planning. The #1 Mistake Women Make with their Money according to Anita is not taking control! "Getting on the road to financial success is within your reach", says Anita. "If you are like many women today, you are probably feeling stuck or perhaps overwhelmed with your life – like you can’t get ahead fast enough, save more money or even know where your money is going. Don’t feel bad. You are not alone. All of us have some bad money habits. Recognizing them and doing something about it will change your life. Thinking about your life and your money, what do you think is holding you back? If you had to define the #1 mistake you are making with your money, what would that be?"
"In our opinion, the #1 mistake women make is not taking control of their money. It doesn’t matter why – there could be a thousand reasons or excuses. Every woman and every situation is different. But mark my words – it is a lack of control that is holding you back from financial success."
"So how do you “get control” of your money? You make it a priority. You empower yourself by really looking at how you earn, save, spend and give away your money."
"Here’s something else to consider: Women are living longer. The average life expectancy for women in North America is 84. The average age of a widow is 56. Taking control over your money has never been more important. Especially if you want to ensure your family’s financial future, and that you’ll have enough money to lead a long and comfortable life. So how do you get control over your money? Here are 5 easy steps to get control:
#1 - The first step is to get informed. The more you know about your money, the better decisions you will make. There’s no need to become a financial expert, but you do need to understand the basics about how you earn, spend, share and save your money. Becoming more aware of your habits will help you reach your goals.
#2 - The second step is stop living day-to-day and set goals. If you want to achieve more, setting goals is the way to do it. It doesn’t matter how much money you have or make, whether you are just starting out or have a successful career, setting goals will give you clarity. It’ll help you to stop squandering money and save more. It’ll inspire you to open yourself up to new possibilities. It’ll make you feel better too!
#3 - The third step is to organize every aspect of your life, from your mind and money, to your home, office, and kids. It’s important to engage your family in your quest for organization, and to learn how to stay organized even when the unexpected throws you off your routine.
#4 - The fourth step is to seek expert advice. If you don’t understand something, have doubts or are unclear about your money matters, talk to a financial professional. Make an appointment and prepare a list of questions. Being informed will help you make better decisions.
#5 - Finally, the fifth step is to get a plan in place to manage your spending. Making a budget and sticking to it is a challenge for many women. That’s why it is so important to create a budget that matches your spending patterns. And this will help you to set and achieve your financial goals. It’ll keep you motivated – and motivation is key to success."
"Taking control of your money means investing in you. It means you have to start doing things a little differently. I know you want to do it. I know you can do it. And there’s no better time to start than right now! Just follow the 5 steps – outline your spending habits, set goals, get organized, seek expert advice, and create a budget that works for you. Start fresh and get on the road to financial success."