5 Practical Money Tips for Modern Women

Save money

Women are in a tough position in today’s world. More often than not, we make a lot less money than our male counterparts, yet we often pay more on things like beauty, personal hygiene, and self-care too. That means that girls need even more help making their cash work for them. 

As we head into a new year, now is the perfect time for women all around the world to re-think the way that they approach their financial strategies. Fortunately, the following practical tips will ensure that modern women can make the most out of their cash, without spending too many restless nights worrying about bills and expenses. 

Find Out What You Need to Survive

Step one in becoming more confident with your money is figuring out how much you actually need. This means creating something called a bare bones budget. Essentially, you go through your bank statements and figure out exactly how much cash you need to pay for all of your essential bills, like gas, electric, rent, and so on. 

You can apply a basic amount of cash for food and entertainment too – but nothing over-the-top. Imagine you weren’t earning an income and you had to use nothing but savings to survive – how much would you spend on food? Once you have your bare bones budget, you can begin to cut down on the things that you don’t really need in your life, like gym subscriptions you never use. 

Be More Adaptable

Women are usually pretty flexible creatures. We know how to pivot to suit the needs of an ever-changing environment. However, sometimes, we can have some trouble adjusting to a changing financial situation. When you’re making sure that you’ve got what to take to survive in today’s money-focused world, make sure that you’re as adaptable as possible.

Remember that the amount of cash that you need to spend this month might be different to the amount that you spend next month. If it helps, go through your entire year and plan the unique expenses that you need to be ready for, like birthday presents, or Christmas festivities. This will ensure that you’re not taken by surprise when new costs emerge. 

Invest In Yourself

There are times when the last thing you want to do is spend any more money. If you’ve gone through your entire clothing budget for this month, then you shouldn’t buy another pair of shoes just because they’re on sale, for instance. However, if an opportunity comes up that will benefit you in the long-term, then it may be worth the investment. 

For instance, if your job gives you an opportunity to take on some training for an upcoming promotion, but it means traveling out of town, it makes sense to take out a cash loan now, so you can reap the rewards in the long term. Whenever you need to decide whether you should spend money, ask yourself how it’s going to benefit you in the future. 

Be Honest With Yourself

Sometimes, when you sit down with your bank statements and look at what you have really been spending your money on, what you see can be a little shocking. We like to tell ourselves that it’s okay to spend a little extra cash here and there on things like a coffee on the way to work – because it will help us to be more productive. However, you could be cheating yourself out of cash this way. 

Instead, be honest with yourself, and recognize when you need to cut costs. Rather than ignoring expenses because they’re just a couple of dollars here and there, make a list of everything you spend each month, and what you realistically need to get rid of. 

Try Some Online Tools 

Finally, if you’re relatively new to managing your own money, and you don’t have a strategy that you feel comfortable using yet, then you can try using some online or digital tools. There are plenty of tools available online today that can help with things like tracking how much you spend or offering advice on how to reach your savings targets. You can even download applications straight to your smartphone that tell you whether you can afford to spend some extra money this month or not. 

The digital world can make tracking your money and your spending habits a lot easier, particularly if you don’t feel happy using just a basic spreadsheet, or a pad and piece of paper. 

Document Everything to be on Top of Your Finances


Documentation is really important when you are doing your finances. Doing your finances isn’t exactly something people enjoy, and that is often because they don’t have enough information and knowledge about it nor do they know tricks to make it easier.

I have always believed that whenever an idea strikes, putting it all on paper is the best way to go. That is how I approach my finances as well. Having everything laid out will give you a clear idea as to what is needed to make the best budget plan.

You will get to see all the pre-requisites right in front of you and it will give you a pretty good clue of how the cashflow occurs in your month  You will be able to calculate the cash flow taking into account all the incoming and outgoing transactions. You will be able to dissect all your spendings and categorize them to take a closer look into what area needs more work.

“I’m a hoarder. For me, documentation has always been key, and I’ve kept everything from my past.” -Diane Keaton

The only hoarding I don’t mind is the bills. Hold onto all your bills especially if you pay cash so that you don’t forget the purchases you make. This will help you make a more vigilant budget at the end of the month or the beginning, whenever you sit down to review your finances.

You will not be moving forward with an unrealistic approach toward your budget planning. Making a budget and allocating money to each area of your life like the needs, wants, and savings on a document and then keeping on visiting it from time to time will help you stay true to your financial decisions.

Whenever you feel like you are going off track with your spending, you can revisit this document to remind yourself what you planned and what you need to do to maintain your financial health.

Planning on Real Data

Whenever you think of making big changes in your lifestyle or the way you handle your finances, you often hit the bump of uncertainty. If you maintain a file – whether a hard copy or soft copy – you can always refer to it when making financial decisions. This gives you certainty and confidence in whatever decisions you make.

You also have more trust in your decisions because you can base it on real data and not just something you heard someone say works for them. Just because something works for someone else, doesn’t mean that it will surely work for you. Make sure a new technique, trick, or method is going to benefit you based on your financial track record.

Final Thoughts

Documenting all your earnings, spendings, and savings isn’t exactly difficult. You just have to take a little time out every week and review the results every month. I, personally, record my daily expenses and then tally it at the end of the month. This helps me make sure that I don’t go over budget and if I do then I can plan how to make up for it in the coming month.