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More women are bringing home the bacon than ever before. According to a new report from the Center for American Progress, 42% of mothers were the sole or primary family earners last year. An additional 22.4% were co-earners, meaning that they were responsible for 25% to 49% of total family earnings.
Speaking with single mothers and a few of my successful sisters, they have shared that they are the main contributor to their household, and they are also interested in learning how to make their money go further. In today’s society, these women are called breadwinners. A breadwinner is bringing in most of the income in the household. According to a recent article “Clever Girl Finance” published in January, women breadwinners are on the rise, and many women say they earn more than their spouses.
Women should be proud that they can support their families and provide financial stability while they continue to climb the ladder of success. It is important that women understand money management in today’s society, because women are more likely to outlive their partners. So, managing your money and increasing your financial I.Q. goes a long way to make you become financially independent.
Understanding that money is a tool to be used will help you as a woman to make good financial decisions. Set financial goals to avoid falling into bad habit traps. Change your bad money habits to be in a better position to achieve financial success. There is nothing wrong with acknowledging that you don’t know it all. Breaking and changing your bad habits is not easy. However, if you break a bad habit, you must replace it with a good habit to avoid going back to the bad habit.
Seek good and sound financial advice, continue to learn, join a group that can help you get to your financial goals, (i.e., an investment club). It is best to think long-term regarding your wealth and financial independence. Don’t let unplanned events derail you from your financial goals, always keep them in the fore front of your mind when spending money. Financial security can give you the peace of mind needed to live life on your own terms.
Five tips to building wealth:
Pay yourself first. Become financially selfish – the first hour of your salary belongs to you.
Control your expenses (live within your means – Budget both your income and your expenses).
Make your money multiply.
Protect your money from losses (reduce risk by diversifying).
Increase your ability to earn.
I am cheering you on my fearless, festive, fabulous, and financially independent sisters.
I believe in you!
