A Savings Mindset

Women tend to nurture and provide for those they love to the detriment of their needs. They support loved ones -emotionally, spiritually, academically, and physically. When called upon for financial support, they find it hard to say no!

Preparing for personal and business savings takes planning and a made-up mindset. Building habits to save takes time and in most cases that doesn’t happen overnight, nonetheless committing to saving is a key component for peace of mind. With consistent small steps, building a habit of saving will help create a financial cushion and replace stress while building confidence and having better control of your money to hand unplanned and unforeseen emergencies. The desire to save is often the impetus for change- and the savings can be substantial. An old tip to start you on your way: drop change into a jar whether pocketful of mixed coins or even just a penny. You’ll be surprised how much you’ll have saved at the end of the year!

Women in particular struggle with addictive or compulsive spending. Compulsive buying is more prevalent among the younger populations especially students. The impacts of compulsive buying include large debts (58%), guilt (46%), inability to meet payment (42%), criticism from acquaintances (33%), and extreme cases, legal consequences (about 8%). Although compulsive buying tends to decrease with age and maturity, the problem is on the rise in market-driven societies where young people are unprepared to properly manage cash and credit in a consumer culture. 

Ways to address compulsive spending is to refocus your time and energy on free activities. Focus your spending more on what’s needed and what you love. Devote more time and energy on what matters to you and not what consumer culture expects of you all within a well-designed budget that supports your savings plan. A saving mindset is all you need to succeed.