Financial Health: How to Budget Like A Queen
Nov 23, 2022
It’s natural to feel lost or over overwhelmed when you think about money or setting financial goals. For most people, the topic of money is not always discussed in the primary years of an adolescent life. Over time, you grow into an adult and the pressures of finances will impact both males and females. As women we hear lies about money from a very young age and sometimes don’t realize how young habits feed into bad adult habits when it comes to money. We’ve been told that women are bad with money, frivolous spenders, lack investment knowledge, and don't know how to pay off debt. We may feel disadvantaged when compared to males in the financial world, business school programs, and careers that lead to financial freedom & wealth.
Did you know that until the Equal Credit Opportunity Act was signed into law in 1974 that women couldn’t apply for a credit card, open a bank account, or even take out a mortgage without their husband’s permission. If you had the opportunity to get married, as a woman you had a larger chance of taking a mortgage out. If you were a single woman, you pretty much had no hope to get your own mortgage. You may be thinking, wow we came a long way. Even though things may have changed in the 21st century we still have a long way to go.
That’s why I will share light on some statistics that will hopefully inspire and empower you to create a budget like a queen to achieve financial freedom rather you are a teenager, single, or married. This is for every woman who want to be the queen of her own finances.
The gender pay gap starts at childhood, of course it fluctuates based on race, education, and number of dependents. Did you know the following?
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Parents pay boys twice as much allowance as girls (USA Today)
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Women earn $0.82 for every $1 earned by men (IWPR)
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Asian women earn $0.87 for every $1 earned by White men. (IWPR)
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White women earn $0.78 for every $1 earned by White men. (IWPR)
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Black women earn $0.63 for every 41 earned by White men. (IWPR)
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Native women earn $0.60 for every $1 earned by White men. (IWPR)
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Hispanic and Latina women earns $0.55 for every $1 earned by White men. (IWPR)
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Workers with a bachelor’s degree earn double those without a degree. Women with a bachelor’s degree earn $0.74 for every $1 earned by men with a bachelor’s degree. (census.gov)
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Mothers earn $0.70 for every $1 earned by fathers. If you think about this monthly, that’s approximately a loss of $1,500/month or $18,000/year that is experienced by mothers. (NWLC)
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This may seem surprisingly, but 30% of single mothers live below the poverty line compared to 17% of single fathers (PEW research)
These are just a few stats among many gender pay gaps that start early and carry over into adulthood that impact women. With these results, women have taken the step to take advantage of opportunities by creating a winning budget, increasing savings, and some taking a leap of faith into entrepreneurship. Overcoming the numerous financial statistics that are out there is possible. I am glad I learned how to break some of these statistics over the course of my life and I am excited to teach you. Here are 5 steps you can follow to overcome these statistics about women:
1. Establish SMART Goals
First step is to establish goals for yourself. In my course: Queendom Ladies Guide to Create a Budget I will go over successful ways to create SMART goals and how you can apply them to your life today. We will discuss what SMART goals are, and the process to develop them. The way we were taught the concept of money have shaped our money mindset over the years, and this is the first thing women must change. Once you change the way you think about money then you can overcome the negative thoughts toward money. The mindset is a direct correlation to your habits. Believe it or not, most women have developed a bad mindset about money from childhood which led to bad habits when it came to money in adulthood.
2. Create A Budget that Aligns to Your Goals
After you set SMART goals, then you can work on developing a budget that is aligned with every goal. Rather you truly believe it or not, you CAN have money, manage money, and invest money to have a great future. You can achieve and exceed every goal you set for yourself. You my queen are worth the financial freedom and wealth.
You must do the work today to achieve your potential financial freedom. This will require you to set goals on where you want to be in life, work on spending habits, change your mindset about money and build a budget that keeps you on track. As a financial coach I am here to walk you through building a winning budget and holding you accountable. Think about someone who sets fitness goals and sign up for a gym membership, this individual decides to hire a personal trainer who is there to hold you accountable. I am here to push you in achieving your financial goals by setting the foundation with establishing a budget that works. Of course, it will take work on your end, but having a financial coach to cheer you on makes a world of a difference.
3. Find Your Motivation
Dig deep and find your “why”, it helps you understand the importance of budgeting. We will walk through reasons for your goals and identify examples for each goal. This will help you understand the journey in achieving financial freedom.
4. Create A Plan For The Future
After making a budget, it’s essential to build an emergency fund, save for retirement (even if you are an entrepreneur), and pay off debt. We will go through your budget, identify your own assets and liabilities. We will understand what liabilities you have and how to convert to assets. An emergency or savings fund is critical to your financial success. Life happens to us all and I get it. We need to plan for it and understand how to navigate ourselves financially when things don’t go as plan. Retirement may be far in the future for you, but it’s never too early to start saving now for it. Lastly, in my course service offering, Queendom Ladies Guide to Create a Budget you will learn how to effectively manage debt. Understanding debt and all the implications is key to creating a winning budget.
5. Pay yourself & Enjoy Life
We are often overwhelmed when it comes to money or finances. Some people avoid talking about it due to embarrassment, shame, or even guilt based on bad habits or decisions made over the course of one’s life. It doesn’t have to be overwhelming. Invest in yourself and get a financial coach to walk you through the fundamentals of money, finance, and budgeting. You may feel like I just need more income, but one lesson I learned in life is that the more money can equal more problems if you never truly learn the fundamentals of money, finance, and budgeting. You must allocate funds to treating yourself within your budget. Setting goals, creating a budget, saving money doesn’t have to feel overwhelming or like a chore. Create small milestones and reward yourself for accomplishing them. Once you master the fundamentals of money and budgeting, you can focus on more exciting things. This may be buying a house, purchasing a car, taking a trip, or just personal development. It’s possible and you queen can do it.
If you would like to learn more, please subscribe to my page and check out my Queendom Ladies Guide to Create a Budget or any other personal financial planning services that are available to meet your needs. From one queen to another, we are destined for financial greatness and you can do it!
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