Ladies, 2018 is the year to be financially independent

Fact: Women spend more than men. No matter how hard you try to deny it, your arsenal of beauty products will always tell the truth. Theoretically speaking, men and women spend almost the same amount of money but in different aspects. Women tend to splurge more on personal products while men like to cash out on food, entertainment, and booze.

If you have little to no savings this year (or since you started earning), it’s time that you make 2018 your year of financial freedom. It ain’t easy, but a few tweaks in your spending habits can put you on the right path.

A discussion about personal finance with Asian Money Guide showed that 70 percent of women are still financially illiterate. It’s not that we’re completely clueless, but that we start taking our finances seriously much later in life.

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Carla Perlas, a panelist in the AMG media launch, has three tips for young women who want to become money smart: don’t get a credit card, be comfortable with your pay, and live within your means. Did you get all three?

Think long-term

The road to financial freedom is built on commitment and long-term goals. Financial security is crucial whether you plan on starting a family or not. Invest in books, financial classes, and other tools that can help you get started.

Negotiate for the right salary

This is where the difference between men and women comes in. When it comes to salary negotiation, women are more assertive because it boils down to the point of “how much they’re worth.” Men, on the other hand, are more like, “What are you offering? Maybe I could work around that.” They (men) start to negotiate more when they have families to support, as opposed to when they’re only supporting themselves. Know your skills and capabilities first then build your expected income around that.

Don’t become a one day millionaire. Soon enough, saving money will be a breeze once you kick your bad spending habits to the curb.

Photos courtesy of Unsplash