A Woman’s Secret to Savings

by financialmom

in For Women Only, Money

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To all women – wouldn’t it be great if money really grew on trees, or even better, how about on the side of our purses, where it would really be convenient? Unfortunately, I don’t think that’s happening for most of us, so we’ll just have to get money the old fashioned way – earn it, and then save it.

Why do we have such trouble saving our money? For the far majority of us, it’s not because we can’t, or don’t have enough money to save any of it.  We don’t save any money, or not enough of it, because . . .

It’s Not a Priority

Women know what our priorities are. Our priorities include our husband, children, home, job, church, volunteer work (you get the picture – it’s a long list).Not too much time left for a financial plan.  So saving gets put on the back burner.

Women will spend money on all kinds of stuff before saving, and it’s not necessarily on ourselves. It’s on things for everyone else, especially our children and our home.  And when there is no money left at the end of the month, we say we can’t save, because saving is the last in line.

The truth is, women need to pay ourselves first, right after we pay our tithe in gratitude for what we’ve been given. It’s the only way we can be sure it gets done.  We can save money – we just need to make it a big enough priority.

The Powerful Secret

If women want to get serious about saving, we need to attach some emotion to it. If you were told you would lose your home, unless you came up with $10,000 in 90 days, what would you do?

Admit it – you would become a savings machine.   You would do just about anything and everything to save that $10,000 in time.  You would sell stuff, take another part time job, cut out all the times you go out to eat, and stop all unnecessary spending,  just to get it done.

Women need to feel it is crucially important to our future to save. You know why – it’s very likely you will be alone at some time in your life.  You don’t want to be a bag lady – study after study shows this is a woman’s biggest fear.

Get some financial advice to set an appropriate savings goal. Here’s the big secret – use that fear of running out of money in a good way, by making sure you pay yourself first, right after your tithe.   It’s one less thing us moms will have to worry about.

New Profile Pic 2599R A Womans Secret to SavingsPamela Otten is CEO of Pamela Otten LLC, a Registered Investment Advisor. She loves to work with women business owners and entrepreneurs, and women in transition due to job change, death, or divorce. Pamela will help you set and reach your financial goals, educate you to understand your investments, and teach you how to do more charitable giving. Pamela is a Qualified Kingdom Advisor (www.kingdomadvisors.org), trained and committed to integrating biblical principles with her investment advice.

cc smallest A Womans Secret to SavingsPhoto Credit – kodomut

Financial Planning, Investment Advice, and Investment Management provided through Pamela Otten LLC, Registered Investment Advisor.

The opinions voiced in this material are for general information only, and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, please consult your financial advisor prior to investing.

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