Finances are important for women to not only understand, but to follow. As far as women in a family go, they often do not take a front row seat with finances. It is important for women, even if they are not the one in charge of the finances, to know what is going one with their family finances and to know how to handle the finances if needed.
It has been said time and time again, you need to start with a budget. You need to not only create one, but create a realistic budget. Having a budget will do you no good if it is not realistic. If you know you are going to spend money going out shopping, but do not put enough money into your shopping part of your budget then you will end up in trouble. Make sure that you take your time when you are trying to create a budget. This is an important part of managing your finances so you want to do the best you can. You can ask your friends and family for budgeting tips; find out what they do to make their budget work for them.
Every financially savvy woman knows that you need to have an emergency fund. Nothing is guaranteed in life, not your job, not your health, and not your assets. This is why it is essential to have an emergency fund. Most experts agree that an emergency fund should have a minimum of six months worth of your income in it. That way if you lose your job you will have enough money to last a little while, while you are out looking for a new job. Say you get sick and have a lot of medical bills; the emergency fund will help with that. One thing that you need to remember when it comes using money from your emergency fund, as soon as you are able you must replace that money. If you use your emergency fund and do not replace the funds the next time you have an emergency you may not have enough to cover the emergency, and therefore you could be in financial trouble.
Ladies do some research about the bank that you use, and the other banks in your area. Are you paying fees that you would not have to pay if you were using a different bank? Do not pay fees if you do not have to, that just wastes money. A bank is supposed to be a place where you can keep your money, not have it taken from you. Every bank has fees of some sort, but not all have the same fees and not all charge fees for the same thing. So do your homework, and make sure that you are using the bank that is going to work for you, not take from you.
Ladies we all know that we need to be financially savvy and independent, that is easier for some of us than it is for others. If you do these things, it will put you on the road to financial freedom. These ladies, are the fundamentals of finance that you should all know and follow.