Get That Paper: 5 Habits of Super Money-Savvy Women

The money-savviest among us face our finances head on, forming habits that make us financially healthy and even happy.
Image may contain Human Person Face and Money

All products are independently selected by our editors. If you buy something, we may earn an affiliate commission.

When it comes to money, some women have an ostrich-like approach: They'd rather stick their heads in the sand than check their bank balances. Others fly-by-the-seat of their pants, letting emotions or circumstances guide their financial decisions.

But the money-savviest among us face our finances head on, forming habits that make us financially healthy and even happy. As Jennifer Kruger, assistant branch manager of Fidelity Investments’ Park Avenue Investor Center, explains, "When we develop good financial habits, we feel in control of our lives and better prepared for any situation that might come up—good or bad." And here are five finance habits to start building, stat.

1. They automate their savings. Women can build up a nest egg without even thinking about it by automating their savings, says Elle Kaplan, financial expert and founder of LexION Capital. "Think of this as a way to conserve your willpower for other healthy habits," she says. One way to automate savings is to set a portion of your income to be deposited from your paycheck—or your checking account—into your savings account each month. Kaplan recommends dedicating 20 percent of your income to savings or a retirement fund each month.

Or, follow 32-year-old Vanessa Prat's lead by using an app, like Digit, to siphon extra cash—in very small chunks—from your checking into your savings as it notices changes in your spending. "I leave [the app] on and forget about it, so when I check my account, I’m pleasantly surprised to see cash in there," Prat says.

2. They've got goals. The financially-savviest women set money goals—in both the short and long term—then lay out specific steps for how to achieve them. "This is an important first step in developing your personal financial roadmap, and you’ll want to revisit these goals during any major life event, like getting married or starting a new job," says Kruger. "If you don’t know where you are going, it's that much harder to know how you are going to get there."

3. They use their credit cards wisely. Whipping out your credit card for anything from a much-needed coffee to something larger, like paying your rent, can at times be tempting. But, as financial coach and founder of Workable Wealth Mary Beth Storjohann points out, money-smart women know every swipe has the potential to impact their credit score, and so they are very choosey with when and how they use their credit cards. When you do use your cards, "get into the habit of checking your credit score annually," she says, "and being responsible by paying balances off in full each month—or more than the minimum due—to save interest build up and stress."

4. They take the emotion out of money. "Controlling your emotional ties to money decisions is vital [to becoming money-savvy]," Kaplan says. Otherwise, improving your finances is a Band-Aid solution." Taking the emotion out of money might be as simple as dissecting why you've made certain money choices. "For instance, you might notice that much of your overspending at the mall is tied to tough days at work," says Kaplan. "Pairing those triggers with healthier habits, like going to the gym instead, is a surefire step toward financial success."

That's what Maggie White, 27, did when she realized her savings was dwindling. "I was pulling money out each month to pay off my credit card," she says. White looked over her charges, and quickly saw her overspending had a pattern: "I was spending the most at the end of the month, the craziest time at our office," she says. "Once I realized I was spending my stress away, I could find healthier—and cheaper—ways to cope."

5. They know when to say yes—and when to say no. It's tough to turn down a happy hour invitation from the friend you haven't seen in weeks. But money-smart women know that $7 margarita can add up to money trouble. "You don’t need to say no to everything, but refraining from items that can derail your financial plan, like eating out and impulse buys, will help keep your finances in line," says Storjohann.

Of course, you should say yes to career and educational expenses that add to your value—and potentially up your income, she says. "Taking continuing education classes and [meeting or spending time with] a mentor will enhance your earning power and ability to save," says Storjohann.

That attitude paid off for 24-year-old Brianna Campbell, who paid for a class on best SEO practices out of her pocket. "I mentioned my new skill set to my manager and offered to take on some additional duties maintaining our company's website," she says. "A few months later, at my yearly review, I found out just how much that class paid off. Let's just say my raise more than covered the cost of the class."