Part 1: 10 habits of wealthy women you too can adopt

Change your daily habits to reflect those of wealthy people and you will become wealthy in no time too. (Rawpixel pic)

You might be asking how you can achieve success and wealth, and while there are many factors to consider – opportunity, education, an idea, and even luck, – some of the ingredients to success you can bring about on your own.

Among the things you can do is change your daily routines to habits that are geared toward success. Quoting Aristotle, “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” Change excellence with success and the quote still works.

Here is Part 1 of the 10 habits of successful women that can spur you on your journey to prosperity.

1. Start automating your savings

Sometimes, you are your worst enemy. You totally get that it’s too easy to give in to temptations and spend more than you should. Yet you do, emptying out your savings and investments.

In instances like this, automating your savings is recommended. Inquire about this option at your bank, and make sure those funds are deposited into your savings fund before you splurge on something else.

2. Free yourself from debt

At first, it might be difficult to see how some borrowed money or credit balance here and there could hurt. But many women have seen their finances go down the drain because of it.

Whenever you’re tempted to have debt, remember it’s not only about the actual money you owe but the interest and other fees that come with it. A worst-case scenario is when the interest gets so high, it becomes bigger than your actual debt.

Don’t wait until this happens to you. Avoid spending more than you have. Learn the difference between good debt and bad debt and how to use your credit card wisely.

3. Live below your means

The climb to success and financial freedom is not easy; it requires many sacrifices, especially when you’re just starting.

On one hand, it means saying no to that high-end bag you want now. But instead of “upgrading” your lifestyle after every promotion or raise you get, think long term and try to live below your means.

You might only have a pair or two of jeans today, but think how many more you can afford in the future once your investments grow.

On the other hand, learning to be content with a simple lifestyle might be a better idea. A decluttered, Zen lifestyle works for some, and you should give it a try.

Learn to save money in fascinating ways – instead of eating out, try cooking at home instead. (Rawpixel pic)

This does not mean that you should always go for the cheapest options. For instance, rather than eating out, invest in nutritious ingredients and cook at home. The better approach is to find the product or services that will make you say “money well spent.”

Instead of going for that cheap pair of shoes that will only be used a month or two, invest in ones that may be a bit more costly but will last for years.

4. Save in different ways

Saving does not only mean transferring a part of your regular income to your savings account. You can also apply it to other things.

Shopping for the basics like food and clothes? There are ways to make the most of your money when you do, and that’s called smart grocery shopping.

Attending a wedding party? You do not always have to buy the most expensive gift. There are wedding favours that come cheap and will be loved by the newlyweds.

The point is, there are many ways to save, and the rich who started from scratch know this too well.

5. Meditate

Meditation increases productivity. CEO Heather Hancock says, “There was no clutter in my mind anymore, and I started to do things at work in a lot less time; something that used to take three hours now takes one.”

It is also a way of discovering great ideas that might give you your “break”.

As New York photographer and artist Olivia Locher puts it, “[t]o find the best ideas you have to go deep within yourself”.

Those are two of the many other benefits of meditation. Even big names like Arianna Huffington and Oprah Winfrey consider meditation as imperative to their success.

Be it five minutes or 30 minutes a day, meditation can take you a long way. This should include, of course, taking good care of yourself – physically, mentally and emotionally by sleeping early, eating healthy, exercising regularly, decluttering your environment and cyberspace, and spending time with family/friends.

Consider these alternative ways to manage stress as well.

Look out for Part 2 coming soon…

This article first appeared in The New Savvy.

The New Savvy is Asia’s leading financial, investments and career platform for women. Our bold vision is to empower 100 million women to achieve financial happiness. We deliver high-quality content through conferences, e-learning platforms, personal finance apps and e-commerce stores.