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7 Tips for Creating Financial Abundance for Women

If you’re a woman who wants to create financial abundance, these tips for debt control will help you create wealth that you’ve only imagined!

These success strategies are from financial experts Lisa Caputo, Founder, Chairman and CEO and Linda Descano, CFA, President and COO of Women & Co, a comprehensive financial website for women.

Before their tips, a quip:

“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” – Suze Orman.

Can you imagine financial freedom? I can — and that’s one way to achieve it! Visualization can help wome create financial abundance.

Read on to learn how to take charge of your money from Caputo and Descano. And don’t forget money guru Suze Orman’s money tips! Read Women & Money: Owning the Power to Control Your Destiny.

7 Tips for Creating Financial Abundance for Women

Gather your financial records

Pull together your financial statements (e.g., bank, credit card, brokerage), your insurance and legal documents (e.g., life insurance, will, healthcare proxy), and your personal records (e.g., birth certificate, marriage/divorce certificate, property deed). Create a filing system and put a copy of your important papers either in a fireproof box at home, a bank safe deposit box, and/or with a trusted lawyer, relative, or friend. Less clutter equals debt control — so the sooner you organize your finances, the better.

Figure out the big financal picture

Use your financial statements to calculate your net worth, which will tell you the difference between what you own (assets) and what you owe (liabilities).  Once you have a picture of your overall net worth, you need to determine your cash flow, which will help you identify areas where you could be saving more money and/or investing more money.

Set your money goals so you can achieve financial freedom

Short-term goals are those you’d like to accomplish within one year (e.g., accomplish debt control by paying off credit cards); mid-term goals are within five years (e.g., make a down payment on a new home mortgage); and long-term goals, five years or more (e.g., save for retirement).  To take charge of your finances and create financial abundance, write these down to help you clarify and prioritize your financial goals.

Allocate your money (set a budget!)

Once you know your financial goals, allocate your money accordingly.  This will help you determine how realistic your financial goals are, how long it may take to meet them, and what adjustments you may need to make now to achieve your goals in your desired time frame. Review expenses monthly and evaluate your progress regularly.

Check your financial reputation or credit report

Your credit score is a picture of your financial health in the eyes of lenders.  Check your credit reports as they could have errors or discrepancies that could limit your access to credit and hamper your attempts at debt control!  Resolve any errors. If you have any overdue payments, work towards paying them down as soon as you can.  And, read 10 Facts About Credit Scores for info on how your credit report affect your requests for loans, credit card applications, etc.

Protect yourself financially

If you don’t have a will, living will, or health care proxy, talk to an attorney to help ensure that your assets are handled according to your wishes. Dealing with these issues today can help you and your loved ones breathe easier in the future — which will help create financial abundance.

Stay informed and engaged about your money

Periodically review your financial goals and objectives at least once a year, as they will likely shift over time as life circumstances change. If you’re ready to start investing your money, read Overcome Fears of Investing Money for Women.

If you have any questions or thoughts about debt control for women, please comment below!

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Women & Co. is a financial resource program from Citi, dedicated to helping women achieve their financial goals. Members can read newsletters, listen to audio conferences, and find out about Master Class seminars in major metropolitan area.

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6 thoughts on “7 Tips for Creating Financial Abundance for Women”

  1. Laurie Pawlik-Kienlen

    Of course, there’s no achievement without action. That is, you can’t just imagine financial abundance…you must take action to create it!

  2. Are you saying we should tithe to a church or ministry, so we can make more money? I once heard a sermon that said we should tithe without expecting anything back from God. If we give Him 10% and expect to earn more money, then we’re not giving for the right reasons.

    I’m curious, Wyatt…did tithing multiply your money?

  3. I know an important fact about money and how to have it. This is actually the most important thing that you can do for your finances. You cannot be truly rich in this life without this secret. It is this: Pay your tithe to God and he will make sure your money multiplies. If you give 10% of your increase then God will certainly watch over your bank account, protect it, and multiply it. In the Bible, in Malachi chapter 3 verses 9-12, God says to bring your tithe into my house and I will open to you the windows of Heaven and pour you out such a blessing there will not be room enough to receive it. Word to the wise: give 10% of your income to God through a church or ministry and you will see a major increase in your income. God also says in this passage of scripture to “test Him and see”. You can do more with 90% than you can with 100%

  4. Yikes, I can’t believe the interest rate is 30% on your credit card. Jeez. But way to go — you totally took charge of your finances by calling the credit card company! I’ve never done that.

    Can you ditch this credit card, and get one that has lower interest rates?

  5. I have a high interest card that I paid off about 2 yrs. ago but like the idiot I am have it back up to $5,000.00 again. Was about 5 days late last month and they raises interest to 30%. Called them and they said their policy and to check back in 6 months and they would look account over again. Said the most they could do was take off $39.00 late fee.

  6. Making mistakes about major money decisions can hurt you for a long, long time.

    On Oprah today, Suze Orman said we need 8 months of money saved up in our emergency funds. And, if we lose our jobs we expect that it’ll take 8 months to a year to find a new one. Yikes.

    Orman also says not to touch your retirement funds no matter what….and she made an interesting observation about babies and money: If you as a parent are stressed and anxious about money problems, your heart will flutter beat erratically. When you hold your baby to your chest, he or she will pick up on your money stress! So, make sure you’re taking charge of your finances…for your family’s sake.

    And, Orman refuses to accept “I don’t know” as an answer when she asks women why they spend too much money on stuff like manicures and pedicures, and sink into debt. She forces women to figure out exactly why they’re overspending, which will help them get their finances in order.

    Money – can’t live with it, can’t live without it!