Managing money is a skill everyone needs, and women are no exception. Learning how to manage money should be a priority for all of us. The narrative that women spend money unwisely is outdated and unfair. A woman who spends recklessly, with no thought for the future, is neglecting her own well-being.
It’s true, many of us love shopping—buying things we enjoy and keeping up with the latest trends. But this isn’t sustainable in the long run, unless, of course, you have a billionaire parent who doesn’t mind if you drop $10,000 a month on clothes and shoes.
The truth is, knowing how to manage money is a skill that the wealthy have mastered, and it’s a skill that keeps them rich.
That’s why we’ve created the Money Management Series. In this series, we’ll cover budgeting, spending wisely, saving effectively, and investing tips specifically for women.
In this article, we’re offering a simple guide to help you manage your finances.
Disclaimer: This article is inspired by the novel The Smart Money Woman: An African Girl’s Journey to Financial Freedom.
Let’s get into the business of the day. Read, learn and get inspired!
KNOW YOUR DEMOGRAPHIC
You have to know who you are or what you want to be before you can decide to improve. Acknowledging yourself gives you a reality check and helps you strategize intelligently. If you’re on my page, I hope you know that manifestation doesn’t work unless you put in some type of effort. The harder you work, the luckier you get.
1. THE WOMAN WHO EARNS
Are you a woman who has a job or business and receive money and/or profit from your business or job. If yes, then you fit into this category. This woman is an independent woman who has cultivated her skills to create a business or develop herself in the corporate world. It doesn’t matter if this woman doesn’t make a six figures annually, the most important this is that she isn’t lazy.
2.THE WOMAN WHO DOESN’T EARN YET
This is for the woman is doesn’t earn from a Job, business or side hustle in the moment but is building herself regardless. Whether she is developing a skill, in school or building a business from scratch, she is still on her way to earning. She is not idle, rather she is working hard to find her passion. This woman survives mainly on her family but is not entirely sponsored. She is allowed to only money that could sort out her main needs for the main purpose of survival.
3. THE WOMAN WHO IS SPONSORED
This category refers to women who don’t earn from a Job, business or side hustle but live as if they do. They’ve got nothing to worry about because someone out there is sponsoring their life style, it could be a rich father who gives them all they can ask for, a rich sibling or even a wealthy partner. Another kind of sponsored women are the ones who are surviving on a scholarship.
4. THE WOMAN WHO DOESN’T EARN AND HAS NO SPONSORSHIP
This is for the woman is doesn’t earn from a Job, business or side hustle and does not have a plan to gain wealth. A Disney character is what she portrays as she waits for her prince charming to appear from no where to take care of all her bills. A family member/relative/friend gives her money for things like toiletries, she is only allowed money she needs to survive. This category of women either live from hand to mouth and might be comfortable or not comfortable depending on the type of family she comes from.
5. THE WOMAN WHO EARNS AND HAS A SPONSORSHIP
As an independent individual who earns her money from her side hustle, career and/or business, this woman still has some sort o sponsorship. Whether it’s an educational scholarship or family or partner that are sponsoring her life as well. She is a epitome of financial stability. People in this category may have had it easy but others still had to work their way to the top.
Now that you understand the different demographic, let’s get to the next point.
DEVELOP A SUSTAINABLE BUDET
A sustainable budget is one that reflects your reality—it’s balanced, practical, and tailored to your lifestyle and financial goals. The key is to create a plan that you can maintain long-term, without feeling deprived or overwhelmed. This means budgeting not just for your immediate needs and wants but also for future goals like investments, savings, and emergency funds.
50% of your income should go toward necessities (e.g., rent, groceries, utilities, transportation).
30% of your income should be allocated to wants or discretionary spending (e.g., dining out, entertainment, shopping).
20% of your income should be directed to savings, debt repayment, and investments.
MAXIMISE YOUR EARING POTENTIAL BY FOCUSING ON FINDING YOUR PURPOSE
It takes more than just working harder to maximize your earning potential; you also need to make sure that your efforts are directed toward a certain goal.
You are more likely to create long-term objectives that are relevant to both your personal and professional lives when you concentrate on discovering your purpose. You may make wiser decisions regarding your money, job, and personal development with this insight.
Ultimately, discovering your purpose involves realizing your full potential and using it to generate material, psychological, and personal fulfillment rather than only pursuing your interests. Focus on what motivates you, and the benefits, both financial and personal, will follow.
THE SMART MONEY WOMAN SERIES (final words)
The Smart Money Woman is someone who takes charge of her financial life with intention and purpose. She learns from her mistakes, applies financial discipline, and sets clear goals for her future. It’s not about being perfect; it’s about being consistent, making informed decisions, and taking small steps toward financial freedom.
As we conclude The Smart Money Woman Series, remember that financial success is a journey. Keep revisiting the lessons, reflect on your progress, and don’t shy away from challenges. The road to financial empowerment is within your reach—stay focused, disciplined, and committed. To keep up with more tips, advice, and insights, be sure to follow our official Pinterest account for updates on future content and inspiration!
