Today, the empowerment of women in business is indisputable. According to data from the SHCP, in Mexico out of every five small and medium-sized companies that open, three are led by women entrepreneurs. For this reason, it is necessary that, like everyone else, women know and learn to manage their personal financeallowing them to grow even more both professionally and personally.
On the other hand, it is also necessary that the financial inclusion of women be a priority, for example, according to the National Survey of Financial Inclusion 2021, published by the National Institute of Statistics and Geography (INEGI), 61.9% of women Women have access to at least one financial product, less than 74.3% of men.
It is for this reason that it is necessary to bring financial education to women, especially young women who are beginning their financial and working life, or those who are on the path of entrepreneurship.
Entrepreneur, so you can improve your personal finances
To celebrate Women’s Month, I want to share some tips for you to start putting your personal finances in order:
1. Identify your Financial Configuration
We all have a Financial Setup; that is, the way in which you understand and act around money. It is the way in which you make decisions and that is a reflection of what you learned from your close circle: parents, grandparents, teachers, television, etc.
Your Financial Configuration can be positive or negative, if in your house they were in debt, it is logical that you are in debt, if in your house it was easy to generate money, possibly for you it is too.
The importance is in recognizing the way in which you manage your money in order to break patterns and generate a change in your habits and improve your personal finances.
2. Control your expenses
It all starts with the organization avoiding excessive expenses. Many women do not keep track of their expenses due to a lack of clarity about the services they purchase or the expenses that intersect. If you are an entrepreneur and you do not have a separate company account and your personal account, be careful! Because there you will surely have money leaks.
At this point I recommend making a monthly budget, separating the personal part from the business part. It is important to differentiate income, expenses, discern between what is wanted and what is truly needed, as well as plan the path towards meeting goals.
I always tell my students, “what is not measured cannot be improved”.
3. Value is a reflection of price
Women have a great facility to improve things with great detail and creativity.
And one way to generate more income is by adding more value to the products/services they offer, therefore, if you are not generating enough money today, it is highly likely that it is because you are not delivering enough value or what you are delivering is not it is valuable enough that your counterparty is willing to pay a high value for it.
You can also deliver more value with a complementary package or product that is well differentiated from the competition.
The more value delivered, the more money generated.
4. Multiple sources of income
Women always know or are thinking about how to generate extra money. And it really is easier than it seems.
As? You have to start capitalizing on your talents. If you are good at speaking a foreign language, at baking, making clothes, at math, or have any other skill, knowledge, or talent that someone else may not master, this can be a way to generate extra income. You can make a list of the things for which you have been asked for advice or help and think about how you could capitalize on that talent.
5. Personal Finance Key: Invest, Don’t Save
The money you save stays in the bank, while the bank uses it to invest it and keep the returns.
You must be aware of something very important called inflation. If you only have your money in your bank account or under your mattress, it will lose its value over time.
Another of my famous phrases is: “Money that falls asleep, is taken by inflation”. If you have never invested, CETES are a good start. You can start investing from $100 per month and little by little you will begin to see returns, apart from the fact that this is one of the safest investment vehicles.
6. Prepare for the unexpected
My mentor, Keith Cunningham (the rich dad) says: “What kills you, usually, is what you don’t see.” You must be prepared for any type of unforeseen event, no matter how undesirable it may be, it will be much worse if it happens and you are not prepared.
Compare prices between insurers and acquire one that covers all your needs. In the same way, do not spend all your salary, save 5% for any unforeseen event that may arise.
Remember that it is never too late to learn and have the healthy finances that you have always wanted.
In our Extreme Financial Freedom community we are proud to have an audience in which close to 50% are women entrepreneurs, business owners and businesswomen, whom we help develop and grow their businesses with the strategies implemented by the most successful people in the world. world. Start today, so that tomorrow your finances will thank you for the effort you have made.
