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Finances are either straightforward to handle or extremely hard. There is no in-between. Especially if you are a spender, you will find that you have a habit of always splashing out your money whenever there’s no need for it. Generally, if you are earning a steady income from your earning sources, be it a job or business, you need to set aside a certain amount of money for savings and investments. This is where you take charge of your money before you are 60 have no retirement plan. It is okay to look into an online bookmaker and have fun at your young age, but you also need to plan for your future simultaneously.

This guide discusses 5 key steps to financial planning and the best ways women can take control of their finances before it’s too late.

· Educate yourself

One of the most common excuses that people give when it comes to budgeting and investing is that they don’t know what to do or how to do it. If you are one of those people, the first step towards taking charge of your finances is to sit down and educate yourself. Learn about financing, budgeting, and investment.

· Focus on reducing monthly bills

Some monthly bills are quintessential and constant and there are some variable ones. If you are focused on taking charge of your finances, you need to ensure that you reduce your monthly bills to a good amount, only spending your money that you know will come to use in the future. There is no point spending like a mad person just yet when you don’t even have a plan drafted.

· Start eating at home

As dull as it sounds, most of our monthly expenses are either spent on restaurants or the dozens of takeaway boxes that have found their permanent residency in your house. Instead, you can cut down on those expenses and instead start eating healthier and at home. The best way to combat that issue is by making a monthly menu plan so you have all the items stocked in your home.

· Pay your debt

 From those student loans to any other personal loans that you have taken, you need to focus on paying those off without any questions. The first step to a brighter future and retirement is not having the burden of debt on your shoulders.

· Avoid using credit cards

 Yes, credit cards are lucrative and then can bring you a lot of benefits. However, they bring forth a lot of complications too. Not to mention that credit cards give you the authority to “shop now and pay later,” which is a habit that you will regret very badly when you have a lot of bills piled up to be paid in a few months?

As a woman, financial independence is a necessity more than anything else. You must take charge of your life at this point, something that you won’t get to do as you age and grow older. Have fun in your life but also be responsible.