40 Money Habits Every Black Woman Over 40 Needs

Savings

Use a savings app to round up purchases and funnel that “change” into a savings or micro-investing account.

Create a financial vision board. Spend 10 minutes weekly pinning inspiring digital images that reflect your savings goals (new car, home, retirement, etc.).  

Schedule 10-minute “money buddy” talks. Swap savings ideas weekly with a friend or relative as an accountability partner.  

Review your restaurant and delivery costs. Most of us spend more than we think. Spend 10 minutes monthly to target savings.

Cancel unwanted subscriptions. Many service, content and retail providers bill us monthly. Take 10 minutes each month to review them, including sneaky auto-renewal payments.

Shop your closet. Spend 15 minutes creating new outfits and purging unused garments. You’ll see what you have — and avoid buying duplicates!

Prune your budget. Each month, pick one item to trim or eliminate.

Mark your calendar for Dec. 1 to give unused items to charity. Donations made by year-end can give you a nice tax deduction.

Comparison shop utilities. For the best deal on cable TV, internet or other services, take 15 minutes once a year to call competitors and explore savings.

Set up alerts to avoid overdraft fees, plus keep daily tabs on your spending and cash balances. Download your bank or credit union’s app to start.

Track supermarket sales cycles. Shelf-stable items tend to go on sale every six weeks. Take five minutes each trip to update your price journal, and you’ll know when to stock up.

Pay yourself first. Request the human resources (HR) form needed to have automatic savings deposits deducted each pay period.

Set up overdraft protection. Learn your options for avoiding fees.

Max out your 401(k) to shrink your tax bill and grow your money faster. Inquire with HR. The update takes about five minutes.

Pick out a financial book. Here’s a list of empowering reads. Reserve one on your library’s app or website.