People of all demographics and financial means face challenges when it comes to managing their money. They all must deal with their own unique struggles as they navigate the necessities of budgets throughout their lives. Single women in particular often deal with difficulties in the financial field. Still, that doesn’t mean that they can’t succeed spectacularly at handling their personal funds. This money advice for single women is designed to help them counter any issues they may come across and let them put together a solid amount of savings.
- Track everything. This is great financial advice for anyone: keep a record of how much you spend, what you spend it on, and how much money you’re bringing in, too. You can log this in a journal, online document, or spreadsheet, depending on what you prefer. This also lets you figure out if you’re overspending and how. It’s also good to use it as a resource when it comes to salary demands or raises. You’ll know how much you need to keep the lights on and how much an increase—or decrease—in income will affect you.
- Consider a side job. If you would benefit from a little more cash, look for a side job. Journalists, writers, and editors can try out freelance work. Babysitting also allows you to earn money while setting your own schedule too. You could also potentially do odd jobs for family and friends! Then you can add what you earn to your savings, invest it, or use it to cover costs.
- Establish a fallback fund. If you’re in it on your own when it comes to finances, it means that you’ll have fewer resources to drag yourself out of a monetary hole. Make a fallback fund that you can touch only in real emergencies. Try to contribute a set amount to it every month, if not every week. Keep in mind that you’ll want enough to last you half a year or longer with no income coming into your bank. A full year or more is ideal, so consider that too. If you start tracking your savings—as mentioned above—that will help you figure out the math as well.
- Credit score is key. If you don’t have anyone to help you buy an apartment or home, you’ll find that your success relies hugely on your credit score. Be vigilant—talk to professionals if you need help and take advantage of your yearly free credit report. Think of this step as an instrumental foundation to your financial success.
- If you have to spend, use cash. Obviously, heed this only when it’s feasible. It’s best to follow the cash-only method when it comes to everyday purchases, like food, clothes, and supplies. Not only will it deter you from draining your finances on unnecessary items, but it helps you observe the tangible extent of your budget.
- Create a network of friends—and work together. Talk to your close friends—especially ones in your position—and use each other as resources! Then, you can go in on big purchases together, such as portable BBQ grills, outdoor equipment, or even professional-looking clothing or bags that you can rotate around depending on everyone’s needs. You can also share rewards cards and money-saving memberships. There’s no point in shelling out all that cash for just one person alone!
- Overestimate when it comes to retirement funds. One of the most important pieces of money advice for single women is to make sure that they’re adequately prepared for the full extent of their retirement. Women tend to have a lifespan that lasts five years longer than men’s do—that means they need another half decade of savings! It’s better to have a larger retirement fund than you might think you’d need, just to ensure that you don’t have to return to the workforce in your 70’s or 80’s.
Though responsibly handling money can prove difficult for people throughout the world, incorporating these guidelines will help you find financial stability. Keeping this money advice for single women in mind will also allow you to better prepare yourself for any issues over the years—and even get you started on a potential retirement fund!
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