Considering most women are single for a large part of their adulthood, here are ways to help them financially secure their future.
Most women are single for a large part of their adult lives considering they either marry late or are divorced or just prefer to stay single. But most women are not great at putting their own needs first, though when it comes to personal finances, women must consider their own needs and wants in order to secure their financial future.
Budget
First and foremost, build yourself a solid budget and stick to it. This is just good sense for absolutely everyone – single, married or divorced. Examine your monthly expenses, remembering to include everything from housing costs, utilities, groceries, car payments, gasoline, insurance and aesthetics. Do the same for your income. You should also examine methods for reducing costs, like eating meals at home or reducing the amount you spend on entertainment expenses.
Avoid Giving in to ImpulseIt's probably true that most women love to shop. It can be hard to avoid giving in to impulse when you find a great deal on a pair of cute shoes or a new outfit. It's also important to avoid emotional spending. Learning to avoid unnecessary expenditures can really help to improve your financial situation – especially when you've got other expenses that are more urgent, or when giving in means you have to borrow money on your credit card.
Save for rainy days
Buy a HomePurchasing a home is a big step for anyone, whether you're doing it on your own or as a couple. Purchasing a home is generally a solid investment that will reward you in the future, especially since renting is essentially the same as giving your money away to someone else. As a single woman, you'll need to ask yourself a number of questions before buying. Can you afford this home on a single income? Is the area safe for a single person to live in? Make a list of what you want and understand what you can afford before you contact a realtor and start looking at what's out there.
Consider Your Retirement PlansEven if retirement seems like eons away, you'll want to start thinking about it as early as possible. Financial security isn't only about achieving your short-term goals; you've got to consider your long-term goals as well.
Don't be Afraid to InvestSo you've managed to budget and save your money. Now you've got a healthy stockpile of cash to get you through those rainy days. What should you do with all that extra cash? Though investing may seem like a scary thing, have faith in yourself and believe that you can learn the ins and outs of the finance world. You can always enlist the help of an investment manager or finance expert to guide you along the way.
Always keep in mind that you've got to enjoy life too, so don't completely give up on spoiling yourself once in a while. Go on a holiday, to a day spa or treat yourself to something truly special once in a while. View it as an investment in yourself and your own happiness.
Before You Walk Down the AisleThough it might be an exciting time when you're considering taking the plunge and getting married, don't forget that you really need to have a serious talk with your new partner about money before you get married. You will need to know that his goals and spending habits are compatible with yours and that you're not marrying someone who will drain you financially, destroying all the hard work you've done to create a financially secure life for yourself.
Bottom Line
