Young women these days have an advantage over the women in the previous generation. While there is still a gender gap when it comes to salaries, women today are working to make that gap smaller and smaller. Even with young women making more money than before, they still need to make sure that they have a good functioning and realistic budget, and a smart spending plan.
Every young women needs to take the time to create a functional and realistic budget. If you create a budget that is not functional or realistic then how do you expect to actually follow it? That would make it next to impossible. This budget needs to be reviewed regularly so that any changes that are necessary can be made. Along with your budget you need a spending plan. Do not just put money into a general spending category. List amounts for each store and each area of spending.
An emergency fund goes with this as well. If you have an emergency you still want to have a functioning budget. This is where the emergency fund comes in. This is an account that will have money for you to live on or use for an emergency should you need it. If you still have money coming in, no matter where it is from, you need to put it into a budget and follow your budget. This means even if you are living of off your emergency fund, you should be following a budget. Your goal for your emergency fund should be a minimum of six months salary to live on. If you are able to put more into that account then you will be even better off should an emergency pop up.
When you spend money whether it is with a check or your debit card you need to make sure that you write it down in your account journal. Make sure that you are keeping your checkbook balanced. If you do not then you will run the risk of overdrawing your checking account and may end up in some financial trouble with the fees for overdrawing your account.
Ladies, you need to make sure you have short-term and long-term financial goals. These goals should be written down. Having them written down makes it much easier for you to be able to refer to them and make sure that you are staying on track.
Young women today are making more money for the same position than the women in the previous generation. With more money comes more reasons to need a budget and spending plan. It may be fun to go out shopping for new outfits to wear to work, or for anything really, but ladies you must make sure you are sticking to your budget and spending plan.
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