Financial Advice for Young Women

Finance

Finance (Photo credit: Tax Credits)

As young women begin to enter the real world outside of school and their parents there are things that they need to know. Every young women out there needs to understand at least the basics of personal finance. We need to make sure that we are in control of our own financial future.

The first tip is to do what is considered paying yourself first. Make sure you have the money for the things you need such as groceries and gas before you make your payments on your bills. If you do not then you run the risk of running out of money before you get paid again. This is not an ideal situation. Make sure you can make it from one paycheck to another.

Make sure you are keeping tabs on your credit. As a young woman you may not have much for credit. This does not mean that you do not need to still keep tabs on it. Keeping up with checking your credit reports for errors will help you find out sooner if someone is trying to steal your identity.

Every young woman needs to work at building up an emergency fund. Being a young woman you are new in the career that you have chosen. This means that you do not have as much experience or seniority, so if the company has to downsize you could be on the list of people to go. By having an emergency fund you will be able to take care of yourself until you find another job.

If you have a significant other then you need to make sure that you are talking to them about money. Some people may tell you that you should not talk about money, but you need to in order to be in charge of your finances. Keeping an open line of communication about your money with your significant other then you will be in a better place to make financial decisions, together and on your own.

Be careful with your credit cards. When you are starting off in your career you need new clothes, new stuff for work and so on, that is fine, just be careful of the charges you are racking up on your credit cards. You do not want to start your financial life off in any more debt than you have to be in. Only use your credit card if you know you will be able to make the payment when it comes.

As a young woman you have a long financial ride ahead of you. That is okay as long as you are educated about finances. If you are not then you run the risk of getting into real financial trouble. This is not something that you want to do. You can learn how to navigate the financial world even if you are still a young woman, you just need to take control of your financial future and educate yourself.


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