Single women do face different financial needs than married women do. Typically a single woman has a lower monthly income than a married couple has. Thus she has to survive on less money. There are some things that all single women need in order to manage their money better.
Listen up ladies, you all must track your spending. It may seem to be a pain, but it is a necessary one. Without doing this many of us tend to spend more money than we should. Tracking out money helps us to see where it is going and where we can cut back. Without this we will never really be able to save money because we will never know where our money is going.
Single women really do need an emergency fund much more than a married woman does. This is because if something happens to your income you do not have a spouse to help you pay the bills. Or if you had another emergency, you do not have someone to share the bills with. So make sure that you are working on building up an emergency fund. Most experts agree that at minimum you should have six months worth of your salary in this account.
Believe it or not even if you end up marrying a man who has perfect credit, having poor credit now will hurt you in the future. Do what you can now to build up your credit. Make your payments on time to avoid late fees. Do get a copy of your credit report regularly and review it for any errors. Of course if you do find an error report it to the company immediately.
Ladies, just because you are single does not mean that you do not need to have a life insurance policy. This will help your family take care of things in the event that you die. When someone dies their money can get tied up for a little bit. Having a life insurance policy will ensure that your loved ones do not have to take on the cost of a funeral by themselves, they will have the money from your life insurance policy.
Retirement saving is incredibly important, even if you are single. Many women feel they have time to save later. They think that they can wait to worry about it until they get married. This is wrong; you need to start saving now! Saving for retirement is not something that should be put off. Get started today. If you need help with it, go see a financial advisor. They have so much knowledge that they can share with you so that you can get the retirement plan that is best for you.
Ladies, just because you are single does not mean that you do not have to watch your finances closely. In fact, there are some areas of finances that are more important for single women to pay attention to than those who are married. If you are single this means that you are on your own financially and that you need to make sure that you hold yourself accountable for your finances.
Latest posts by Charlie (see all)
- CFPB: A Potential Danger Not Only to Payday Loans but to Every American Citizen - February 20, 2018
- AFSA in Favor of Services like E Payday Loans - November 9, 2017
- Alabama Consumer Credit Task Force’s Unfair Fight against Payday Advance and Payday Lenders - November 1, 2017