Financial Advice for Single Women Part 1 of 2

by Justin Weinger on July 16, 2013

Most of the advice that we give here on our blogs is given with families in mind but the fact is that there are millions of single men and women that need financial advice and help just as much as families do. Today’s blog is going to focus on single women and what they can do to make sure that they are on the right financial track.

Since many single women are also divorced women,  a little bit of advice may be just the ticket as many women might not have ever had to handle their own finances before.  (Of course many women do handle finances so please don’t take offense if that’s you.) Either way, if you are single woman and looking for financial advice, today’s blog and  tomorrow’s second part are definitely for you. Enjoy.

  1. As a single woman the first thing you’re going to want to do is make a budget and stick to it. Frankly, this is sound financial advice for single women, single men and families as well. It forces you to examine your monthly bills, keep track of your saving and spending and, if done well, will give you  the information you need to keep your financial ship afloat.
  2. Avoid impulse buying. Listen, we all know that the average woman loves to shop but the simple fact is that, if you are constantly buying new things on impulse you’re going to have a very hard time saving money, putting together an emergency fund and also putting aside money for retirement. Tip 1 talks about putting together a budget and, if you have one, you’ll be less likely to make impulse purchases that can make a mess of your finances.
  3. Speaking of impulse buying, a great method for keeping these types of purchases to a minimum is to give yourself a few days buffer between the time you see something and want to purchase it in the time you actually do purchase it. In this interim wait, you may actually find out that you truly don’t need that new pair of shoes, the new blender or whatever it is you are so hot for buying a few days ago. Once you see that and realize how unimportant that item really is, you’ll avoid the purchase and save money.
  4. As a single woman it is incredibly vital that you have money set aside in an emergency fund should you find yourself suddenly disabled, unemployed or saddled with a huge bill for car repairs or something else unexpected. If you save even $25 a week it will start to really add up over time. Make sure that you put this money into a high interest savings account and, once it becomes a substantial amount, you could also put it into other types of investments with better interest rates.

These first 4 tips should get you started and, frankly, are  some of the most important as far as keeping it together financially. The world can be a scary place for anyone but, for single women, it can be a bit worse.  That’s why you need to prepare your finances ahead of time so that, if something comes up to knock you off track, you’ll be able to survive and get back on track quickly.

Will have the second part of this 2 part blog series tomorrow so do yourself a favor and make a note on your calendar to come back and visit us. Even better, bookmark our site so that you can check-in regularly and get all of our new financial blogs as they come in. Also, if you have any questions or need any financial advice please let us know and we will get back to you with solutions ASAP. On that note, we’ll see you back here soon for part 2.

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