Hello and welcome back for part 2! If you’re just joining us were going to be giving advice today to our readers who are also single women and, if that’s you, stick around. Since this is part 2, if you haven’t seen part 1 yet do yourself a favor when you’re done here and go back and read it. Like today’s blog, part 1 is chock full of excellent financial tips for single women everywhere. For now, let’s get started with today’s blog. Enjoy.
Most single women (and single men, for that matter) don’t consider purchasing a home when they’re single but it’s actually, in many cases, an excellent financial choice. In most cases a home is a solid investment and, since renting is basically throwing your money in the garbage, is a much better way to get back a return. A number of questions that you’ll have to ask yourself before you do are;
- Can you afford a home on what you’re earning?
- Is the area that you are considering a safe one?
- If you purchase a home, will you need help from roommates to pay your mortgage?
- If you get married or start a family will having a home be advantageous?
If this is something that interests you one of the best things you can do is make a list of what you want (and why) and then contact a real estate agent to help you get the answers you’re seeking. In many cases a condominium or townhome would be an excellent financial decision as they are generally smaller than standalone homes and come with lower mortgages and less maintenance costs. Also remember that there is no law stating that you have to stay in your new home for the rest of your life. Indeed, if you decide to sell it after a few years you may already find that you can make a sizable profit.
Although staying single may not be in your plans, starting a retirement fund should be. Listen, we realize that retirement might be years away but, if you’re a single gal, having money set aside for retirement is going to be extremely vital. Even if you do end up remarrying you’ll have the extra comfort in knowing that, no matter what happens, you’ll be able to take care of yourself. With that in mind, taking advantage of automatic deposits, employers that will match your payments to a 401(k) plan and so forth is an excellent idea.
If you’ve managed to put aside a good bit of money in savings it may be time to take that money and invest it where it will make even more for you. Using the Internet to teach yourself about investing in stocks and bonds is definitely possible but, unless you’re truly experienced, it might be a better idea to enlist the aid of an investment manager or financial expert until you’re comfortable making investment choices on your own. There are literally thousands of websites available (including this one) where you can find financial advice on investing. We recommend that you begin your self education as soon as possible and, if you have money to invest, you do so as soon as you can.
Speaking of investments, make sure to invest in yourself as you go. If you’re really doing your best to stick to your budget, curb your spending and increase your savings, you should definitely do something special for yourself once in a while as well. The fact is, if you’ve got all sorts of money and investments but feel like crap and aren’t having a whole lot of fun with your life, what’s the point? Simply put, treating yourself every once in a while is not only not a bad idea but also can be seen as an investment in your happiness and satisfaction levels. Even better, you can use your new budgeting skills to put aside money for these special treats so that your overall budget will be affected.
If you’re single but planning on getting married sometime soon, one of the most important tasks ahead of you is to sit down with your husband to be and have a frank and thorough discussion about your finances. Frankly, if you’ve been doing an excellent job with yours but you find out that your fiancé hasn’t, you may wish to protect yourself financially with a prenuptial agreement or some other type of financial protection. Frankly, knowing this information ahead of time may save you from making a very bad (and very expensive) decision.
In the end, single women have many more choices than ever before and, with those choices, comes greater responsibility as well. While making big financial decisions on your own may cause you to have a bit of anxiety, there are many excellent reasons to do so and also to educate yourself about the ins and outs of all things financial. The reward will be complete control of your financial situation and true independence.
We hope you’ve enjoyed this 2 part luck series and, if you have any questions or would like to leave a comment, please do will get back to you ASAP. Also make sure to bookmark our site and come back regularly for more great financial information. See you then.