Attention All Single Ladies! These Are 5 Surefire Ways You Can Secure Yourself Financially
Times have surely changed for the better. Unlike their counterparts decades ago, women today no longer find marrying a prerequisite for achieving financial stability. No wonder the number of unmarried women in the United States has grown over the years. In fact, the U.S. Census Bureau found that 53% of America’s single population are women.
Still, single women face financial challenges, especially ones related to them being members of single-income households. Having to pay for all household expenses on their own, they typically have less money for savings and retirement compared to people in multiple-income households.
These are some steps single women can take to achieve financial security.
Start by Building an Emergency Fund
For starters, single women should prioritize the creation of an emergency fund. This lump sum typically covers all living expenses one may need for six months or so. Couples are usually advised to just set aside three months worth of spending money. Financial education instructor Bola Sokunbi recommends women to keep their emergency fund in a separate savings account than the one they are currently using.
Track Your Spending
Get an idea of your regular spending habits by closely tracking your every expense for an entire month. This way, you can better budget and determine where you want your hard-earned money to go. You can track your spending by listing them down on an Excel spreadsheet or by downloading an app depending on which you find easier.
Save for Retirement Now
And with all the money you’ll be saving from being more mindful of your spending habits, you can then put aside more for your future as early as now. According to wealth management adviser Kate Ryan, people tend to wait for milestones before they start saving.
However, single women can’t afford to wait. Aside from building good saving habits, starting to save for retirement early on will allow their money to grow more over time thanks to compounding interest.
Single women are at a bigger disadvantage should they suffer from a temporary or permanent disability caused by an accident because they’re on their own. This is why Daniele Schreir, a blogger and full-time worker, has taken out both a short-term disability policy and an accident insurance policy. A disability insurance policy will pay a part of one’s income should they be unable to work due to illness or injuries.
Financial Deep Dives
Lastly, Sokunbi advises single women to take ‘deep dives’ of their financial situation at least once a year if not more. This means taking a closer look at one’s current budget and goals, especially if they’re planning to make a drastic decision like moving to a new place or having a baby.
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