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MONEY MANAGEMENT TIPS FOR SINGLE WOMEN

by Carol Adams Financial Adviser

A single woman enjoys the freedom to create their world, but at the same time, she fights solely on every front. She needs to earn money and survive with mostly no or less help. Besides the basic needs, the countless expenses related to lifestyle keep crossing way. In such conditions, it is of utmost importance that a single woman should know how to manage money smartly.

Are you a single woman? If yes, here is an insight into the functional ways to manage money and play safe in the materialistic world -

Make a Money Management Strategy

You cannot travel without a destination; similarly, you cannot manage finances with a particular set of rules in mind. It is necessary to have a strategy around which you can plan things and can track the success and failure of efforts.

Ø How to make a money strategy?

· Decide priorities

· Keep the future in mind

· Take care of financial limits

· Make growth goals

You need to have the above elements in your strategy to base the planning for tomorrow. It opens the first chapter of money management for every single woman.

Stay Practical and Avoid Emotional Vicissitudes

Sometimes due to loneliness or any frustration and in emotional trauma, they get prone to a spendthrift attitude. Being a single ‘SHE’, you need to be very rational about financial decisions. It is fine to bring gifts for family, it is fine to fall in love, it is fine to enjoy the freedom, but none of these should affect your finances.

Ø Mistakes when you do not act practical –

· Getting driven to spend more after a break-up to divert the mind

· Mindless shopping due to mood swings of frustration etc.

· Spending too much on yourself such as parties, weekend trips, etc.

Controlled emotions become the strength of a woman and the untamed ones exploit here until the destruction. Do not let yourself become the prey to emotional weakness.

Do Not Let Others Control Your Finances

A single woman becomes prone to unnecessary suggestions and interference. Known, unknown people almost intrude to give their advice on money management. If you have such people in life, either give them a clear idea that their suggestions are not welcomed.

Draw a clear line of control to give a hint to this world that you know what to do with your money. Anyone with any suggestion cannot just enter the premises of personalized space where only you rule the conditions.

Ø How to ignore unwanted suggestions on your personal finances?

· Be clear – For most people, it is difficult to express their inconvenience clearly. However, to kill the issue from its roots, sometimes it becomes necessary to be expressive.

· Give a short response – If it is not easy for you to say clearly something, then take the support of some common jargon the human world uses to avoid suggestions of people. Such as – ‘Good idea’, ‘ I will think about it’, ‘I have some other plans’ etc. are some of the safe play phrases that offer an escape windows without harm to relationships.

· Change the subject – By changing the subject, you give an indirect idea to the person that his/her feedback is not required in your life. Start talking about other things and show as if there is no need to discuss the personal finances with the person.

Money is a fragile matter, and that should not be managed based on what others say. Especially for a single woman, it is necessary to tackle everything; otherwise, she cannot achieve self-reliance.

Do not keep obsessions

It is fair to keep passion but not an obsession. Extreme love for something or chasing a particular kind of lifestyle or thing in life always makes you spend more. For example – love for expensive clothes, tech gadgets, cars, home décor, etc. Anything that makes you leave logic and spend money extravagantly spoils you gradually.

You might have heard about the people who face a financial crisis for their obsession with pizza. That sounds so insignificant, but that is the reality. When something breaks its limits, it becomes the cause of destruction.

Being a single woman, you have to take care of what is right and wrong. There may have no one to suggest the right direction or tell where you are going wrong. In such a condition, a famous phrase can become your guide, that is ‘excess of everything is bad’.

Take help from a financial planner for money decisions

Married women or those in a relationship always have someone to whom they can talk and express concern about personal finances. A regular and friendly flow of advice and support is still available to them.

For a woman on her own, no one is there to offer relatable tips on money management. However, you are not on a lonely planet but in a world where smart minds are available to recommend workable money advice.

Ø A financial planner can give a better direction on financial affairs such as –

· Right investment decisions – You can understand where to invest, how to invest, and what are the return possibilities? Get your risk profile and explore the money world safely and attain a better future.

· How to do debt management – If you have scattered debts, what methods can help to tackle them. For example, – the snowball method is a workable way to manage debts, but how does it work can be explained better by a financial planner.

· Suggestions on emergency financial support – The financial advisors always have an insight into how to obtain instant support during an emergency. The common advice is saving big and use when required or you are told to explore some instant assistance from payday loan by a direct lender. You can plan your money accordingly.

To be safe and survive strongly in the materialistic world, professional financial advice is vital for a woman. After all, it is about the most critical aspect of life, and the ‘single’ status makes it even more significant.

Keep your credit score performance in good condition

Perhaps there is no need to explain the importance of credit rating. It is the mirror of your financial behavior that affects many aspects of life.

Ø Why keep the credit score good -

· All your possibilities to avail of financial products are affected by the credit rating only. Availing funds, taking insurance, making the impact of credit score drives investment everything.

· The job security of a person with a good credit score is much stronger than the one with a bad credit score. Many people lose their job due to poor payment history also; it is always difficult to switch to a new employer.

· Abroad visit for professional or educational purposes becomes easy with a good credit score. For a single female, career growth is a significant concern. For a better future, it is widespread to visit other countries for quality education or professional training.

Think about retirement

Be ready for the era of grey hair. Life moves on real fast, and sometimes we do not even realize how fast the days, months, and years have passed. If you have to carry on with the ‘single woman’ tag whole life, thinking about retirement becomes necessary.

Plan for the days when you will become an elderly person -

Ask your financial advisor for a suitable retirement plan
Explore the possibilities of a retirement plan from the employer
Save big or invest in some lucrative product

Your golden years should be backed with necessary arrangements because ignoring the concerns on this part can cause regret later. A considerable part of life we spend as an older person and that is the most uncertain period in terms of finances and health. You need to stay confident in both aspects.

Take life insurance

It is entirely wrong to think that only those with family members or dependants need life insurance. Single people too need to keep the shield of insurance for some apparent reasons. In the case of the self-dependent women, the concern is equally important. Don’t you think so?

If you are a woman with debts, it is your financial responsibility to secure the repayments with life insurance. The finance companies expect the same from the fund applicants too. Nowadays, insurance is available even with small loan products. Either you take it separately or avail while exploring the financial products.

Respect the habit of savings

The traditional habit of saving money always wins attention due to its timeless significance in our life. Nowadays many people indeed prefer fast multiplication of their money in place of savings through investment. However, the place of saving money is irreplaceable.

If you are young, it is great because you have ample time to have a HUGE nest egg and have a safe future. Create your ways of saving money or take help from the experienced people around who are actual well-wishers.

According to time, the concerns and needs on finances change. As we all know, this year is drastically different from the previous year(s), it is required to create a robust action plan for savings.

Enhance earning capacity

The time is volatile and the financial needs too. To stay in parallel to the needs of the materialistic world, it is vital to growing earning capacity. That does not mean that you neglect the concerns of health and exert to chase money all the time. However, there should be plans to grow in monthly income.

What income you earn today may act insufficiently after 5 years. The world is changing quite fast, and money is a crucial fuel to keep moving on. Here are some suggestions for maximizing your earning potential in 4 simple steps. For more assistance, explore the internet world.

Add a new talent in your personality and start earning extra money. For example, – you are a financial advisor, but at the same time, you have a pleasant voice. Why not work as a freelance voice-over artist in the free time with a full-time job? After all, it is the trend of the new era. From students to scholars, people explore opportunities for extra earning.

Financially literacy is necessary

It is always essential for you to financially literate yourself. Read books, explore information on the internet, mind-boggle with the financial planner, and do everything that is required. During whole life, we make many financial decisions, and for the single ladies, it is necessary to know what the finance industry offers.

Keep the knowledge of the financial products, their features, and their importance for you. It is a prevalent perception that finance is not for women but do not let such thinking affect your zeal. There is so much to explore for women in the money world. It is always easy to understand the financial subjects if you want to know about them.

Start from the essential things and then grow with time. You should know everything about finances such as -

Good saving methods
Investment products
Comparison of insurance policies
New credit card features
High interest and low-interest loans
Ways to tackle emergency financial needs
Sustainable finance and its benefits etc.

The more you know about the money thing, the more clear can be the decisions. Do not let the demoralizing people stop you from knowing more about the finances. Also, keep a record of the terms popular in the market, your search for better options starts from the knowledge of the words of everyday use.

Being a single woman, you need to be able to see the future because that ensures a safe tomorrow. Well-wishers, family members, friends are there, but with time their personal concerns become bigger than everything. They may not be able to help you at the time of need. Money is a great support if that is in adequacy, at least materialistic insecurities of food and shelter and clothes cannot touch you. Stay confident, look directly into the eyes of the world, and make your own money rules to rule life. J