Best Money Advice for Women to Gain Financial Independence
Not being biased or anything, but there’s this idea that women aren’t that good when it comes to managing their financial affairs. Multiple studies support this, including a UBS study carried out in 2018, where 74% of divorcees and widows admitted that they didn’t think they were capable of making smart investment decisions.
Having said that, that’s not to mean that this situation cannot be rectified. According to experts, the hardest hit among the females are single women. Even those with a steady job plus something else on the side find themselves being anxious whenever they’re faced with monetary decisions.
According to one such lady, Daniele Schreir from Florida, the fact that she’s solely responsible for her finances including other things such as health is a mammoth of a task. Unfortunately, she isn’t alone in this.
Schreir is just one individual in the ever-growing population of unmarried women in the United States. Of all the unmarried adults in the country, women take the lion’s share at 53%, the Census Bureau reports.
Unsurprisingly, the U.S. is currently facing the highest population of unmarried adults in its entire history, and we have to admit that times have changed. Women are becoming more independent, and although there may be some issues they are yet to adequately handle, they are surely headed there.
Schreir, rather than wallow in her anxiety, has taken it upon herself to educate fellow women on how best to handle money while also learning along the way. As she puts it, single women struggle to fully understand finances, and that’s the root cause of everything that follows.
Trying to rid themselves of debt is an uphill task, and that’s before you even think about taking a quality insurance cover, retirement savings, or even putting emergency funds away. This is further compounded by the fact that there exists a pay gap compared with what their male counterparts earn, and you see how that could be a problem, don’t you?
Bola Sokunbi, a financial instructor, advices that no matter your situation as a single woman, you should strive to have an emergency fund capable of sustaining you for at least six months. All other experts advise that the emergency fund should last you three months, so why is it different for these women?
Twice as Prepared
Sokunbi says that the three-month limit is for couples, but a single woman should be twice as prepared if anything happens. Additionally, she advises that you should have your emergency and other savings in a different bank, not your regular one.
Have you always wanted to draw up a budget but never got around to doing it? Then that’s why as a single lady, you’re always running out of cash. A budget is the best way for you to track how you spend your money, and drawing one up allows you to determine those expenses that are a necessity and those that are luxuries. You can do without the latter and direct that money towards your savings.
Also, review your spending on a regular basis, preferably monthly, then do a comprehensive check-in at the end of the year. You’ll track your pattern and decide whether to stick with it or adjust it accordingly.
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