Women, rise up — this is your year! Unfortunately, a lot of women have honestly given up any thought of having a better financial life. While we want to wait for Prince Charming to sweep us off our feet, the reality is that we might have to wait for a while. Even though it’s shown that couples tend to pull better financially than singles, the truth of the matter is that there’s still room to grow.
There are still opportunities for women to do better than ever before. Why settle for less when you can definitely have more than you ever imagined before? It’s better to make sure that you get things lined up than feel like you just can’t get ahead? That would be bad on a wide number of levels. You’re going to need to think about the time that you have left to really get things done, and then go from there.
Age definitely plays into a single woman’s financial blueprint. If you’re starting young…congrats, you’re in a great financial position to make change. You need to be increasing the amount of savings that you make right now. The time value of money concept means that the longer you have to invest, the more your money will actually grow. Getting your money invested can be challenging, especially when there are so many people trying to tell you what to do.
The basics are simple: you need to think short term, emergency, and long term. Emergency accounts help you take care of life’s little unexpected problems, short term money lets you indulge yourself once in a while, and long term money is what you hope to have both for buying a home and also retiring someday. You can get multiple accounts that reflect these plans.
Women have to make sure that they can contribute more to retirement than men, since they still statistically live a lot longer. You might hope to get married to a man that can support you, but what happens when you are left a widow? Could you really take care of yourself? Rising costs of everything mean that your savings have to outpace inflation, something that can steal away quite a bit of your money.
You also have to consider the type of lifestyle that you have now. Are you really living beyond your means? Are you living on credit? If you’re living on credit, now is definitely the time to stop. It just ends up costing you a lot more money than if you had saved the money and invested it into something that really pays off. The more work that you can put into the financial side of your life, the more likely that you’re going to come up a winner. You’re going to need to make sure that you are focusing carefully on the road ahead of you at all costs.
The time is right to make sure that you have everything carefully addressed. If you need help, there are plenty of groups that focus on personal finance for women. If you’re online all the time anyway, shouldn’t you take the time to learn more about your finances, and not less? That’s the idea today. You have to take advantage of any and all resources available to you. Cutting things out of your budget and changing your habits might be hard, but it’s definitely worth doing. Good luck!