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| Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law. |
No one cares about your financial life more than you. As a single woman, I learned this fact years ago. My financial success depends on how well I can build and manage long-term wealth.
I don’t have a spouse who can bail me out of debt or a financial crisis. So I have to keep my finances in order. Besides, even if I get married, I would still like to handle my financial life with care, because even the Almighty doesn’t like debts. Just read the following quote. You’ll understand what I mean.
How to Take Control of Your Financial Life
There are a few advantages of being a single woman. I don’t have to take care of kids or husband. But at the same time I know there might not be anyone to take care of me in an emergency or after retirement. That being said, let’s talk about how we can take control of our financial lives today.
1. Create a budget: Make a budget plan that helps to improve your financial life. Make sure you stick to the budget every month. Budgeting helps you learn the skills of controlling your expenses and increasing your savings. You can use your savings for building your emergency fund and paying off your debts.
Download a free budgeting application on your smartphone and start using it now. It’ll help you manage your money 24/7.
2. Save for your retirement: If you want to lead a comfortable life in your old age, start saving for your retirement years. It’s best to build your nest-egg early so you can take full advantage of time and compound interest.
Remember Proverbs 22:7: “The rich rules over the poor, And the borrower becomes the lender’s slave.”
If you have no money in your old age, then you may have to depend on your loans and credit cards for covering your expenses. What does this imply? You’ll be the borrower’s slave. You can’t lead an independent life and serve God wholeheartedly.
Remember, women usually live longer than men. So you’ll need more money for yourself in the long run.
Take maximum advantage of employer-sponsored retirement savings plans with the aim of maxing out your contributions.
3. Build an emergency fund: The best tip is to build an emergency fund that will help you cover 6-12 months of your living expenses. If you’re single, make it your financial goal to save for at least 12-18 months, in the event you’re unable to recover from a financial crisis. Suppose you lose a job and are unable to find a new one quickly. How will you survive during this period if there is no emergency fund to cover your monthly expenses?
I always make sure there’s enough money in a separate account to cover my living expenses for 12 months. I hate borrowing money from anyone. So I try to save a significant amount every month in the separate checking account. It boosts my confidence and gives me mental peace.
4. Buy disability insurance: Who will take care of your financial life when you’re unemployed for health problems? You’ll have no source of income if you need more time off than your work leave policy allows. This is why you need to buy adequate disability insurance to survive a difficult time. If your boss is willing to give you both short- and long-term disability, take it.
An emergency fund and disability insurance can help create a fat financial cushion and provide support when you have a credit crunch.
5. Pay your bills and debts: Make sure you pay your bills and debts on time. There is no place for extra financial burden in your life. If you have borrowed money for completing your higher studies or for any other reason, pay back your lender as soon as possible because:
If you have to use credit cards, know how you can use plastics for saving money. Most people use credit cards recklessly and get into debt. But I use credit cards for saving money. Recently, I went to Europe without paying a penny — thanks to free air miles. All I had to pay was the fee, nothing else.
I have a suggestion for all of you. Don’t walk on the wrong or dishonest path to make money. Don’t forget your values. Work hard sincerely and make money.
If you have to use credit cards, know how you can use plastics for saving money. Most people use credit cards recklessly and get into debt. But I use credit cards for saving money. Recently, I went to Europe without paying a penny — thanks to free air miles. All I had to pay was the fee, nothing else.
I have a suggestion for all of you. Don’t walk on the wrong or dishonest path to make money. Don’t forget your values. Work hard sincerely and make money.
BY: Stacy B Miller. She is a web enthusiast and a content editor. A financial writer by profession and a voracious reader by passion, she loves to educate women about financial affairs so they can lead comfortable lives. Her articles give real-world advice, tips and tricks to manage finances like a pro. In this guest post, she shares her thoughts on how single women can take control of their financial lives and live independently.
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