Are you a single woman? Worried about managing finances?
Well, the good news is that whereas single men struggle to keep a tab on their expenditures of lavish living, food, entertainment, car-ownership etc, the women have been proven to be a wise managers of finances as their expenditures splurge mostly on items like personal care products, interiors and clothing, so unlike men they have less to worry about expenditure.
Where she needs to pull her socks is working on the idea of ‘saving the penny’.
And this journey of ‘saving the penny’ begins with keeping a track of the movement of money to and from, your wallet. Taking some time off from your routine for doing personal budgeting, although doesn’t sound that a good idea, but always come in handy for prioritizing your expenses. All you need to do is before going to bed and switching off the lights, open your tracker and pen down the numbers.
Second milestone in the journey, keep the hard-earned money away from stock- markets or equities and push it in a high-interest savings account instead. And trust me in times of adversities you will look out for your savings account before your friends.
Debt! Not a good idea. Keep the credit cards as away as you can from your wallet. Because once you lose out on payments of your credit card, the credit reporting agencies can give you a tough time and may damage your credit score. And if you are too keen on having one, know your debt-to-income ratio, which is the percentage of your income that you use to pay off your debts, so that you know where your income is actually flowing.
What makes a ‘single woman’ a ‘smart woman’!
Having a Life Insurance Policy, if not for herself but for her children, so that tomorrow the children are not deprived of the basic needs and amenities. And as per experts’ opinion women should carry a life insurance policy equal to six to ten times her salary.
A smart-single-woman will never keep ‘Retirement’ in to-be-looked-later list. Although other needs look more pressing but saving for your twilight years should be at least ten to fifteen percent of your gross income.
Now when you have everything planned from the vibrant youthful days to the days of greyed hair, where does the need to worry about finances arise.
Image Courtesy – consumerinstinct