Articles

A FINANCIAL STARTER-GUIDE FOR SINGLE WOMEN

 

Most times, single women do not have a financial plan due to the low level of commitments they have compared to a married woman/mum. However, that should not be so. As a single woman, here is your financial starter-guide:

  1. Be financially independent by creating a second source of income for yourself. Your 9-5 job might not give you the freedom to save and invest, hence why it is necessary to have another source of income. What can you do so well? How about you transform that skill into something that brings money to the table?

  2. Learn to save and invest. Nobody is born knowing how to save and invest but cultivating the right financial habits will definitely save you on rainy days.

  3. Budgeting! Don’t skip this part, sure there are a lot of things you can procure, all of which you have to provide for yourself. However you must draw the line between ‘needs’ and ‘wants’, while you strictly stick to your budget while you set aside some money as emergency funds.

  4. Avoid debts or pay them off quickly. Avoid debts as much as possible and if any is incurred, pay off quickly.

  5. See a financial planner/advisor. Do not try to navigate the financial market by yourself, have a financial advisor help you make the most of your decisions.

Leave a Comment