5 Things Every Single Woman Should Know About Money

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The single season is the best time take big strides towards adopting the best financial planning practices that will set the foundation for financial freedom. 

Your single season is a great time to put into perspective and lay the foundation of what is to come but, best of all a time to enjoy the only time you will ever truly be alone. So be a boss and build a small sizable empire for yourself because, during this time, you can do whatever you want but a wise woman will do so with the future in perspective.

I believe these are the basic five things that single ladies should be doing with their money right now.

1. Keep a Ledger

You need to track your spending now more than ever and build yourself sizable savings. With this, you can ensure that your money is also making money by making some very wise and calculated investments. Do not just spend your precious single-hood time, (just) selling your time. Use the time to improve yourself financially as well, alongside your other personal improvement projects.

[bctt tweet=”Spend your time maximizing the most limited valuable asset you have – Time. ” username=”beyondsixzeros”]

2. Set up an Emergency Fund

You need an emergency fund that spans up to one year. Why? Because nowadays, with the high unemployment rate and preferences of some employers or even other risk factors such as a downturn in your business’ activity, it could take up to 6 -10 months to secure a new job or recover. Just as an age-old adage goes, ‘It is better to be safe than sorry’.

3. Maintain a Good Credit Score

Debt can hurt you, even if you wind up with Mr.Perfect who will come and take care of everything. A man is and can never be a financial plan. For your own sake and the sake of the happiness of your marriage, maintain a good credit score at all times. In the event you both need to take on some much-needed debt or even mortgage, a good credit score will make things happen more smoothly when the time comes. Word of advice, never enter marriage with debt – be wary of Mr. Perfects activities as well.

4. Get a Life Insurance Policy

You will still need a life insurance policy even if your single with no dependents – be it children or even siblings, it is safer to have a life insurance policy. Reason being, should anything happen to you today, you do not want your family to be left behind with a pile of expenses with no money to take care of them i.e. car loans, HELB loan or other debt obligations. Having a life insurance policy is the responsible thing to do and also a wise investment as a young woman because most life insurance policies nowadays also cover disability.

5. Save for Retirement

You need to save for retirement. I cannot stress this more than enough because time is the only limited valuable asset you have and the more time you have before retirement, the more you are likely to save before then. During this time you are single, try and save as much as you can for retirement. Being a woman, you are more likely to live longer and therefore will need more money to take care of you for a longer period of time. There are some amazing pension products that will pay you until you go to heaven but to enjoy that time even more, save as much as you can now.

[bctt tweet=”Investing is about risk minimization & an emergency fund is the most basic contingency plan against risk” username=”beyondsixzeros”]


Bringing it All Together

I came across this message/quote randomly on the internet sometime back and it said that instead of placing a ‘single‘ status on your social sites, it is better to place ‘independently owned and operated‘. I believe that is what being a boss is all about. So as a single lady adopt an independent mindset and be independently operated before you find your King – who will appreciate you even more if you got your own.

Happy Single-hood!

Meanwhile, You can click on the following links to read more about financial planning: 

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Irene Makanga
Irene has an MBA in Finance and is an avid businesswoman, passionate about financial literacy.

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