I would describe myself as very independent. If I want something, I prefer to get it for myself rather than ask someone to get it for me. Whilst I was still in university, I always knew that I wanted to purchase some property on my own. Relationship or no relationship, that was something that I was determined to achieve.
Whether you’re in a relationship or single, here are some helpful financial tips for women.
1. Set financial goals and targets
This allows you to have something to work towards. It can determine your spending habits with the help of a fully functioning budget.
2. Understand your finances
If you don’t understand what’s going on with your money, you can not control it. Don’t leave this to someone else. Read and ask questions in your quest to understand what’s going on.
3. Depend on yourself
You can do it on your own. Don’t get into the habit of depending on significant others and family to bail you out. Be responsible and only undertake things that you can handle on your own.
4. Save for your retirement
It’s never too early for retirement planning. As soon as you start working, you should start some type of retirement savings plan.
5. Build an emergency fund
This will come in handy if you should find yourself in financial difficulty. My emergency fund is one of the line items in my budget and I make it a point to contribute to it every month.
6. Prepare for the worst
Valerie Coleman-Morris stressed that women in their forties should prepare for divorce and widowhood. It might seem negative and cruel, but it’s better to be prepared than sorry.
7. Invest in yourself
The best way to do this is through education. No one can take your knowledge away from you. In today’s world, education is one way to put yourself a step above the rest.
8. Learn from your mistakes
Don’t make the same mistakes over and over. Learn from what you’ve done in the past. Let your mistakes be your lessons and try to avoid repeating them.
9. Ask for financial advice if you need it
It’s impossible to have an answer for everything. Don’t be scared to ask for help. Not asking for help could make you worse off.
10. Keep all of your financial documents in a safe place
This one is self-explanatory and straight to the point. You should be able to find all of your documents if a problem arises and they should kept in a safe location.