The quest for financial security as a single female can often feel like a never-ending uphill battle. The good news is that there are a some nifty strategies every spend-savvy single lady can use to thrive in these trying times. Here’s 7 of the best.
Unless you’ve been living under a rock, you’re probably well aware that 2023 has been a tough year for most of us. With soaring inflation and rent prices, and a vast array of other economic obstacles that hinder our ability to save, times are tough, to say the very least.
However, before you wave your white flag and drown your sorrows in a tub of Ben & Jerry’s (we speak from experience), we’re here to let you know that things don’t have to be all doom and gloom.
If you’re ready to level up from ‘strong and independent’ to ‘strong and financially independent’, you’ll definitely want to stick around.
Here’s 7 expert financial security tips for spend-savvy single ladies
#1 – Insurance Is A Girl’s Best Friend
We’ve all been there — you go to the dentist for a routine check up, only to find out that you need costly root canal treatments. Or perhaps a pipe bursts in your house, damaging a whole boatload of your precious belongings. Talk about a financial nightmare! The truth is that life is full of unexpected twists and turns, which is why having the right insurance coverage is important.
Whether it’s home and contents insurance, car insurance, dental insurance, health insurance, or even pet insurance, insurance is there to help a girl in need. And doing the research to secure the right insurance cover for your unique needs is a solid step towards becoming master of your financial destiny. So jump online and compare the insurance providers that are available to you to find home, car, renters, and health insurance policies that fit you and your finances to a tee.
#2 – Budgeting: Your Financial GPS
Just like you can’t navigate without Google Maps when driving somewhere new, budgeting serves as your essential financial GPS, guiding you through the twists, turns, and bends of your personal financial journey. In a world where expenses can spring up unexpectedly and financial goals can feel like distant destinations, a well-structured budget becomes your reliable navigator, ensuring you stay on course toward your desired financial milestones.
If you’re ready to get stuck into your budgeting journey, the good news is that there are numerous budgeting apps available in 2023, ready to help you keep track of things with the touch of a button. These apps allow you to track your income and expenses, set monthly budgeting goals, highlight areas where you could do better, and ultimately empower you to make better informed financial decisions.
Remember, budgeting isn’t just about limiting yourself either. Rather, it’s your tool for intelligent spending. It allows you to set aside funds not just for basic necessities but also for all the things that spark joy — whether it’s getting a fancy manicure, treating yourself to a gorgeous blowout, or giving your bedroom a makeover. By knowing where every precious dollar goes, you’re able to make conscious choices that align with your priorities and passions.
#3 – An Emergency Fund For Rainy Days
Just like that not-so-routine dental checkup, life is full of unpredictability, and having an emergency fund is key to carrying you through rainy days. The truth is that saving can be tough. Trust us when we say we are all too familiar with that predicament. However, when it comes to setting aside a rainy day fund, every little bit counts.
Consider your emergency fund as your personal financial umbrella, ready to shield you from unexpected downpours. If you are lucky enough to be able to do so, aim to save at least three to six months’ worth of living expenses in an easily accessible account. If that isn’t achievable, don’t be disheartened – every step you take towards building your emergency fund is a step in the right direction. Even setting aside a few hundred dollars a month is a good enough start. Start small, but start today.
Another strategy is to funnel your windfalls or unexpected bonuses directly into your emergency fund. That tax refund, work bonus, or unexpected cash gift can be a real welcome boost to your financial security. Whether it’s an unforeseen medical bill, a sudden car repair, or a temporary job loss, having an emergency fund means you’re prepared to weather these storms without compromising your financial stability.
#4 – Boss Babes Build Multiple Income Streams
You know what they say, the more the merrier, and that couldn’t be more true when it comes to income streams. And no, we’re not talking about joining a shady MLM or low-key cult. Instead, spend-savvy single ladies explore their passions and identify new opportunities to diversify their income streams. Fortunately, in a world where the gig economy is seriously reigning supreme, it’s never been easier to capitalise on your skills and interests.
So, why not leverage your god given talents and hobbies to create additional income? Whether it’s freelancing, tutoring, or even starting a small business selling your artisan handicrafts, the beauty of diversifying your income streams is that it not only adds some extra zeros to your bank balance but also provides an avenue to explore your passions more deeply. You’re no longer confined to a single revenue source, allowing you to weather financial storms with confidence and ease!
#5 – Kill Your Debt
While taking on debt might sometimes be an inevitable part of life, managing it wisely is well within your control. So if you’re looking to kill your debt, now is the perfect time to level up on your debt management game.
For starters, create a detailed list of all your debts, including balances, interest rates, and minimum payments. If doing this manually is too tedious, consider using a debt tracker which will help to consolidate all your debts in one place. This clear snapshot will help you understand the magnitude of your financial obligations.
Next, spend-savvy ladies should always prioritise paying off high-interest debts first, such as credit card balances, to save a ton of moolah in the long run. This is known as the “avalanche” method. Allocate any extra funds to tackle these high-cost debts while continuing to make minimum payments on other obligations. Not only will this lighten the financial burden, but it will also offer a sense of relief knowing that you’re on top of your finance game.
Try your best to cut down on unnecessary expenses and redirect those funds toward debt repayment. For example, make a coffee at home instead of spending 7 whole buckaroos every morning at your local cafe. You’ll be amazed at how much you save in the long run. Remember, these temporary sacrifices will pave the way for long-term financial stability.
While you’re at it, it’s always a good idea to set up automatic payments to ensure you never miss a deadline. Timely payments not only prevent late fees but also contribute positively to your credit score – an essential asset for your financial future as a spend-savvy single gal!
Top Tip: If your debts feel overwhelming, there is absolutely no shame in seeking help. Financial advisors or credit counselling services can provide expert guidance and create a personalised plan to get you back on track.
#6 – Up Your Knowledge Game
So you’ve invested in insurance, found another stream of income and are on top of your debt. Done and dusted, right? Well, not entirely. The truth is that ultimate financial freedom as a single lady requires more than just the basics. In reality, your most valuable asset is you, and the key to financial security lies in a never-ending thirst for knowledge.
In a world where financial landscapes can shift as swiftly as a summer breeze, arming yourself with knowledge becomes your ultimate shield against uncertainty. Whether it’s diving into the world of investing, learning more about the stock market, or seeking out a financial mentor, constructing a fortress of financial wisdom is key. By investing in your skills, education, and career development, you will be that much better equipped for better job prospects and income growth. And remember, stagnation is the enemy of progress.
#7 – Secure A Savvy Savings Account
Last but not least, the final act in your journey towards becoming a spend-savvy single lady is a trusty savings account. A reliable savings account serves as the perfect piggy bank to securely store your money while earning interest. But wait, before you put on your Barbiecore pink running shoes and sprint to the nearest bank, it’s important to spend some time shopping around and considering the different types of accounts on offer.
First things first, look for an account or accounts that offer killer interest rates. Think of it as nurturing a precious houseplant – you want your money to grow, thrive, and live its best life. You should also consider the accessibility of your account. Some savings accounts penalise you for making withdrawals, so be sure to read the fine print before committing yourself to anything.
Additionally, prioritise accounts that have minimal fees or maintenance charges, allowing your money to thrive without being bogged down by unnecessary costs. Many savings accounts will require a minimum monthly deposit, so we recommend setting up an automated transfer from your checking account into your savings account to ensure you don’t miss out on your monthly/bonus interest rate. Or look for alternatives that do not require a minimum deposit.
And there you have it — 7 financial security tips to empower and guide the spend-savvy single lady on her journey to financial independence. Rest assured that your dedication to these tips and guidelines will lead you to a life rich in abundance, security, and the freedom to chase your wildest dreams. All the best!