Personal Money Management for Single Women
Personal money management for single women, tips and advice on how to manage your money wisely.
Single women face many of the money management problems that couples and married people do but with one main difference. The whole weight of your financial security rests on your shoulders. If you don't know how to manage your money, there isn't necessarily someone there to back up or rescue you. So you need to learn the basics quickly.
It really isn't all that hard. Once you discover how to build a personal money management system, you'll find that it almost works automatically. Really, it is just a matter of getting into the right habits. It may also mean that you have to go against the normal habits of people around you because the sad reality is that most people single or not, simply don't save enough money. Most people spend too much. Most people have way too much debt.
But you can be smarter than that. If you start right now and follow some simple money management advice and tips, you can be on your way to financial security. So what are the first steps you need to take to develop a personal money management system? How do you learn how to manage your money instead of having it seem to fly out the window?
You'll want to know exactly how you spend your money and if you're ready to groan at that prospect, don't despair. You can either keep track of your expenses in a notebook though that can be dreary and boring, or you can save all receipts and toss them in a box daily.
Every day or every few days, total up the amounts and figure out what you absolutely had to have and what was an impulse buy or a splurge. Within a short time, you'll have an idea about where your money has been going, found ways on how to manage your money wisely.
If you want some insight and a truly personal money management system, try keeping track of how you felt every time you bought something. This can be a powerful tool in gaining control over how you manage your money. Did you buy a coffee or chocolate bar because you were feeling a bit down? Did a fight with a friend or boyfriend cause you to get a new purse or outfit to feel better? Keep track of those feelings and purchases.
Next, explore exactly how much money you have saved, no matter how much or how little. The majority of women have no savings so don't feel alone if that includes you. But you aren't going to be like most women and you are going to start saving money. You've already figured out where you've been spending money.
Now start to cut back on that. You don't necessarily have to feel deprived or go to extremes. Start small. Cut out the daily trip to the coffee shop and put the savings towards any debt you might have.
Pay an extra ten or fifteen dollars more than your minimum payments on your charge cards. Guess what? You're already following a personal money management plan or starting on one. You're getting out of debt and you're learning the difference between necessary expenses and impulse purchases.
If you really learn how to manage your money, you'll be cutting debt, building savings and feeling financial security. It may be easiest to do this if you ask your bank to put $100 a month or more in an automatic savings plan.
If your employer has a retirement plan with a company match, that would be an ideal way to start saving for your eventual retirement. Again, do this automatically, having the money taken out of your check before you get paid. Think you'll miss it? Prepare to be surprised. Most people never do.
Keep saving a bit more each month and leave a bit in the budget for discretionary or emergency expenses. Now congratulate yourself for being different from the average woman by being someone who saves more than she spends and who may be able to retire without running out of money. Feels good, doesn't it?
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