More adults in the U.S. are single than ever before and the majority (53%) are women, according to the U.S. Census Bureau. Daniele Schreir is one of those single ladies and even with a full-time job and a side hustle as a blogger, she says her biggest anxiety is money, because she’s single. “Being solely responsible for my life, expenses and health is daunting,” she explains.
Single women who cover all the household expenses may have less money left for savings and investing, but these money tips from financial experts are designed specifically for single ladies and can help get you on track with your money.
- Establish an emergency fund – Single women should make creating an emergency savings fund a top priority, according to certified financial education instructor Bola Sokunbi. She advises women to have enough money to cover six months of essentials.
- Get real about your budget – Wealth management adviser Kate Ryan suggests diligently tracking all of your expenses for a month, including every Starbucks run, to get a firm grasp on what you’re spending and then create a budget that helps you spend less.
- Stop everything and save for retirement – Ryan says women need to start saving immediately, no matter where they are in their lives, because the longer that money has to compound interest, the more you’ll have.
- Protect yourself with disability insurance – This will pay a portion of your income if you can’t work for an extended period of time because of injury or illness. “You want insurance that protects you so if something were to happen it wouldn’t throw off your financial plans,” Sokunbi explains.
- Do daily, annual money check-ins – Once you have your investing set up, a daily five-minute check in is suggested to make sure everything is going as planned. Sokunbi also advises doing a “deep dive” once a year that includes looking at your budget and goals to see what needs to be adjusted. She says once you have a firm handle on finances, you won’t have to worry.
Source: Good Morning America