Female & Unmarried? You Must Know These Money Management Tips

You aren’t a widow, but you are not a divorcee either, and therefore you have different financial needs. While many people consider that being single is a doorway to freedom, the truth is that managing one’s money can be a challenge particularly if one is a woman and earning. 

Women-centric financial services platform, Hermoneytalks.com conducted a study that discovered 54 percent of women regardless of their marital status are not motivated to manage their own money and this alarming trend is even more apparent if they are unmarried, divorced, or widowed. The truth is that single women face an unusual set of challenges that need to be overcome. Here are some great tips to get you started.

Make daily money management effortless

With their busy schedules, single women often have very little time to manage their wealth, however, here’s where reliable vendors come to save the day. If you stick to certain vendors for day-to-day expenses, they will give you discounts which will ensure that you save money over time.

Organize your financial documents

Whether it’s your receipts, financial statements, deposit certificates, insurance policies, sale deeds, etc, you know how difficult they are to find when you need them the most. Therefore, instead of keeping a closet full of loose paper, try making digital copies of them all so they can easily be stored, retrieved, processed, and re-used. However, remember to shred all hard copies of financial documents before you dispose of them.

Overcome your fear of equity and debt

Many people fear to invest in equity, whether they are single or not, and the biggest problem is that a majority of them do not see equity as an asset or an investment. In the way, while most women think that loans are bad for one financial health if used well, they can be used to pursue a great educational course or follow a business dream. However, never borrow what you cannot repay, always remember that.

Create an interest for all things finance

This is one aspect that all women struggle with and often leave the management of their money to a male family member and this is more to do with the fact that women have been doing this for generations. The truth is that all women are competent enough to handle money, they just need to make themselves more aware. From reading online material to hiring a financial advisor, any woman can do it. 

Image credit: CNBC.com

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