More women are outliving men, waiting longer to marry, and snubbing social stigmas by buying homes without a spouse. Being single presents a great time to make investments and tap into that extra income you may have. It’s your time to not only to enjoy the adventures and freedom that comes with being unattached, but you can also get your finances in order for your future—whether it includes a beau or not.
“When you’re single, you have to fend for yourself financially at all times, versus having a spouse that can help contribute to the household bills. So, for single women, it’s even more critical to ensure that you have a healthy savings account, in the event of an emergency,” says Dominique Broadway, personal finance expert and founder of Finances De•mys•ti•fied.
Below, Broadway offers five savings tips to help single women to take charge of their financial freedom, one step at a time:
1 Determine a realistic goal based on your current financial picture. “You want to sit down, look at all of your income and expenses, and determine how much you can actually afford to save every month,” Broadway says. “You can start with saving 10% of your income as an initial goal. However, once you do your budget, you will be able to determine if you can save more or less than that.”
2 Be clear on exactly why you’re saving and draft a plan. &ldquo