Financial Suggestions for Most women

By: Nandha

Popular media at times depicts single women as merrily charging expensive shoes, new dresses and nights out with the girls, with no thought for the future. Don't fall into that trap --- single women can successfully take the reins of their own financial futures. Approach your finances as you might any other challenge.

Single woman can take serious steps toward financial planning by opening a retirement account and contributing liberally whenever possible. Working women can sign up for their corporation's 401(k); otherwise, open a retirement account with a reputable company like Fidelity or Vanguard. Single women in their late 20s and early 30s who save between 5 to 7 % of their earnings can plan for a more comfortable retirement, as recommended by Single Minded Women. Saving more aggressively aids build a safer retirement nest egg. Single women unclear about which investments to pursue may consult with a professional, talk with trusted friends a bit further down the financial planning path, or read industry publications for respected suggestions. You'll also want to commit to financial planning by beginning a savings account and contributing frequently; avoid connecting the account to a debit card to eliminate the temptation to tap into savings.

Aside from conventional stock market and retirement fund investing, single women may want to broaden their financial opportunities by purchasing a home or starting a small business. Purchasing a home can be trickier for single people because you're not combining income with a spouse; however, there isn't any rule that says you can not partner with a trusted sibling or parent to get a home. Home ownership can provide a sense of security, but you'll also have access to important tax deductions like real estate taxes or interest on tax returns.

A few businesses offer helpful incentives to wedded workers, whether that's medical insurance options, child care assistance or scholarships for employee children. Single women might be missing out on these financial opportunities, so think about having a discussion with employers to address advantages discrepancies between single and wedded employees. Your employer may offer alternative benefits, such as increased paid vacation or personal days.

Single women on the dating scene may wish to take safeguards not to inadvertently invite financial disaster by dating the wrong guy. Consistently borrowing money, asking you to pay for costly items like holiday weekends or new entertainment systems, or requesting that you co-sign on loans or credit applications before you feel ready are red flags. Joining financial lives is a big step, so think about all the risks before committing to sharing financial responsibility with someone else.

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