I have never been married and that has left me with a lot of experiencing in handling my money alone as a single woman. Being in a girlfriend boyfriend relationship is not the same as being married. There are times when the lines can get a little blurred like when your living together but it’s still not the same as being married.
If I’m being honest I think being single is great when it comes to finances if you show a little discipline in the matters of money. You don’t have to ask for the freedom to use your money. You don’t have to worry about someone else’s money habits, and you can create a clear strategy for your household’s finances. If you are single and you want to be successful with money I have four tips I suggest.
Remember there is no prince charming coming to save you
Don’t get me wrong you will find love one day and get married if that is your wish. However, don’t expect him to come and fix all your financial problems. Even if he makes thousands more then you do he may be leveraged up to his eyeballs. Or his debt might be massive. Come to the relationship table with your finances in order. That way even if he comes with a mess you can help him fix it. Remember you two may have difference teachings when it comes to the topic of money. So there will be some growing pains because of this difference in the relationship.
What does it look like to have your financial life in order
You have an emergency fund account with nine to twelve months of expenses available. You should aim for a nine to twelve-month emergency fund. That is the best way to weather any financial storm that comes your way. It is understandable if as you multiply nine or twelve by your monthly expenses that total amount makes you a little uncomfortable. You must remind yourself that you’re not going to save it all at once but in smaller bites. You have a stable job or own a profitable business. This ensures you have income coming into the household. You have an IRA or SIP retirement account, and you are investing into them on a regular basis. Social security is no longer a reliable retirement plan. Not only is social security monthly payout surprisingly low there is no guarantee on how long that system will be funded.
Create a financial goals list
Write about 50 to 100 things you want to happen in your economic life over the course of your life. Write the houses you want to own. The cars you want to buy. The careers you want to work and the businesses you want to own. Write the age you want to retire at and the amount you want to have in the bank at retirement time. All of this will give you clarity over your financial life. Also, this will help you have the financial conversations when you meet your future spouse. Using your list, you two create new goals together as a family.
Figure out what role credit will play in your financial life
No matter if you decide to be a debt-free house and only use cash or if you decide to leverage credit to get the things you want in life you need to be clear. Credit can be a useful tool or a nightmare. Decide which way is best for you and learn effective techniques to use. If you decide to use credit in your household keep a close look at your credit report. Then you need to know your score and what’s on your credit report it is easier to protect against fraud and id theft.
If you do the four things I have listed, you will surely be ready for Mr. Right when he appears. Don’t forget that these are action steps not just things to read in a blog. It’s things to do in your life. Even if your single for the rest of your life you will be happy that you did this short list of things.