It's Spenders Saturday. Happy Saturday ladies, it's been a wonderful journey since SS started, various topics to help us financially. Today's topic is. SINGLE AND FINANCIALLY SAVVY.
It’s every lady’s dream to be happily married , while we wait for the wedding bells , we must not be caught napping, some ladies will get married earlier and while some will have to wait for a while, the waiting time no one can really predict, should life be put on hold while waiting for MR right?
To be financially savvy means to understand and be well informed about everything that affects your finances.
Every woman needs to be financially savvy, but a single lady is totally different from a married woman because the married woman plans her finance alongside her husband, they have two sources of income should they be both working and also has help should there be any shortfall.
The following tips will help a single lady to be financially savvy while waiting for her God’s ordained partner.
1. Change your mindset: while waiting for marriage, subconsciously single ladies puts things in this order; partner first, financial plan and future next, this mindset has to be changed by putting yourself first and be financially secured while enjoying singlehood.
2. Budget: whether married or single everyone needs a budget but as a single lady, a budget is a must have ( please refer to the earlier discussion on budget on SS page), in addition every month you have to assess how well you have budgeted and adhered to it, and ways to improve in the next budget cycle.
3. Be future centric: As a single lady, what do you want in life regardless of when the partner comes along, what are your goals financially, do you just want to have some money to live day by day, what are your long and short terms goals financially? Set these goals and painstakingly work towards achieving them.
4. Emergency fund: a single lady needs this emergency fund more than anyone else, this is a contingency fund should there be any unforeseen events, financial experts advise that this should be six – nine month living expenses set aside as cash. I advise that this fund should be invested so as to earn interest no matter how small, remember it is an emergency fund for contingent events which may or may not happen.
5. Single Lady invest: now that you have a budget running and you have stashed away emergency funds, you should think of investment opportunities , every smart steward is a Proverb 31 woman, don’t wait till God’s ordained partner comes along before you cultivate the habit of investing, let your money work for you sisters ( please read SS post on investment ). In addition if what you have is not enough to invest as an individual, you can consider collective investment schemes, a note of caution here, please read the pros and cons of the investment paper, engage a lawyer so as to know the bylaws that governs the investment scheme .
6. Tabitha with caution: Tabitha in Acts 9 : 36 was a single lady in the bible, she was known for doing good and helping the poor, be charitable with a caution, it is the belief that as a single lady, you don’t have use for your money and you are expected to have funds to meet everyone needs, please have a certain amount to help and as much as possible stick to the amount unless you are led to give more, remember you are not the El Shaddai, you cannot meet everyone’s need.
7. Beautiful without breaking the bank: as a single lady, you have to dress well, but should you break the bank, not at all, buy what you actually need and not what you want, look for good bargain, buy quality as against quantity, learn fashion tips and tricks that can be used to look good and presentable without spending a lot.
8. Daily savings tips surely adds up: eat out versus eat in, taking food to work versus eating at the lunch room, bulk cooking versus daily cooking etc, all these decisions help you to save and makes you more financially savvy.
9. Single and dating: hmmm! You are seeing someone and he might be the Mr Right.... I have heard cases where ladies give their money out to a guy they are dating and eventually the guy runs away, there are some men out there, their aim is to date financially capable ladies and get as much as they can get from them. Please and please there is a new vocabulary in town and it is called ‘ investidate’, do some background checks on the guy, please don’t part with your hard earned money , check the stories and if it’s not adding up, please run.
10. Wedding bells are ringing: surely the Lord is good and investidating has paid off and the man is the God ordained husband! Please and please have the financial discussion, it might be awkward but it is very important, wedding vows is encompassing, it is also entering into financial partnership with MR Right. You will need to know that his goals and spending habits are compatible with yours and that you're not marrying someone who will drain you financially; destroying all the hard work you've done to create a financially secure life for yourself. In addtion, don't empty all your savings on the wedding ceremony ( read the post on SS on money saving tips in planning a wedding).
On a daily basis, we feature words of financial wisdom from different Smart Stewards members and sometimes from Guest Contributors. You'd be glad reading them. Enjoy!
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