Every August 4th is international Single Working Women’s Day. It’s a day reserved to recognize the important role that single working women play in our communities and societies. There are over 55 million unmarried women in America right now working hard to make a good life for themselves. Single women don’t get much recognition, unlike moms, dads, grandparents, and sweethearts, who all have their own holidays. August 4th is a day to pay homage to all of the single ladies out there who work hard for their money.
The holiday was created by Barbara Payne who realized that despite the important economic and social contributions of single working women, there were no holidays that celebrated their achievements, mainly their “creativity and courage”. Therefore, Single Working Women’s Day (SWWD) was founded in 2006.
Single women are generally more cautious spenders than men, says the Bureau of Labor Statistics. But overall they have a very hard time saving money for the future. I’d like to share some tips and suggestions on how single working women can save more money and time, while managing their finances properly and creating a strong financial future.
Budgeting and Money-Saving Tips for all the Single Ladies Out There:
- Track All Expenses – It can be annoying and single women often say they’re too busy and don’t see the point in tracking their spending. But you won’t be able to manage your money properly if you don’t know what’s coming in and what’s going out. Budgeting online is now simple with free tools such as OnlineBudgetAdvisor.com or Mint.com to help you.
- Start An Emergency Fund – Most financial experts agree that it’s a good idea to have at least 6-9 months worth of expenses saved in an emergency fund. The best place to keep an emergency savings account is in a place where you can easily access the money without penalty at any time. This means a money market account or a high-interest savings account with your bank or credit union.
- Don’t Deal With Debt – You should know your Debt-To-Income Ratio (the percentage of your income which you use to pay off your debts). This very important number can impact anyone’s credit score. You typically want it to be lower than 30%. Here’s a great blog post about how to determine your DTI ratio and what it means: https://www.advantageccs.org/blog/understanding-what-debt-to-income-ratio-means
- It’s Important To Have Life Insurance – There are several reasons you might want to purchase life insurance even when you’re single, though you may need less coverage than someone who wants to provide for a surviving spouse or children. That’s because there may be other family members or loved ones who could be affected financially in the event of your death. Use this free online calculator to find out how much insurance you’ll need: http://www.lifehappens.org/insurance-overview/life-insurance/calculate-your-needs/
- Save For Your Retirement – Many single ladies completely forget about or put off their retirement fund altogether. It’s easy to procrastinate when your retirement seems so far off and other demands such as student loans and/or mortgage payments seem more pressing. While you definitely should not neglect those obligations, retirement should be just as high a priority. See if you can contribute to your company’s 401k plan or open your own IRA savings account.
- Save On Heating Bills – Adjusting your thermostat is one way to save money on utility bills. Always remember to turn the heat down when you are not home. If you don’t have a programmable thermostat, leave yourself a note to remember this.
- Prepare Meals Yourself – Cooking your meals at home can save you a lot of money. Think about how much a burger and fries would cost you at your neighborhood restaurant. Then add in a drink, tax, and tip for the server. That’s a lot of money when all is said and done for just a burger and fries that you could have made at home.
- Consider A Roommate – Consider splitting the rent or mortgage and the utilities with a roommate. It could be a friend that needs a place to stay, a family member or you could advertise online to find a roommate. If there is another person living there, they can help split the costs with you.
- Car Expenses And Gas – To save money on the high price of gas, consider carpooling to work or using public transportation. You can also cut transportation-related expenses by raising your insurance deductible or switching to liability-only car insurance. You can also ride a bike or walk if you are close to your desired destination.
- Look For Freebies And Deals – Free samples (freebies) are great for many reasons. A terrific source for free samples is the Wal-Mart website. They have a special free sample page where 3-4 freebies are typically featured each week. This will also help on trying out new items before buying them. It’s tough when you buy a new product and then realize you don’t like it or can’t use it.
- Buy Used Instead Of New – Everyone likes to buy new products, but there is a big money saving potential in buying used items. Standard necessities such as cars, clothes, pots and pans, electric appliances, computers and household tools, etc. if bought second hand; can save you large amounts of money.
Conclusion – Be proud that you are a single hard-working lady that paves your own way and finances your own dreams. We celebrate your courage, creativity, independence, and awesome attitude towards life. It’s about time you got your very own holiday to celebrate how wonderful and special you truly are!
When trying to save money and sticking to a budget are your top priorities, it can be difficult when you’re single. Living alone brings more independence, but a big disadvantage is that there’s no one to share the bills with. It’s up to you and you alone when those bills are due.
Start saving money today and it should help lighten the load of living alone if you don’t have a roommate. Always remember that little things add up and cutting corners is not as difficult as it may seem. If you need help with creating a budget or you’re in over your head with debt, contact us today. Advantage Credit Counseling Service can help you with your financial future. The best time to start is right now!