Personal Finance Tips: 4 Ways to Become Financially Free Even When You're Single

Being financially free can sound like a far-fetched idea for most single women. The average American today spends more than they earn and can barely keep up financially. Becoming financially free is not impossible, no matter what you might think today! Keep reading to find some personal finance tips that every single woman should know.

Start with a budget. Whether you make a lot of money or a little money, you need a budget to know where you are going. Think of your budget as your financial road map for your future. If you were going some where you have never been, you wouldn't start out just driving, would you? It's unlikely. It would be a waste of time and gas to do that. The same goes for your finances. Why would you continue to work week after week without taking some time to plan how you are going to use your money you worked so hard for? Budgeting can help you do just that. Make a budget a priority so you are not wasting time working and the money you earn. Even if you are single and don't think you make enough money, you need a budget to know where your money is being spent.

Save early and often, even if it seems impossible. Saving money each month is important on so many levels. Not only does it give us something to fall back on when times are tough, it helps us remain disciplined with our money. Think of saving your money sort of like the gas you would put in the car for the trip in example one. Without saving money, how will you have anything for the future? If you have nothing in savings, your first goal should be to have $1,000 in an emergency fund you can fall back on. The emergency fund allows you to rely on your own cash rather than credit cards when something unexpected comes up. Once you get your emergency fund built up, start contributing to your retirement but investing in your company's 401k plan or start your own fund. It's never too early or too late to start saving for the future! This is especially important for single women. If you wait until you have a better job, more money or more of something else, you might just never get started.

Debt can be crippling to personal finances. In order to be financially free, debt needs to be eliminated so the income coming in can go towards savings, rather than paying off debt. Begin small by paying off the cards with the smallest balance first. After that card is paid off, start applying that money towards the card with the next smallest balance and so on. If you receive a raise or a tax return, apply this money towards debt instead of spending it. This "snowball" effect is an excellent way to pay off debt quickly. This can be done on just one income! When you see debt being eliminated, it is rewarding and motivating!

The little things can have the biggest impact. While it may not seem like it, the little things can add up the most when it comes to your money. Spending just $5 extra a day can add up to $150 in unplanned expenses for the month. But this can also work in the opposite way. Adding $5 a day to pay off debt can equate to an extra $150 paid off in debt each month!

It can seem next to impossible for a single woman to start to get her personal finances under control. The most important thing to remember is personal finance is nearly always about behavior. If you can change some of the habits you are accustomed too, you can start to see huge a huge impact on your financial situation.

Jenny Kerr is an expert author, consultant, blogger and social media professional. She loves living a flexible lifestyle and spends most of her time reading, gardening and trying new recipes she has cooked from scratch. Jenny is passionate about helping people save money and blogs about it on her site, The Jenny Pincher She has taught her self-developed "Basics of Budgeting" course throughout the St. Louis area. She has developed a Budget Bootcamp to educate women on the topic of personal finance. She has also taught budgeting in the college setting.

15 comments:

  1. If you were going some where you have never been, you wouldn't start out just driving, would you? It's unlikely. It would be a waste of time and gas to do that. The same goes for your finances.cash borrowing

    ReplyDelete
  2. Share Market Investment made profitable by SHRISTOCKTIPS- Get NSE/BSE Tips via SMS and Yahoo Messenger. At present senario of the market is showing a bullish trend because all of the banking stocks are performing very well & making new highs on a daily basis. This is a very good sign for the market. We advise all the traders to make a buy position in NIFTY & NIFTY 50 stocks at the level of 6200-6300 with stoploss of 6050 for theSHARE, STOCK TIPStarget of 6600 & 6700. We are very much sure with the current trend that NIFTY can break its life time high in DEC month. So we advise to make a buy position in market to take some handsome profits. But always take stoploss with your position. It’s like that you are driving a expensive car but seat belt is must for your safety. Stoploss is your seatbelt in stock market ride. We will try our best to make you wealthy & happy. You can visit our website.
    Regards
    SHRISTOCKTIPS TEAM

    ReplyDelete
  3. First of all, you need to be knowledgeable about your tax rate schedules so that you won't miss to file your taxes.

    ReplyDelete
  4. MOST ACCURATE TRADING TIPS FOR TODAY
    BUY ARVIND FUTURES ABOVE 137 TG-137.4/138/139 SL-136.2(CMP136.8)
    free stock tips

    ReplyDelete
  5. I am still surprised by the energy of such as to attention. This is the essential aspect that I notify to beginner traders for personal finance. Defending a little now is better than protecting nothing for old age, always! You can use easy aspect part aspect side hand calculators on the internet to see just how much of a distinction beginning benefits can create. I’m all about creating little stop now so that I may stay definitely later on in way of way of lifestyle.

    ReplyDelete
  6. The written piece is truly fruitful for me personally; continue posting these types of articles.

    ReplyDelete
  7. It's not my very first time to visit this blog; I’m visiting this daily and acquire superb info from here day by day.www.debtplantrustedfinancials.co.uk

    ReplyDelete
  8. This comment has been removed by the author.

    ReplyDelete
  9. Hi I was searching for the blogs for many times, now I have reached at the right place.sito web

    ReplyDelete
  10. As a newcomer, I search for all time online for great posts and articles that will help me. So thank you for this awesome site. onlinepayloans

    ReplyDelete
  11. We provide best intraday tips,100 accurate intraday trading tips and jackpot share market tips. Call now +91- 8486224486
    intraday tips
    intraday trading tips
    share market tips

    ReplyDelete
  12. Epic Research's focus on traders to trade comfortably and beneficially, so it produce sure shot Stock tips and advices to avoid losses.

    ReplyDelete
  13. This comment has been removed by the author.

    ReplyDelete
  14. Finance is an important part of our success; therefore, we should trying to improve our current financial condition to develop our success rate. But the actual fact is, we are unable to make us financial free through better savings and investments. Otherwise, we are facing several kinds of financial burdens; I would like to follow the tips mentioned here in this article and hope to get better financial success.
    Finance Tips

    ReplyDelete