Financial Expert’s Money Tips For Single Women
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Lots of us want to be financially free, but personal finance expert Tiffany Aliche, known as “The Budgetnista” to her hundreds of thousands of social media followers, says single women need to focus on being financially whole. According to her, that means getting the 10 core components of your financial life in order. They include budgeting savings, paying off debt, earning good credit, investing, and estate planning.
So how do women – especially single women – become financially whole? These are The Budgetnista’s steps to get there:
- Make a name for your “later lady” and plan for her – Tiffany explains research has found that people don’t save for retirement because they don’t see themselves as getting older. To fix that, she advises giving your older self a name – hers is Wanda – that way we can think about that “later lady” when making money choices and do what’s best for our future self.
- Split and save your money – She advises women to “save like a squirrel” by splitting their paycheck before it hits our checking account. And the way to do that is by having your HR or payroll department split your direct deposit, with some into a savings account and the rest into your checking account.
- Be strategic after taxes – If you get a refund, Tiffany recommends taking care of your health and safety first, which includes food, having a safe place to live, and an emergency fund with at least three months’ worth of expenses.
- Know when to DIY and when to hire financial help – Her rule of thumb is to only hire a financial advisor if you have over $250-thousand in assets to invest, otherwise the fees are too high to make it worth it. The exception? Hiring a fee-only certified financial planner to review major financial decisions.
LauRen Merola Strager is a former NFL & NBA cheerleader turned radio host. LauRen is a former Miss Pennsylvania USA and is a proud wife and mother of two. She is the owner and chief editor for her fashion and lifestyle Blog “All Of The F-Words” and is a champion for the Autism community. You can read all about LauRen’s thoughts on motherhood, pageant life, and everyday life through her online content.
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