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 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 our 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.
HT: Good Morning America