Financial Tips for the Single Millennial Woman

There are four reasons that underscore the importance of arming the single millennial woman with enough financial tips to make wise decisions and increase the possibilities of a secure future. Reason 1:rnAccording to Black Enterprise, one study found that millennial women have a high probability of being stretched financially. Reason 2:rnThe same study discovered that millennial women have a higher tendency to be focused on the present instead of the future when making financial decisions. Reason 3:rnAnother finding of this study is that millennial women find it extremely challenging to balance money management efforts with other responsibilities and activities. Reason 4:rnA while ago, I was in a gathering of women and mentioned that I was in dire need of money. The married women laughed at me. rnTheir point? rnWhat did a single woman within the millennial age group need money for?rnThat wasn’t the first time I’d heard that kind of statement. The fact that I’m not married doesn’t mean I have a dedicated ATM. Some go as far as to imply that I can have all the money I need if I just exchange it for sexual favors. How insulting! I need to pay utility bills and rent, look good, and make investments. Also, there are other people looking up to me financially as well. I can work for my money but to do that, I need to be financially stable.rnThat’s why I’m sharing some of these tips that every millennial woman can find useful as she navigates the financial terrain. Hopefully, they help you become more financially sound and efficient. Tip #1: Get seriousrnBe intentional with your money. Wonder why wealthy folks need accountants and auditors? It’s not because they need more staff for the fun of it. It’s because they need to know where their money goes. rnSometimes all the money made ‘vanishes’ after payday. It’s not enough for you to know you made a couple of transfers: you need to know what you’re transferring the money to. You need to know the charges; everything counts because, with money, it’s the easily overlooked change that adds up to huge numbers.rnIf you can’t afford a financial planner, then use a notepad or download a budgeting app that helps you keep track of your income and expenditure. rnIf you don’t know what you’re spending money on, then you’re not ready to be in control financially. Tip #2: Need versus WantrnIf you’re following the first tip, then this tip should be easier. We all can do without wants, but needs are not so dispensable.rnYou need to take a look at what you’re spending money on. Is it a need or a want? If you’re buying a different shade of lipstick when you already have 5 colors in your makeup purse, that’s a want.rnIf you’re buying tampons for the month, that’s a need and not a want. Some people make multiple entertainment platform subscriptions when they can only use one. Be honest. When last did you make MAXIMUM use of your Netflix sub?rnCut out anything that’s unnecessary. Tip #3: Get a side hustlernIf you have a white-collar job, you’ll notice that, like almost everyone else, your salary is all gone in a few days. You need something else that generates income. To meet up with your needs and have that extra needed for things like savings and investments, get a side hustle that brings in extra cash. Tip #4: Investment is the way forward rnI’ll advise that you use either your wage/salary or side hustle to meet up with financial demands. rnThe other one should be used solely for investment. It’s a way of planning for your future instead of focusing on the now. Tip #5: Surround yourself with people who are financially wisernWhen I was younger, my grandmother would ring this proverb in my ears: let me know your friends and I can tell you who you are.rnThe people who surround you are most likely your influencers. If you find yourself among a lot of heavy spenders and your goal is NOT to spend heavily, a change of friends may be necessary. People rub off on us, so imagine being surrounded by folks who go big on investments. The chances are high that you’ll start thinking of going down that path as well. If you can get practical with these tips, you’ll be on your way to financial freedom. And I guarantee you’ll learn one or two new things on that journey that you’ll get to teach others someday.