The Single Woman's Money Woes

Flying solo doesn't mean you're safe from financial troubles. Correct your money mistakes with these tips.

Money Mishap #1 : You’ve saved up some cash, but you don’t know what to do with it.

Quick Financial Fix:
Take a calculated risk, and use what you have for profitable investments. To know where your money should go, do a little bit of research or consult a financial adviser that you know you can trust. But, remember not to put all your eggs in one basket. “You should have a well-balanced portfolio of investments that are more likely to withstand trends and natural fluctuations in the financial market,” emphasizes Lois P. Frankel, Ph.D., author of Nice Girls Don’t Get Rich.

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Money Mishap #2: You pay for everything with your credit card, and the debts start piling up.

Quick Financial Fix:
If you find yourself in this situation, pay for whatever you can before the interest adds up. “Every time you get some money in your hand, send it in to your credit card company to reduce your outstanding balance,” advises Joshua Kennon, author of The Complete Idiot’s Guide To Investing. Afterwards, keep charging to a minimum by putting a lot of thought into your purchases.

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Money Mishap #3: You spend all your sweldo, and end up cash-strapped ’til the next payday.

Quick Financial Fix:
“Most of us get too excited on payday, that we can’t think straight. So, draw up your budget days before you get paid, and stick to it,” says Paballo Rampa, accounting student and contributor for moneyweb.co.za. To make sure you always have cash, save 10% of your salary, then come up with a list of your expenses alongside your income(s). Use whatever’s left to spoil yourself. 

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Money Mishap #4: You love your job, but you’re not getting paid enough for it.

Quick Financial Fix:
“You owe it to yourself to know the value of your position in the open market, and to negotiate for that amount with your current employer—or find an employer who will pay you what you’re worth,” explains Frankel. So, do a little bit of research, and keep track of your accomplishments. You can use this to bargain for a raise, or to demand a bigger salary from your next job.

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