Being single is a status most women experience at some stage of life. Relationships are more fluid and marriage is often delayed or doesn’t occur at all. Then there is the prospect of relationship endings or death of a partner. Now, more than ever, it is important for women to take charge of their financial affairs and indeed, this is what they are doing. Perceptions of women being useless with money are being shot down in flames.
Being good with money is something that everyone is capable of, with the right knowledge and support. To that end, finance journalist Susan Edmunds has written a great little handbook for women called ‘Starting Out and Starting Over’ (New Holland, 2019). The book covers pretty much everything a savvy woman needs to know about how to manage her financial affairs. It’s a practical guide, full of useful tips, case studies, and quizzes to help you figure out your relationship with money.
So what are the key skills a savvy woman needs? She needs to know how to set financial goals, create a budget, start saving, get rid of debt and maximise her income. These are the basic foundations which allow a woman to start building wealth. Then it’s a matter of how to increase wealth through buying property and investing for the future. The flip side of creating wealth is preserving it and a savvy woman needs to know how to look after herself in the event of something bad happening, such as the end of a relationship or ill health. Finally, there is the lead-up to retirement, which can be a daunting prospect for a single woman, especially if she has been through a relationship breakup. Feeling a little inadequate in any of these areas? I can recommend Susan’s book – it’s excellent!