Managing Money as a Single Woman – EP 313

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Attention all the fine single ladies! Managing your finances alone always carries a huge burden for singles as many people believe that being single puts them at a greater risk for financial insecurity in their later years– but we think differently. Why? There are just a lot of women who are slayin’ their financial goals regardless of their relationship status. In this episode, we discuss the realities and difficulties of being one. 

There’s no better person to be an expert at your personal finances than you— you are the best person for it.

Sponsors:

  • Oversharers Anonymous. This week’s episode is brought to you by Oversharers Anonymous where we look to rehabilitate the millennial urge to overshare in order to connect and people please. Founded by CloBare.com, a blog that started as a place for mostly profanity and oversharing on the things we deal with in life like relationships, dating, mental health, and of course overcoming people pleasing. Which by the way– you know what pleases us? Helping people transform their relationship with finances and become investors which is why Chloe is hosting a free investing class this month at lazyinvestingclass.com.

5 Ways Being Single Can Cost You More

Being single is fun, but does it really cost you more than being with a partner? CNN shares about flying solo and its cost.

What Jen + Jill have to say:

Jill agrees that being single will likely make you pay more for basics. However, there are plenty of ways around this, such as finding a roommate when you’re living on your own, or you can live smaller for less expenses. While getting charged an extra on a group trip is a small issue in the grand scheme of things, you might want to reconsider traveling with couples. On the other hand, some may be in a relationship, yet their partner negatively affects their finances. 

Chloe suggests taking ownership that no one is coming to save you when you have no ‘financial backstop.’ You are responsible for your finances, BUT your retirement plan shouldn’t be a partner or a kid; it must be you. You need to come up with your own retirement plan. Also, social security, in general, is very nuanced, and it’s mostly based on what you earn. It’s not just point blank–it may become less valuable when you are single, but it’s nuanced, and it depends on many factors! 

Flying Solo: 5 Financial Strategies Every Single Woman Should Know

Now that we’ve acknowledged the realities and difficulties, we will look through Kiplinger’s 5 financial strategies every woman should know regardless of whether you’re single! 

What Jen + Jill have to say:

It is highly significant for people to have an emergency fund. Chloe’s tip for the singles is to have 6 months of emergency savings (up to 12 months) to prepare you for the unexpected. You need to get to know your numbers! Chloe recommends using the “Bankrate retirement calculator with inflation rate” when computing your possible investments. Prepare everything you might possibly need soon.

Jill adds that having insurance is a worthwhile investment for anyone to consider. Learn more about your building and solidifying your financial acumen through tools and resources that are countlessly available through books, podcasts, videos, and so much more! 

What's the best financial perk of being a single woman?

While these two fine ladies are no longer single, Chloe thinks the best financial perk of being a long-time single woman is when she can do whatever she wants without discussing it with a partner or anyone! Jill misses having less responsibility as she has been happily married for a long time. 

Bill of The Week

Thank you Allison for sharing your bill about your son’s ER visit from $7k to $1,500!

Thanks so Much for Listening!

Thanks so much for listening! Many of you know we have a private community where we do monthly money challenges and offer accountability groups. We want to congratulate one of our members for a big win:

Home Loan Interest Rate Win

Just got off the phone with my bank regarding our current interest rate. Not sure about the US, but here in Australia interest rates are raising pretty much every month since last July. Ready with all my research on rates and offers elsewhere, I was able to knock 2.26% p.a. off of our variable home loan interest rate!

I can hardly believe it 🤑 ...and yet also feeling guilty and kicking myself that I didn't do it sooner... 🙄

Congrats! Thanks for listening and if you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.

Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉

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