If you’ve read my other articles, you may know I’m not single. I’ve been married for almost nine years, but I still consider myself strong and independent – and in charge of my and my husband’s finances (with his insight and vote of course).
My thoughts about what it means to be strong and independent have evolved over time. When in my 20s, these weren’t ways of being that came naturally to me. This is not the case anymore, thanks in great part to educating myself about what it takes to be truly independent and applying steady effort and discipline along the way.
My “six things” detailed below are some key takeaways from channeling my inner 20-something, single woman of years past. I hope you’ll find something here that will be useful for your own journey.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
1. Understand your short- and long-term goals
My top goal for many years was to buy a condo/house, so in 2010 when I had enough money for a down payment I went for it. My now husband wasn’t a huge fan. At the time, he owned his own condo, and we knew we were on the road to marriage. But I told him that until we’d said our vows and were a married couple – this is a step in the right direction for me financially. It ended up being a great financial decision for both of us now that we share our finances.
So, whatever you want – whether a big trip, a new car, a name-brand item – know what you want to accomplish and work a savings plan for it into your budget.
2. Save aggressively
Do not wait until you make more money. Carve out some money in your budget now – if you don’t have a budget, make one fast! – to save for retirement and whatever other goals you have. I started super small, and so can you.
Build on your saving discipline every chance you get. Don’t neglect to take advantage of those raises to set aside more. Or maybe when you get a bonus, treat it like nothing has changed in terms of spending and you will be saving more than you thought you could in no time. It’s all about discipline – reward yourself some, but build your savings before you spend more.
3. Protect your assets – including yourself
Make sure you have enough insurance – personal, disability, umbrella – to protect your current assets in case something extreme happens in your life. If you’re single, you may not have anyone else to cover you in emergencies, so it’s critical to be prepared and protected when the unexpected happens.
4. Continue to review your progress
Over the course of every year, I make it a point to review some part of our plan. One month I have an adviser review our 401(k) investments to see if we need to adjust; another month I have someone review our insurance to make sure it’s enough; weekly I check my budget and make adjustments; every six months I look at ongoing expenses like subscriptions and utilities to see where we can save or cut. You are in control of your own success, and it’s important to constantly evolve and make the choices that make sense to you at that moment.
5. Keep challenging yourself
Make a conscious choice to keep growing, learning and evolving, both in your personal or professional life. For way too long, I felt apprehensive about trying new things. To some extent, my “comfort zone” was holding me back. In no way am I perfect now, but the more I’ve challenged myself – the more I’ve learned to be confident and enjoy life.
So, take that solo trip, go to that networking cocktail hour, speak up at a meeting. Do whatever it takes to take the first step in the right direction.
6. If you’re looking to be in a long-term relationship, ask the tough questions
If you’re in a serious relationship or looking to be in one, the tough financial questions should be part of the conversation. Habits don’t typically change easily. You should know where your potential long-term partner stands financially and what his or her goals are. The same goes for their outlook on money in general. If the two of you aren’t on the same page, this can present huge challenges.
Having this kind of understanding and awareness – and sharing similar life goals and financial perspectives – was a deal breaker for me in my relationships when dating. Looking back, that was definitely the right move for me.
These are some of the positive habits I’ve picked up along the way to becoming a strong and independent woman – and really enjoying it. My last observation: Start small. Pick one thing to focus on, accomplish it, and then build on it. The first step is always the hardest.
On Thursday, May 20, Halbert Hargrove will be hosting a free webinar geared towards empowering women within the wealth management space. To learn more about this webinar and register to attend visit: https://shift.halberthargrove.com/.
-
I'm 68 with $3.1 million and I want to keep working, but my spouse says it's time to call it quits.I love my job and I love my wife. Can't I have both?
-
Rich, Single and Saving Smart: How to Maximize Your MoneyHigh-net-worth individuals often have plenty of cash on hand, but to truly maximize your income, that money needs to work for you. Here’s how.
-
Five Opportunities if You're in the 2% Club in RetirementIf you're among the 2% of the population with both a pension and $1 million or more saved, you're in a unique yet complex position as you approach retirement.
-
I'm an Insurance Expert: This Is How You Get the Right Insurance Coverage at the Right PriceFirst, you have to know what you want and ask the right questions of the right professional. This insurance pro explains exactly how to do that.
-
Four Tips for Mastering a Financial Security MindsetThis financial professional's mom helped him learn that financial security is more than making money — it's about cultivating a mindset that will help you stick to an investment plan even when times get tough.
-
Lessons to Be Learned From a $1 Billion DivorceAn estate planning attorney notes that an oil executive’s billion-dollar divorce could have turned out very differently if the couple had a premarital agreement and the executive had used asset protection trusts.
-
Four Ways to Use Your Tax Return as a Financial Planning ToolRather than filing away your paperwork and forgetting about it, this CPA recommends using it as a source of insight to optimize your long-term financial strategy.
-
How Women Can Turn a Gray Divorce Into a Financial WinGetting divorced later in life can be a big financial blow, especially for women. But, as this financial adviser points out, it can also serve as a positive turning point for growth and independence.
-
Private Markets: Six Things Investors Can Learn From BlackRock's CEOBlackRock's chief executive, Larry Fink, recently argued the case for increased access to private markets. Here's how a financial professional sees Fink's views translating into action for accredited investors.
-
I Found Out What It Takes for a Family Business to ThriveA handy book and my chat with the chairman of Community Coffee offer some guidance on making your family business a success.
