At some point in every woman’s life there comes a time that they realize: it’s time to start being financially sensible. Frivolous nights out, blow-out shopping sprees, and six take-outs a week just aren’t conducive to long-term security, as fun as they are. But how do you start investing in your future? Sure, you cut out all the excessive spending, but what do you do with that money?
Start your emergency fund
If you have a huge medical bill come in, an unexpected tax bill, or your car needed emergency repairs, where would you find that money? It’s a pretty scary concept, if you haven’t got your emergency fund. Cut out one take-out a week and, chances are, you can start paying $100 a month into a savings account. Within a couple of years, fingers crossed, you’ll have a healthy emergency fund, just sitting there and waiting for things to go wrong. It’s so comforting and reassuring to know that you have the money when problems arise, so you can focus on getting back on your feet, not just scraping by.
Pay off debt
A frivolous lifestyle can often mean a little bit of debt, either from credit cards or payday loans. These debts are a drain on your income, and the sooner they’re paid off, the better off you’ll be. The longer they’re sat there, the more interest they accrue, and the more of your money you have to part with. Paying debts off should be a priority, alongside saving for emergencies. You may find it easier to consolidate them into one debt, but the general rule is to start paying off high-interest credit cards first to keep interest to a minimum.
Put money into your career
Going forwards, your career is where your money comes from. It’s also what will bring you satisfaction and joy throughout your adult life, so it’s a worthwhile investment. So if you’ve been saying you want to go back to college, consider a low-interest personal loan to get you there. There are loans available for everyone, including personal loans for bad credit and no job or low income, which are perfect for investing in your education and your career. When it comes to your future, no expense is too large.
Save for your home
For many people, owning their own home is the ultimate goal. It promises security for them and their future family, and it gives freedom to create a living space perfectly suited to their needs. But it can seem a long way off for many people, mainly due to the cost. The homeowner's loan itself is a huge commitment, and highly reliant on your personal credit scores. But the upfront deposit is the real kicker, as many young people feel unable to save such huge amounts of money. The advice: start small. Even a few dollars a month into your future house fund is better than nothing.
If you have to invest in anything, invest in your future. Solve your financial problems, push yourself in your career, and the rest will follow naturally.