In General single women are more careful in spending than single men. Most of the money spend by single women are on clothing and personal care items. Whereas single boys spend more on eating out , entertainment etc.
• Keep Trail your Expenses. Most women say they don’t have time to track the spending. But knowing your earnings and expenses are more important so you can keep it under control.
• Importance of Emergency Account. In olden days it was better to have around six month of your pay in the emergency account. But, in the current economic climate its is seen even highly educated people find it difficult to get a job up-to in a nine months time. Hence, more women getting advanced qualification than men.
The ideal place have your emergency fund is in a place where you don’t have to pay extra to access anytime. Best option is to have your money in high interest rate saving account or money market account. Don’t invest in stock market or in equities as instability in market can reduce your savings.
• Don’t go for Debt. A significant amount of people do their credit card payment late and some of them miss it entirely. This add up to a larger amount amounting to billion dollars. Even you miss a week or two to do the payment credit card companies can report to credit rating companies and which can damage your credit score. Be aware of your debt to-income ratio ie. Percentage of income which you use to pay your debts.