Single or not, a woman needs her own money.
Full stop. I’ll never be convinced otherwise so don’t even try. I’ve lived for a long time and I see the importance of having money in the bank. The only thing that money buys is options. The more money you have, the more choices you get to make about how to live your life. When you don’t have your own money, you’re living at the risk that someone else might take away access to shelter, food, transportation, and everything else that you need to have the life you want.
International Women’s Day was celebrated on March 8, 2024. Think about yourself and the women in your life. What are you doing to take care of your money so that it’s always in place to take care of you?
A good portion of self-care is having money. It’s never explicitly stated but money gives you the ability to walk away from situations that you don’t want in your life. Job sucks but you have money in your FU-fund? Then you can walk away and find another one without worrying about how to pay your bills. You want to move because your new neighbours blast their music until 3am every night? You’ve got the money for the damage deposit already sitting in the bank, waiting to be deployed. You want to take a sabbatical because you’ve been grinding for years and you’re simply burned out? Money in the bank means that your bills will be paid while you replenish your soul.
Always have your own money, Ladies! There should be atleast two bank accounts that only have your name on them. One account should be a chequing account, for day to day expense and monthly bills. The other account should be your investing account. You should be funneling money into your investment account from your chequing account every time you get paid. The money invested in the second account will be there to pay for your life once you’re no long employed. Money invested today funds the retirement of Future You, who will tire of going to work at some point.
You need an emergency fund to cover your life’s expenses if you and your income part ways. The emergency fund keeps financial vulnerability away. Trust me! It is far more precarious to depend on the kindness of strangers than it is to have 6-12 months of income in the bank.
A little bit of today’s money should be spent on those luxuries that bring you joy. You shouldn’t be at the mercy of someone else’s mood every time you want to splurge on something. Do you want to book a trip to Paris? Tokyo? Ghana? Maybe you want a weekend away in a ski chalet? Or maybe you’ve decided it’s time to buy that vintage car you’ve been eyeing. Whatever you little luxury is, you deserve to buy it for yourself without having to worry what anyone else has to say. If you’re dependent someone else for your money, then you’re in the financial position of a child and you need to wait for someone to give you spending money.
This week I heard someone say that money can’t buy happiness. What is equally true is that poverty can’t buy anything. If satisfying your hunger makes you happy, then you’ll need money to purchase food. Grocery stores and restaurants aren’t giving it away for free. Maybe you need medication for a chronic condition, or even a one-off medical concern? If so, then you need money to buy the medicine you need. Camping and homelessness both involve living outside yet one costs money while the other one doesn’t. Tell me honestly – wouldn’t you prefer to say “I went camping” rather than “I am homeless”?
In honour of International Women’s day, I encourage all women to do what they must to get their own money. It is the one tool that can be used however you want. You need money to create the life you want and to pursue the opportunities that come you way. Money amplifies your ability to make choices without needing someone else’s financial permission. Every woman should have that.