50% of Women Live Alone - Plus 3 Money Tips

financial empowerment for women who live alone

Let’s talk about the motivation for your financial empowerment. Did you know that 50% of women live alone in the U.S.? That number is up from 33% in 1950 and 48% in 2000, according to the U.S. Census Bureau (2015).

“Eighty to 90% of all women will be solely responsible for their finances at some point in their lives.”

~ Nat’l Center for Women & Retirement Research

Ladies, let’s take a moment to let that sink in. The thought of being solely responsible for our finances can feel overwhelming, but it’s also a powerful reminder of our resilience and capability. As women, God has given us the ability to juggle multiple roles with grace and strength. Today, let’s harness that same strength to embrace financial empowerment for ourselves.

Being in control of your finances doesn’t have to trigger fear; let it inspire freedom and independence. You already know you can handle whatever life throws your way with focus and determination. So, here are three things to focus on.

3 Baby Steps to Take Charge of Your Financial Empowerment

Step 1: Assess Your Current Financial Situation

The first step towards financial empowerment is understanding where you stand today. So, take a deep breath, grab a cup of tea, and let’s dive in. Look at your income, expenses, savings, and debts. Create a simple spreadsheet or use a budgeting app to get a clear picture. This step isn’t about judgment or guilt; it’s about awareness. Knowing your financial landscape will help you make informed decisions and set realistic goals.

Coaching Tip:

This beginning step can feel overwhelming, so it’s okay to just “look” at your numbers for now without creating the spreadsheet or committing to a budget app. You can always do your spreadsheet or budgeting app as the “next” step, which won’t feel so overwhelming.

Also, be sure to celebrate that you took this first step. Acknowledging your wins along the way builds confidence and increases motivation to keep going.

Step 2: Set Inspiring Financial Goals

Now that you know where you stand, it’s time to envision where you want to go. Setting inspiring financial goals that are clear and achievable is an important element of your financial journey. Start with small, manageable steps that lead to bigger dreams. Want to build an emergency fund? Aim to save a specific amount each month. Dreaming of a vacation? Create a dedicated savings plan. Remember, each small step is a win. Celebrate your milestones, no matter how tiny they may seem.

Step 3: Increase Your Financial Literacy

Empowerment comes from knowledge, and one of the best ways to boost your financial confidence is by increasing your financial literacy. Make it a habit to read books that inspire you and provide valuable insights into managing money. Keep reading for my suggested reading list.

Encouragement for Your Financial Empowerment

Taking control of your finances is a journey, not a destination. It’s okay to feel overwhelmed at times. What matters is that you’re consistently taking steps towards empowerment. You are capable, strong, and worthy of financial security. Be willing to embrace this journey with an open heart and mind. Remember, you’re not alone. We’re in this together, supporting and uplifting one another.

Journal Prompts to Explore Your Financial Empowerment

1. Knowing a strong WHY will keep me motivated to reach my financial goals, what is my compelling WHY to creating financial security?

2. In what areas of my financial life do I feel the most confident, and where do I need more support?

3. What is one baby step can I take this week to improve my financial knowledge and empower myself?

Recommended Books on Women and Money:

Drawing on my eighteen plus years of financial planning for women, I’ve written a selection of books that can guide you on the journey of your financial empowerment and help you implement the three steps above. From understanding investment basics to mastering your money mindset, and everything in between, these books are designed to educate and inspire you.

How Every Woman Can Retire Without Worry

This short book will help you retire with income you can count on for life. Inside these pages, I empower you to become a financially savvy woman who knows she’ll have enough to retire. I guide you through a planning process that not only doubles your chances of retiring rich but also builds your financial confidence and reduces anxiety along the way. Learn more…

Financially Savvy Women

As a financial coach, I’ve worked with countless women in transition, and I’ve witnessed their incredible strength and resilience while navigating the overwhelming challenges of handling finances as a single woman. That’s why I wrote Financially Savvy Women. This book is your road map of financial mastery. Originally written for divorcees and widows, this how-to guide is a powerful tool for all women who want to start fresh with their finances. It will teach you how to create wealth that lasts. Learn more…

31 Days of Wealth Empowerment for Women

Money can often feel like an overwhelming subject, but 31 Days of Wealth Empowerment for Women breaks down complex financial concepts into simple, accessible steps, so you feel motivated and inspired to take action.

This book is not about getting rich quickly; it’s about building a solid foundation of wealth that will support you for years to come. From developing a wealth mindset to practical investment strategies, each chapter guides you through essential financial skills, making wealth creation achievable and exciting. Learn more…

40 Days of Prayer for My Finances

40 Days of Prayer for My Finances is a powerful and transformative book of prayers designed specifically for Christians facing financial stress. This book is your key to breaking free from the chains of financial lack and discovering God’s promises of prosperity and provision in your life. Learn more…

CONCLUSION

Ladies, you have the power to shape your financial destiny. Take these steps with courage and confidence and watch as your financial empowerment progresses throughout your life. Remember, it’s not just about the money; it’s about creating the freedom and security you deserve.

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50% of Women Live Alone – Plus 3 Money Tips

3 Baby Steps to Take Charge of Your Financial Empowerment