This post is for both single and married women. This is not a feminist post, but my view on what I believe every woman should know and practice especially in this 21st century.

I am deeply saddened that a great percentage of women do not understand money and do not have control of their finances. Everyday, I keep seeing posts that gets me worried. Posts on how a woman went from grace to grass either due to the loss of a loved one or due to change in finances of their partner. I see posts on how young girls trade in their morals all because of money.

Here are 5 things I think every woman both single and married should know and practice about money.

1.) Earn money: Every woman, single or married should have a source of livelihood. As long as you are no more a student, start earning money no matter how little. Every naira, dollar, pound counts. There is dignity in earning your own money. If you are married and you decide to be a stay at home mum, there are lots of businesses that stay at home mum’s can do. The internet is a bundle of knowledge, go on it and research. If you are single, please stop depending on your parents, or siblings, or friends. Sit up and work so as to earn your own money. To the married women, gradually build your income to a point that it can take care of you and your family needs. I know we all have faith, but the truth is we keep seeing these things everyday, when a family’s bills & expense becomes dependent on the woman’s income.

2.) Be in control of your finances: Be in charge of your money, know how much you earn and how much you spend. Be accountable to yourself. If you are married, separate your own earnings from that of house/feeding allowance. You must be able to understand and differentiate between your  needs and your wants.

3.) Live below your earning: Do not be a spend thrift, live below your means. Do not live on credit, do not live in debt. Do not indulge in things you cannot truly afford. A lot of these material things are all vanity. The love of these material things are putting lots of young women in difficult positions, do not compromise your moral for material gain. Living below your means is a secret to building wealth. Yes it may be slow but it is also sure.  If you are married and your husband is a spend thrift, encourage him to take charge of his finances and save.

4.) Save and invest: If you chose the right investments, you can take your savings to a different level. Save first, before you start spending. Build up your emergency and retirement funds. You can read my previous post on EMERGENCY FUNDS and on COMPOUND INTEREST.

5.) Have a financially responsible partner: If you are married and your partner is not money wise, work on changing that. I have seen marriages break up due to money issues. I know this is difficult, but with prayer, counsel and wisdom you can change your partner to be more responsible financially. I am saddened each time I hear on how the man lost his job and within just 3 months into his joblessness, his family cannot feed. Also, If you are single, choose your partner wisely. You do not want the act of a financially irresponsible partner to tear down all you have worked hard for. You and your partner must agree financially.

My last advice goes to the single ladies as such I will not include it as a point. Yes I know we all dream of having a fairy tale wedding, but please do not spend your life savings and liquidate all your investments for it to happen. Be wise, wedding is for a day, marriage is for a life time.

Amaka Obehi