It is essential for young women to have financial planning or habits early in life along with her first income. This exposure and experience will allow for clearer priority and greater discipline over her income, expenses and goals in life. 

These valuable existential lessons will then allow her to continue defining and staying her financial grounds when she settles down with her partner. Progressing to a “me, you and us” approach will then be extension of her values and respect in the relationship. Of course, this is necessary as couples do have different investing styles, priorities and values. 

If uncertainties occur, divorce or become widowed, having a sound financial literacy and account in your name helps you to transit to a solo financial life again smoothly. 

1.   Financial Priority. There are two options in managing finance – you either prioritize expenditure or savings. If you prioritize expenditure then it is indulging in spending over careful savings. What is left at month end would be the savings – which will always be a case of insufficiency, indebt and insolvency, in a matter of time. 

If you prioritize savings you set aside 15%-20% for it and spend what is left. This nurture discipline and priority, creativity and resourcefulness. This also allows for short- and long-term planning. Within a year you can see how enriching and empowering these financial strategies are, and it gives you confidence and courage to pursue further financial goals and dreams. 

2.   Long Term Financial Goals.  You have to be clear of your goals in life as well as your post retirement standard of living. Remember, you need to feed two mouths with your income at any point in your life – that is, if you are single and with no dependents. First you need to feed yourself and your needs at the current moment for about 30 years till you retire. Next, you have to feed yourself and your needs when you retire without any income, again for another 30 years before your RIP. Most people forget about this reality – and it calls for prudent and disciplined planning.

If you are married – the ball game will be entirely different and difficult, and your prior experience of financial planning will be valuable.

3.   Investment.  The inherent values in women favour them in investment and this include patience, long term commitment and priority in education and health. Being a smart investor means you need to ensure the risks are distributed over a variety of instruments including high-risk equity and stable bonds coupled with a prudent measure of life insurance, real estate etc.

4.   Financial Advisor. It is always good to seek a competent and trusted financial advisor given that issues pertaining to finance can be extremely diverse and equally dynamic. Having a professional advisor ensure your long terms goals and interest are monitored and met while you focus on career, family and other important needs.

With the above in place, you bring to your relationship a set of values, commitment and assets that will earn the respect and support from your partner – which you will naturally reciprocate. On the other hand, your lack of financial literacy and experience will create a relationship of dependence, inequality and mistrust.