If you’re a single woman, you must navigate through the financial waters at some point in your life. But the truth is that whether you’re in your 20s or nearing retirement and looking for ways to optimize your finances, there are plenty of ways to become more financially savvy.

“In Australia, living alone is more common in women than men, and most women who live alone are likely to be professionals. This reveals how the society progressed to empower women who want to take control of their future,” says Shane Perry, expert finance and business advisor from Maxfunding.

So how do you ensure your financial situation doesn’t get too out of hand? And how do you stay on top of everything in your finances to ensure a worry-free retirement?

Here are some guidelines for managing your money at every age:

In Your 20s 

In your 20s, you should focus on building up your credit and saving money. Your credit score is the most critical factor in determining whether or not you qualify for loans, so it’s essential to get on top of this as soon as possible. You’ll also want to build your investment portfolio to grow your savings.

To do this, ensure you’re only spending money on essentials like rent and utilities and use the rest of your cash to build up an emergency fund. That way, when life throws you a curveball, you won’t have to worry about how you’ll pay for it!

In Your 30s

You’re in the prime of your career, and you’ve probably got a lot on your plate. 

So at this age, it’s best to pay down your debts, so you won’t accumulate and pay more in the future and consider a financial planner to help you with your finances. 

Consideration of buying a house could be an intelligent choice in your 30s because you can free yourself from the mortgage by the time you retire. 

In Your 40s

In your 40s, you don’t have the same financial concerns you did when you were younger. But that doesn’t mean you should take your eye off your financial picture—not at all! Maintaining a healthy relationship with your money is more important than ever as you enter this decade of life.

Having backup plans can be a wise choice for a single woman. When you get ill, it’s best to designate advisors to help you decide on your medical and finances when you’re unable. 

In Your 50s

The 50s are a time of transition, and it’s essential to ensure your financial situation is ready to meet the next decade’s challenges. To do this, you should start clearing out debts like mortgages so you can retire without worrying about bills.

That is why it’s more necessary to empty your debt basket and start to finish sketching your retirement plan.

In Your 60s

At this age, you can enjoy the years of hard work by enjoying the little spoils of life but make sure to spend moderately. If necessary, you might consider downsizing to avoid worrying about expensive bills.

Also, at this age, it is essential to keep your estate plan and financial documents to ensure that your goals and decisions for the future are well-documented in case of disability or death. 

Start Managing Your Finances Now

Women should never forget that they’re in control of their financial future. Financial literacy is especially important for every single woman, whether you’re at the age of 18 or 60.