Being single means you call the shots on how you earn, spend, and save your money — but it also means all the responsibility rests on your shoulders, from monthly bills to retirement savings. Without a second income to share the load, planning ahead often becomes even more important. The good news? Taking a proactive approach can make it easier to address today’s needs while still keeping an eye on your future.
š Learn more about our Women and Wealth financial planning services
Why Is Financial Planning Especially Important for Single Women?
When you’re managing money on your own, it’s easy to feel like you’re juggling too many priorities at once. Planning helps highlight where your finances may need extra attention — whether that’s retirement savings, buying a home, or building a safety net.
Where to start:
- Emergency fund: Keep at least 3–6 months of living expenses set aside.
- Beneficiaries: Review your accounts once a year, especially after major life changes.
- Retirement: The earlier you start saving, the greater the growth potential for your money.
š Read our blog post – Prepare for Life's Unexpected Surprises with an Emergency Fund
How Should Single Women Budget Their Money?
For single women, having a clear plan for where each dollar goes is important since there’s no backup paycheck if something goes wrong.
Ideas to make budgeting easier:
- Consider using the 50/30/20 approach (50% needs, 30% wants, 20% savings/debt).
- Automate transfers to savings or investment accounts so you never “forget.”
- Build in fun money — even a small allowance for hobbies or travel keeps a budget sustainable.
š” Tip: After a raise or promotion, review your budget to help avoid lifestyle creep — the tendency to spend more just because you’re earning more. Redirecting some of the extra income toward savings can make a big difference over time.
How Can Your Career Support Your Financial Goals?
For single women, your career isn’t just a job — it’s one of the most powerful tools you have to shape your financial future. The income you earn, the benefits you receive, and the choices you make about where and how you work can all have a lasting impact on how you live your life.
Ways to make the most of your career:
- Make your case for a raise: Keep track of your accomplishments and don’t be afraid to highlight the value you bring.
- Consider new opportunities: A job change can sometimes lead to higher pay or better benefits.
- Use your benefits fully: From retirement accounts like a 401(k), to health insurance and wellness perks, make sure you’re not leaving anything on the table.
š Read our blog post – Women and Wealth: How to Make the Most of a Raise
Retirement and Investing Tips for Single Women
When you’re the only one contributing, every dollar you set aside matters. Saving for retirement and investing for long-term goals go hand in hand.
Retirement strategies to consider:
- Max your match: Contribute enough to capture the full employer match in your workplace plan.
- Open an IRA: Use a Traditional or Roth IRA to save more or add flexibility.
- Boost your contributions: Increase your savings whenever possible — even a 1% increase each year can add up.
- Catch up at 50+: Take advantage of the extra contributions allowed once you turn 50.
- Delay if possible: Waiting to claim Social Security may increase your monthly benefit.
Investing tips to keep in mind:
- Know your comfort level: Your investments should reflect your risk tolerance, or how much market change you’re comfortable with.
- Think about timing: For money you expect to use soon, consider keeping it in liquid accounts, instead of in the stock market.
- Avoid emotional decisions: Market ups and downs can be stressful, but reacting too quickly may derail your long-term strategy.
š Read our blog post – Saving vs. Investing: What’s the Difference and Why Does It Matter?
What Role Does Insurance Play for Single Women?
Insurance isn’t just about caring for others — for single women, it’s often about making sure you can keep moving forward if life takes an unexpected turn. Not every type of coverage will make sense for everyone, but here are a few worth considering:
- Disability insurance: Your income is the engine that keeps everything running — rent, groceries, savings. Disability coverage can help replace part of that income if an illness or injury keeps you from working.
- Long-term care coverage: If your health needs change, being single may mean you don’t have someone at home to provide daily care. LTC coverage can help pay for support — whether that’s someone coming to your house or a stay in a care facility. Without it, the cost may place more pressure on your savings.
- Life insurance: If you pass away, this coverage can help provide support for loved ones who may depend on you financially.
ā Do single women need life insurance? It depends — if no one relies on your income, you may not need it, but it can be useful if you support parents, siblings, or want to leave a legacy.
š” Tip: Think of insurance as a tool — not a requirement. It’s about matching the type of coverage (if any) to the responsibilities or goals that matter most to you.
What Other Money Goals — And Mistakes — Should Single Women Consider?
A financial plan isn’t just about the future; it’s also about how you want to live today. Setting goals helps guide your decisions, and understanding common pitfalls can help keep you on track.
Goals you might plan for:
- Saving for a home: Setting aside money for a down payment can give you more choices, from the kind of home you buy to how much you’ll need to borrow.
- Building a travel or adventure fund: Planning ahead helps you enjoy new experiences without stretching your budget later.
- Supporting loved ones: You may want to set aside money to help parents, siblings, or other family members if they need extra support.
- Giving back: Charitable giving can be a meaningful way to support causes or communities that matter to you.
Missteps to watch for:
- Delaying investing: Waiting until “later” often means missing out on years of potential growth.
- Overlooking beneficiaries: Account beneficiaries supersede your will, so keep beneficiaries up to date.
- Relying only on savings: Savings accounts are useful for short-term needs but often fall short for long-term growth.
- Skipping portfolio reviews: Life changes — and your plan may need adjustments too.
š” Tip: Use life events — like starting a new job, moving, or tax season — as natural times to check in on your finances.
š Read our blog post – Women and Wealth: What to Know Before Buying a Home on Your Own
Ready to take the next step?
Managing money on your own doesn’t have to feel overwhelming. With the right approach, you can take steps that reflect your goals and help you feel more prepared for the future.
š Schedule your complimentary Women and Wealth introductory meeting in Glastonbury or Wilton, CT, to talk through your goals.
Kelsey Conklin is a CERTIFIED FINANCIAL PLANNER® professional who helps individuals and families plan for their financial future. Based in Glastonbury and Wilton, CT, she also specializes in financial planning for women, guiding her clients through divorce, widowhood, career transitions, caregiving responsibilities, retirement planning, investing, and managing longevity risks. As a female financial advisor, Kelsey is passionate about financial empowerment for women and provides personalized financial strategies designed to help women take control of their wealth with confidence and clarity. Whether you’re navigating major life changes or planning for retirement, she is committed to providing guidance tailored to your unique goals. Schedule a complimentary Women and Wealth introductory meeting with Kelsey and start building a financial plan designed for you.
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Any opinions are those of the author, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice.
Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation.
Guarantees are based on the claims paying ability of the issuing company. Long Term Care Insurance or Asset Based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½, may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. Please consult with a licensed financial professional when considering your insurance options.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.