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No matter what point in life a woman is in, she needs her own money. “Own” money is not  money that her husband gives her. “Own” money is money that is tied to a woman’s independence and is from her work, entrepreneurship, investments and other independent ventures. Many people associate independence with a negative attitude that we see in women who utter statements like “I don’t need a man!”. This is not what I am referring to. What I am referring to is a woman finding a way to build multiple streams of income so that she does not become vulnerable to unfortunate life circumstances. Personally, I absolutely love being able to make my own money. I love that I am able to do what I want when I want. If I want to take a trip overseas, I can do that. If I want to buy myself some clothes, a nice bag or go out to eat, I can do that. If I want to do something fun with my daughter, I can do that. All without having to ask for it and explain to someone why I need it.

 Money buys freedom, and it buys independence.

The following are five reasons that every woman needs her “own” money:

1. Horrible jobs – Too many women (and men) are trapped in horrible jobs and can’t leave because they don’t have their own money. A woman who is also entirely dependent on a job is immediately thrown into a financial and general life crisis when she is let go from said job.

2. Marriages end – My personal belief is that marriage is forever but even so, even a woman who’s marriage is forever can be widowed. Women who are not financially independent and savvy often fall into very vulnerable positions when their husbands pass away.

3. Unhealthy relationships – Some women stay in unhealthy relationships and even get married when they know that the relationship is unhealthy just for money and a lifestyle. Women who behave this way typically depend on men for their financial well-being because they do not have their own money. But what if you can’t leave an abusive relationship because you don’t have enough money to move out? What if he empties all of the accounts and leaves you begging for alimony? I wouldn’t feel safe in a relationship if I didn’t have at least enough to get out and live on my own for a couple of months. That includes:

  • One month deposit and two months rent for an apartment (This can be more depending on where you move and if you are planning to buy vs rent)
  • Food
  • Utilities
  • Gas money to go around looking for a job or Wifi to apply online
  • Plane ticket or train or gas if I am leaving town
  • Enough to furnish and equip the place
  • $500 – $1000 – because there will be an emergency of some kind.

4. Confidence – When a woman takes charge of her own financial future and decides to educate herself and start building multiple income streams, saving, investing and building on her own, it gives her confidence. Even if she chooses to work a job or is in a traditional marriage where her husband is responsible for the family’s finances, she has the knowledge and the confidence to make sound financial decisions on her own, if need be.

5. Helping others – Sometimes loved ones have circumstances in their lives that a woman may desire to help with. If travel or a small contribution or even buying something is required to help a loved one, a woman should be empowered to do so. Y’all don’t want to end up like Stony in Set It Off trying to do something strange for a little change to help a family member go to college. lol

What do people say you are good at?

Baking? Making cool flyers for fundraisers? Offer to make the cakes for the next birthday party and look for paying clients online to help with flyers. Or if you have kids, consider babysitting others in a group with your own after school. The opportunities are endless.

If you can make an extra $50 a week, hitting $5,000 will only take a couple of years. And if you want to speed up the process, you can invest that money which will remove the temptation to spend it as well. Assuming an average return of 8% over the next 30 years, you could have just over $55,000 free and clear all to yourself!

Or best case, $55,000 for a nice vacation to celebrate 30 years of marriage.

That is why I will always have my own, even if I get married and have kids. I mean, can you imagine having to justify every little purchase to your significant other? Tampons? How much you spent on his birthday gift? The cash you gave to a family member in need? I’ll pass.

You may find this entire topic unromantic, but please, whatever you do, build your own stash on the side no matter how great your marriage is. Having your own money is empowering. And knowing you are staying in a relationship out of love and not necessity is even more important. Always look out for yourself!

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