“Getting Married” Is Not a Financial Plan

I often meet women who are holding off on saving and building a financial plan until they find the right partner and get married.

Here’s why that’s a costly mistake.

The reality is for some, that day may never come. Marriage rates in the U.S. are at record lows (nearly half of what they were in the 1990s).

For others, marriage may come with financial baggage from their partner in the form of credit card debt or student loans. Large debt payments can hinder your ability to save.

And we all know that lifelong marriage is never guaranteed.

But what a lot of women don’t know is that waiting is costing them thousands of dollars. The median age at which a woman marries is 28.6. So if you enter the workforce at age 22, you are forfeiting over six years of savings time. Here’s what that amounts to: $100 saved and invested monthly from age 22 to 29 is worth $142,000 at retirement age (assuming 8% annual growth).

Don’t wait to take charge of your financial future.

And yes, you can absolutely have a financial plan if you’re single or in your 20s. When you get married, simply adjust your plan to account for your collective goals.

But absolutely do not wait to start saving and investing. Realize this: time will never be more valuable to you than it is right now.

I coach women to craft the vision for their lives and then build financial goals and systems to align with it. But you don’t need to wait to take those steps.

Here’s how you can get started today:

Action #1: Get your financial systems in place. Use a bank that offers high yield savings and no fee checking, and allows you to create new accounts and automate transfers.

Action #2: Commit to funding your peace of mind first. Before you start saving for specific goals or retirement, ensure you have a Peace of Mind fund in place. Determine how much money would allow you to feel secure and deal with unexpected situations like job loss. Create a savings account and name it Peace of Mind.

Action #3: Start getting into the habit of saving. Even if it’s just $50 per month, the long-term value (inside and out) you get from this exercise is greater than the amount saved. Start by setting up an automatic transfer to your Peace of Mind account with each paycheck.

You don’t need a partner to start down the path towards building wealth. You are worthy and capable of financial stability and bliss NOW.