Start Your Positive Money Road

Markets are easing cautiously into recovery but the recovery rate for many single women is still starker than that of married women.  According to the most recent census, the poverty rate for married women is 6.2%, as opposed to 21% for single women. Another disturbing financial trend is the rise of credit card default.  According to a recent study by the Center for American Progress, credit card defaults rose to 10% of all credit card debt by the first quarter of 2010—an increase of 137.4 percent from just three years ago.

To start your own positive money road, here are a few saving and budget options to choose and help keep your own single woman finances healthy.

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Wealth watchers

This method calculates how much DDI-or  daily disposable income, you have in to break your monthly budget down.  Alice Wood created this method after an accident made her examine how the principles of the famous weight control program are a good way to watch your wealth, too.

The 60% solution

MSN Money writer Richard Jenkins suggests only spending 60% of your income.   His often-quoted theory is stringent, but has noted success.

The latte effect

The small ways you save can really add up over time, a new iPhone app can demonstrate your own Latte Effect in an immediate way, with a small charge.

Simple and out of sight

I love pre-authorized contributions that are automatically deposited to say, a high-interest savings account, preferably to a reputable online bank for higher rates and out of sight saving.  This type of saving works well for unexpected expenses or can be rolled into a retirement account, like this Accumulator IRA, for tax-free savings.

Top up with small savings

If your bank has a round up program where every debit or credit card purchase is rounded up and saved—it’s worth your while to enroll.  Turn purse-weighing coins into extra savings on coin days at your bank/credit union, roll them or dump into coin sorting machines—for convenience with a cost.

Tech saves the day

Instead of a pad and paper or simple Excel spreadsheet---you can use a free budget software.  Consider if you do your own taxes and want to transfer this information automatically and what type of additional specs the package offers like live help.

Anything you can do to save or budget more every month will move you in a safer direction away from living paycheck to paycheck.  And for any single woman?  That’s a healthy progression we all deserve.