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Financial Health: How Much Should You Save?
Financial health is an important topic for women specifically single moms. What happens when life throws you a curveball? Some major life changes can drastically impact your financial health such as illness, marriage, new baby, unemployment or divorce. How do you prepare for the unexpected? As I have learned as a single mom with one income, the best way to prepare is to start early building your financial health. The key is to save, invest, eliminate debt and set a budget so you are living within your means.
After separating and filing for divorce over 40, I was forced to start rebuilding my finances. Two years of unemployment with no additional streams of income made it an excruciating challenge. In spite of these circumstances, my debt continued to accrue without a safety net.
Earnest, a lender that offers personal loan and student loan refinancing. Below is a very informative infographic from Earnest on how to prepare financially for every decade. It is never too late to get yourself on the right track. The advantage is the earlier you start the better. If you are interested in learning more on refinancing student loans, click refinance student loans.