Women Need Their Own Savings
This past weekend I went to a wedding. I bought a gift, signed a card, and obviously wished the happy couple a long, wonderful life together. But can I let you in on a secret? I wanted to add a P.S. to the bride for her to always keep separate savings.
I know some might consider that a pessimistic thing to do. No one goes into a marriage or relationship hoping to need a lump sum to set them up in the event things go south, but it is so important for women to keep their own savings account. Why am I saying women specifically? Well, because women statistically make less than men even when contributing 50/50 to household financials, making their savings rate less. Women also tend to take on the caregiver roles which can affect their income if they choose to transition into a stay-at-home-mom role or another caregiver role that may pull them away from compensated work.
Having your own savings does not mean that you are planning your “out” before it even happens. So many things can happen that you would never expect. This would cover you in the event of a break-up/ divorce, job loss, and more.
The other thing this saving will offer you is empowerment. How many times have we heard the age old tale of the person who did not leave because they could not afford to whether it was a relationship, a toxic job, or a toxic living situation. If you have a savings pot you will never find yourself in this position.
Along with your empowerment you may even find that you have a stronger relationship because you will not find yourself tethered to another person for financial reasons. When you are, there can be a growing resentment or a power dynamic that is not equal when one is financially dependent on another. However, if you have your own savings you can avoid these negative feelings because they will never apply to you.
I am not saying that these situations apply to every women, but when I look at my story and the stories of my friends, I just want to shout from the rooftops that all women should have the means to separate themselves from any situation and be able to get back up on their feet all on their own while cash flowing the process. I have a friend who lived with a guy for 3 months after she broke up with him because she did not have the means to get out right away. I want to keep other women from ever having to have that experience.
I just want to reiterate that the goal is to not have to use these savings but to be prepared in the event that you may have to.