Situations and circumstances are something that is out of our control a lot more than in our control. Some situations leave women all on their own managing everything from paying bills to managing their finances on their own. It may be because you have left your hometown for better opportunities, just because you want to live alone, or are recently divorced trying to restart your life on your own. So, how do you plan your budget?

Managing money on your own can be intimidating when you do it for the first time. Managing money for oneself is a challenging task while a shot at an independent life. There are a few things you will need to cover for yourself since you do not have anyone else to fallback on immediately. So, here are a few pointers to help you along the way to plan your budget.

1. Create a budget

Create a budget
Budgeting is essential for everyone, but especially so if you are single. Budgeting keeps you and your expenses in check. But first, you need to create a budget.

You could start your own where you spend all you earn. You can pen down every rupee you earn or create general categories – whatever you are comfortable with. Now sketch out a plan where you allocate your income to the bare necessities first i.e. paying your bills, buying groceries before shopping, and entertainment.

Compare this to your budget and income for the balance. Your ideal budget situation is when you are spending less than what you earn so you can save some for later.

2. Direct Deposit and Online Payments

Plan Your Budget Today!
One of the ways how people can end up overspending what they earn is getting paid in cash. If your employers are directly depositing your salary to your account it is the most ideal situation. In case they don’t and give cash or cheques, deposit it as soon as possible before you end up spending more than what you budgeted.

Make use of online payment portals where possible. Online payment gateways like Khalti let you pay the exact amount without having to change the money. You can easily pay your internet, electricity, water, and landline bills from your phone.

P.S. Khalti gives you a certain percentage of cash back on each bill you pay.

3. Save for the future

Plan Your Budget Today!
I bet saving for your future did not even pop into your head when you thought of managing your money, but it’s good to have a long-term plan when it comes to saving. You can save Rs.500 a month and it will be something compared to nothing.
Saving for retirement is a far-fetched idea, but you can be saving for a vacation or buying your own place, car, anything. You will not be scrambling around trying to make ends meet when an investment opportunity arises.

4. Emergency Fund

Plan Your Budget Today!
Tackling an emergency situation may be one of the biggest hurdles a single woman will face financially. And it’s up to you to solve these financial problems. You cannot know when or where it will hit you so all you can do is make sure you have a plan to depend on in times like these.

Put little by little aside, like you saved for your future and you will not need to scramble in panic in case a dire situation arises whereby you need a large sum of cash as soon as possible.

5. Learn how to cook

Plan Your Budget Today!
Most Nepalese women do know how to cook, we are taught how to cook early on. In case you don’t, you must at least learn the basics, so that you are not dependent on restaurants or meal delivery companies for your nutritional needs. In case you do know to cook learn how to make at least one of your favorite dishes so you can skip eating out on a regular basis.

It’s not a bad thing to eat out but eating out or ordering in every day burns a big hole in your wallet. So let restaurants be an option you can indulge in once in a while and learn how to cook.

Single working women are strong and independent women, but this also means you are managing your money all on your own. We hope these tips are useful for these strong women.

What do you think of these tips? Have more ideas to plan your budget that we have missed? Tell us about it in the comments below.