More women are taking responsibility for their financial fitness these days, but many still consider their spouse or partner as a financial "fall-back" option if things don't work out. Gwen Maditse proposes some alternatives.

The main title of this article was on a bumper sticker. My immediate reaction to the message was “obviously not”. I asked a few females if a man is a financial plan. The responses varied.

One single woman, over the age of 40, said that in her twenties that she would have agreed with the statement. She has experienced financial setbacks due to no fault of her own, and shared how nice it would be to have that second income not just for financial security, but for a break from being solely responsible for every decision, financial and otherwise. Younger women hold conflicting views. On the one hand the message was “of course not!” - some feel independent and capable of taking care of themselves; on the other hand, some emphasized the importance of having a man as a fall-back financial plan.

Whether you feel that a man is or is not a financial plan, the reality is that financial planning is often neglected by women. Let’s reflect on saving:

Some financial experts recommend savings sufficient to cover living expenses for up to six months. The recommendation is to start with a smaller goal, such as one month’s expenses. Once that has been attained, constantly build your nest egg.

Where to start? If you are one of those women who is repulsed by keeping a budget, tracking expenditures, or planning to spend (all good practices by the way) there is another option. Call it the reverse budgeting approach. Commit to saving a certain amount each pay period and do what you normally do with the rest. It is emphasised that this approach is not the first choice for financial planning, but given that most women ignore the conventional financial advice, this option could help.

One key to the reverse budgeting approach is to be consistent with a commitment of increasing the amount saved over time. A minimum amount should be saved every pay period, and not used, no exceptions. Don’t borrow from the pot, even if you intend to replace it in the next pay period. Use a separate account.

Do not arbitrarily choose an amount to save. Be realistic with how much you can afford to save. Be honest and don’t choose an amount that is far less than what you can save.

Set a date when you will be able to increase the amount - this could be the next pay increase, for example. Consider saving the difference between your new and old salaries.

Bonuses are a good savings booster.Don’t take your pension when you switch employers, invest it. If you are feeling deprived, spend a small percentage of your bonus and save the lion’s share. Do something once-off that doesn’t involve creating debt, like a special dinner with friends or a day trip.

Finally, reward yourself with the thought of knowing that your savings will result in financial growth. I know a non-professional, recently retired unattached woman who takes at least one international trip per year from the earnings on her investments. She never touches the principal. Financial planning has its rewards.

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