Wealth Management Advisors Detroit Lakes MN

I hope you can help. What does an independent, savvy single woman do when most of her single income is tied up in a mortgage and living costs? On the one hand it's great to be financially independent, but it doesn't leave anything left over to socialize and meet potential partners. Any advice would be gratefully appreciated.

Kevin M Mann, CFP®
(218) 844-9109
613 Hwy 10 East
Detroit Lakes, MN
Firm
Mann Financial Inc
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Retirement Planning

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Wells Fargo - Detroit Lakes
(218) 847-1361
211 Holmes St W
Detroit Lakes, MN
Type
Branch
Office Hours
Mon-Fri 07:30 AM-06:00 PM
Sat 08:00 AM-01:00 PM
Sun Closed

Dana Hornquist
Hornquist Financial
(952) 856-4896
5775 Wayzata Blvd., Suite 700
Saint Louis Park, MN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Advising Medical Professionals, Hourly Financial Planning Services, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Colleen Weber
Colleen Weber CPA, LLC
(952) 470-0750
470 W. 78th St. Suite 104
Chanhassen, MN
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Tax Planning, High Net Worth Client Needs, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA

Janet Stanzak
Financial Empowerment, LLC
(952) 646-0026
450 American Blvd. West
Bloomington, MN
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Planning Issues for Business Owners, Women's Financial Planning Issues, Tax Planning, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Mr. Gary B. Lage, CFP®
(218) 863-3070
PO Box 647
Pelican Rapids, MN
Firm
Retirement Advisory Services, Inc.

Data Provided by:
Wells Fargo - Pelican Rapids
(218) 863-5050
11 S Broadway
Pelican Rapids, MN
Type
Branch
Office Hours
Mon-Fri 08:00 AM-05:30 PM
Sat 09:00 AM-12:00 PM
Sun Closed

Christopher Revak
Christopher R. Revak, LLC
(952) 583-4588
7760 France Avenue South
Edina, MN
Expertises
Divorce Planning, Estate & Generational Planning Issues, Women's Financial Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Kathleen Longo
Accredited Investors, Inc.
(952) 841-2222
5200 West 73rd Street
Edina, MN
Expertises
Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Charitable Giving - Trusts & Foundations, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CAP, CFP®

Rod Roath
Money Matters, Inc.
(952) 935-0707
5666 Lincoln Drive
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, Planning Issues for Business Owners, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

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So Many Living Expenses There's no Money Left for my Life!

Q: I hope you can help. What does an independent, savvy single woman do when most of her single income is tied up in a mortgage and living costs? On the one hand it's great to be financially independent, but it doesn't leave anything left over to socialize and meet potential partners. Any advice would be gratefully appreciated... -KLM, Australia


 

First congratulations for being a home owner! That is very savvy of you. With that being said, you don't want to be in a situation where your finances are so tight there is no room to breathe or socialize!

Start by coming up with a realistic number of how much extra you need a month. Once you have that number, you can start looking for it in other places in your budget. Perhaps you can bring your lunch to work, so you have extra money to go out at night. Or maybe you don't need your cable TV or other monthly subscriptions we tend to forget about. You can also carpool to work to help with commuting costs.

The next place to examine is your fixed expenses. Do you have a gym you aren't using? Or are your car payments too high? If so, consider a less expensive model. If you carry credit card debt, the interest payments can really weigh you down as well. Deal with the debt and eliminate it as fast as you can.

On a final note, if your mortgage is too much to handle right now, perhaps you need to refinance and get a better rate. Or consider moving to another home where your payments will be less.

These are all great habits to integrate whether you are single or in a relationship!


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