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A Room of One’s Own: The Empowerment in Saving Up for Your Own Space

In 1929, Virginia Woolf said, “A woman must have money and a room of her own if she is to write fiction.” Almost a century later, and this aphorism still holds up. “Write fiction” can be swapped out for any other profession or ambition a woman has in which she can flourish when supplemented by her own space – that she purchases for herself, of course.

Previously, Megan Perkins wrote that buying a home is both one of the most exciting and also the most stressful times in your life. It is indeed a huge commitment and decision to make, but if you are able to do it, it can be a form of empowerment. This in itself is a subversion against all those who claim that women must be dependent on men for their financial wellness.

Investing in your future

Investing in your own home is akin to investing in your future. Although the gender pay gap has narrowed, it still persists – putting women in a disadvantaged position in several aspects. A report in 2018 outlined that women earned 85% of what men did, which would imply that they would have to work an additional 39 days to make the same amount. Against these odds, however, career-oriented single women are buying more homes than men.

Recent reports by LendingTree and the Census Bureau found that among the United States’ 50 largest metro areas, single women own upwards of 1.5 million more homes than single men. Critics claim that women purchasing more homes than men could be due to higher divorce rates, but women must be credited for the fact that they are now in more control of their destinies. As they continue to infiltrate the workforce and become trailblazers in their own right, their impetus for purchasing their own place is for their own financial security and wellbeing.

Getting everything in order

Purchasing your own home secures your situation, but it also requires building your personal wealth. Naturally, it is a decision that entails prudence in monitoring your finances. These days, there are a number of digital tools to help you get everything in order. In case you’re thinking about borrowing some money, personal loan calculators can simplify the process, especially for prospective first-time buyers.

You can get a better picture of your financial situation and your credit score. Realtor and consumer trends expert, Beatrice de Jong says that this allows you to speak to a lender as soon as possible. It could give you peace of mind even if your credit score and savings are not exactly where you want them to be just yet. A professional can guide you toward which loan options are the most suitable. With better insight on what you need to move forward, you can plan out your next steps accordingly.

There are several competing factors that may impede you from getting your own space, but if you find yourself in the position to purchase a home, you might be able to think more deeply about the significance of having your own property. Whether you push through with this or wait it out further, the thought of carving out this future for yourself is already an empowering one.

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by JBostick

JBostick is a Boston-based financial analyst. A lover of the written word and the smell of fresh coffee, she enjoys reading and long walks with her dog, Vita.

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