Young women can save and still ‘have a good time’

With careful budgeting young women can “have a good time and still plan for the future” says an industry expert.

Young women think that saving for the future will mean they have to cut back on spending in the present.

However, MDM Associates claims that if they work out what their outgoings are then this may not necessarily be the case.

Lisanne Mealing, director for MDM Associates, said: “You know you’re going to go out, you know you’re going to spend money on clothes: budget for it, so that you have a clear indication at the end of the day of how much you can afford to save.”

She added that an Isa is “definitely the best place to start” when it comes to saving due to the flexibility of access and use that it offers.

Research from online bank Egg found that one in five women earn more than their partner – a rise from one in ten in 2002.

Tags: use, industry expert, time, rise, budgeting young women, saving for the future