Savings tips for young women

In light of recent research which shows that some women are now earning more than their partner, one independent financial adviser has issued a number of tips that can help them save.

The advice from MDM Associates follows a study by online bank Egg, which found that the number of women who bring home more than their partner has doubled over the last five years. Now, one-fifth of females in relationships can make that claim.

And yet, another report by the Fawcett Society claimed that women are more likely to struggle following a divorce than their man. Young women were found to be saving just as well as men, but mothers were found to save 11 per cent less of their income in the year after the birth of their first child.

So how can women make sure they are putting their money to work? Lisanne Mealing of MDM Associates says they need to take account of their outgoings - but be realistic.

"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 said.

"A lot of people think: 'I'm going to have to do without things [if I save], therefore I won't do it'. Actually, if you budget properly, you can usually find that you'll fit everything in."

She added that even if women only save £20 a month, it will soon accumulate.