In a nation obsessed with marriage, many women and men today are choosing to stay single of their own volition. While this is a progressive and powerful decision to make, it also comes with additional responsibilities. You might not want a knight in shining armour by your side, but that means that you have to save yourself from all potential financial blunders.
So if you are a single adult looking to make the most out of your money, then read on for our expert tips:
If you know that you are destined for the single life, it is best to start making your money work for you early on. This means that you should start investing your money in mutual funds and other avenues as soon as possible to ensure maximum returns later on in life. When figuring out your portfolio, consider more stable investments like Systematic Investment Plans (SIPs) over risk-heavy avenues like stocks and cryptocurrency. You don’t have to be single to do this; everyone can benefit from investing early on.
If you’d much rather not work in your spare time, you can also invest your time in a course, be it a financial literacy course for beginners or even a course relevant to your field of work. This is a great way to upskill yourself and make yourself more bankable later in life.
You also should have a clear idea about where your money will go upon your passing. Some people choose to give their entire estates to charity, or you can pick an heir like a close family member or even a friend.
This is a Partnered Post
First Published: IST