Financial Tips for a young, single, unmarried, totally independent woman:-
1. You should know how much you spend every month.
2. Save 6-9 months expenses as an emergency corpus.
3. If you are in your twenties, short-term goals could include buying a car and going on vacations; medium-term goals could include financing your higher education and buying a home; and long-term goal could be retirement planning.
4. Single women in their twenties have the ability to take on higher risk and can allocate a bigger portion to equity and equity-related investments.
5. The younger you are when you start investing, the lesser you will need to invest, given the power of compounding and the length of time till retirement.
6. Systematic monthly investments can help in building a sizable corpus over the years, and mutual funds offer a wide choice with low initial and periodic investment.
7. If employed, boost them with increments and bonus.
8. Include Equity Linked Saving Scheme funds as a tax-saving strategy.
9. Being single, it is crucial for you to take an adequate personal health and disability cover to minimize the loss of income in case of an illness or accident.
10. Calculate your retirement needs and build a retirement corpus for yourself, through mutual funds and National Pension Scheme, in order to maintain the same lifestyle, especially with the rise in life expectancy.
11. Ensure that if you are no more, how your assets are to be used, by making a detailed Will/Trust and appointing an Executor/Trustee of your choice.
12. Analyse your investments every few years as goals could need to be re-prioritized with changing lifestyles, needs and age.
1. You should know how much you spend every month.
2. Save 6-9 months expenses as an emergency corpus.
3. If you are in your twenties, short-term goals could include buying a car and going on vacations; medium-term goals could include financing your higher education and buying a home; and long-term goal could be retirement planning.
4. Single women in their twenties have the ability to take on higher risk and can allocate a bigger portion to equity and equity-related investments.
5. The younger you are when you start investing, the lesser you will need to invest, given the power of compounding and the length of time till retirement.
6. Systematic monthly investments can help in building a sizable corpus over the years, and mutual funds offer a wide choice with low initial and periodic investment.
7. If employed, boost them with increments and bonus.
8. Include Equity Linked Saving Scheme funds as a tax-saving strategy.
9. Being single, it is crucial for you to take an adequate personal health and disability cover to minimize the loss of income in case of an illness or accident.
10. Calculate your retirement needs and build a retirement corpus for yourself, through mutual funds and National Pension Scheme, in order to maintain the same lifestyle, especially with the rise in life expectancy.
11. Ensure that if you are no more, how your assets are to be used, by making a detailed Will/Trust and appointing an Executor/Trustee of your choice.
12. Analyse your investments every few years as goals could need to be re-prioritized with changing lifestyles, needs and age.