Happy and single? Five essential financial tips you should remember
Make a conscious effort to start budgeting. Because without a budget, you will never know how much you've overspent, and how much you really need to stay out of debt.sex and relationships Updated: Apr 25, 2015 19:11 IST
Anything related to money and finance when you're single doesn't hold much weight. Because you're too busy living the life rather than thinking about serious things like savings or investing. However, you can still do all of those things without it affecting your single life.
Here are some essential financial tips for singles.
1)Make a conscious effort to start budgeting. Because without a budget, you will never know how much you've overspent, and how much you really need to stay out of debt. These days, there are plenty of apps to help you keep your finances on track. So use them. Alternately, you could go old school, and use a notebook to track your finances. Once you start tracking your finances, you will learn what you really need and not want, and curb impulsive buys.
2)Most singles put off savings for later. But the sooner you start, the better it is for you 10 years down the line, as you would have a substantial amount in your bank, and this will only continue to grow till you retire. So, instead of putting it off - get it done and do it soon. As Einstein famously said, "Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it."
3) Even if you are not well-versed with the basics of finance, speak to your parents or a financial adviser, and get an idea of how best to invest your money for the future. Once you get an understanding of what investments works best for you, then you can make your own confident decisions surely and slowly.
4)Have a contingency fund. Heard of the adage: save your pennies for a rainy day? It is important to have a small amount of savings in case of an emergency. That way, you will not be caught off-guard, and this fund will help you tide over in the interim.
5) Treat yourself occasionally. It doesn't have to be all gloom and doom when it comes to your finances, and that you have to constantly penny pinch. You are allowed splurge on yourself on certain occasions, and enjoy the treat instead of feeling guilty about it.
By Siddharth Mangharam. The writer is an expert on relationships and co-founder of www.floh.in, a curated network that helps singles find a life partner.