Having a term plan can be challenging, but it might not be if you are single. Here are some top tips for how singles can maximize their savings and enhance their financial wellbeing without having to rely on anyone else.
- Get creative with spending and saving
When approaching financial planning for your business or yourself, it is critical to consider your needs and timeframe. How much can you afford to save now? Will your financial situation be comparable next month and the month after? Do your best to think strategically about ways you can cut costs.
- Turn your spare time into spare cash
As a single adult, your free time is all yours. You can use your spare time to get a side hustle to bring in some extra income. Our economy and spending habits have changed during the pandemic, and there has never been a better time to explore freelancing as a secondary source of income.
- Don’t just save – invest
When we have spare cash, our consumerist society encourages us to spend it on things that make us feel good. However, saving and investing your extra money, especially starting at a young age, can provide huge benefits in the long run. It will make you feel more confident – and if you can make more money from your savings, all that much better.
- Create a budget and stick to it
One of the most important aspects of maximizing your savings is understanding how to live within your means. Think about what your financial goals are, and ask yourself how much would you need to put aside every month to achieve those goals.
Take the time and make the effort to speak to a financial advisor, like Rani Jarkas, able to understand your current position and your future dreams, and how to get there. Mr. Rani Tarek Jarkas with Cedrus Investments is able to offer sophisticated and objective financial advices, and customized investment plans to help clients meet personalized investment goals in consistent with risk management and investment horizon goals.