Well-Being//

Secure Your Future Even If You Are Single And Not Ready to Mingle

Saving is not pointless if you are unattached. These goals can give meaning to your financial plans.

Saving up for simple goals such as travel, even if you are single, can make the journey more fun.
Saving up for simple goals such as travel, even if you are single, can make the journey more fun.

The world has undergone change at a societal level and on account of changes in the way expectations on relationships are affecting families. As per a statistics, almost 30 per cent of relationships are heading towards splitsville.

How does one then plan for a life alone financially?

1. Define your financial goals

 Many a time, the mindset is: “What/who am I setting the financial goal for?” The answer is you. If you are financially sound only then can you help others.

It starts with goal-based thinking. It can be created on the “GOAL” Approach.

G: Generate a wish list

O: Organise resources

A: Allocate in order of importance

L: Learn from mistakes and correct them

2. Create a pool for emergency expenses

It helps to create a pool for emergency expenses to weather the ups and downs in the fast changing world of today. This is relevant for both self-employed as well as professionals. Apart from this, a medical insurance is a must to avoid depletion of precious savings.

3. Invest in yourself

Are you in the top one per cent of your field? If not then what is your plan?

Tony Robbins the world renowned author and coach, recommends that one need not reinvent the wheel. One can look at what has worked for others who have strived to go up the ladder or have created their ladder and avoid their mistakes.

It could be academic, it could be development of leadership skills, volunteering for an association. It is about what is relevant for professional/personal growth.

4. Create a fun plan

It is important to be prepared financially. It helps to allocate savings prudently. One person we know had to enhance their savings rate, she did it to her credit .To ensure she stays on track we helped her with a “fun plan”—a plan to spend on travel and things she likes. That helped to sustain her focus and more importantly achieve her goals.

One of our other clients planned a trip to Everest Base camp using our inputs.

5. Write a will

It is important to write a will for one’s assets to be transferred. This is as applicable to people in the mid-thirties as well as a higher age as life is unpredictable. As long as we are financially in shape, the journey becomes easier.

    You might also like...

    Wisdom//

    7 Steps to Attaining Financial Moksha

    by Anirudh Gupta
    Wisdom//

    Make a Fortune with These Lessons from Kumbh

    by Anirudh Gupta
    Wisdom//

    Here's a Truthbomb: Happiness Really Isn't the Point of Marriage

    by The Gottman Institute
    Thrive Global
    People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.

    - Marcus Aurelius

    Sign up for the Thrive Global India newsletter

    Will be used in accordance with our privacy policy.