How should single women plan their finances?

It is often said that when a person is in a committed relationship, then the responsibilities get shared and as such, there is a comfortable space for financial inclusion. However, if you happen to be a single person, rather a single woman then you have to take certain important steps to ensure your financial growth and security for the future. Being single may be a matter of choice or circumstances. These days, owing to many factors, there has been an increase in the number of single mothers as well, who are financially independent and are raising dependent children as well. There are career women too, who through the dint of hard work and professional acumen, have risen to new heights. For all such single women, it is essential to plan their finances so that they have sufficient financial coverage for life.

There are certain important parameters that single women must follow in order to remain financially secure. Some important factors are listed below:

1. Plan your budget: This is the very basic rule that you must follow. You must keep a track of your income and expenditure and make sure that you do not exceed your budgetary constraints. Doing so will ensure that your savings corpus grows over time and you are in possession of required monetary assets. This allows you to be financially independent and helps in long term future growth.
2. Invest in a specific insurance plan: This is very essential, more so if you happen to be a single mother or a single woman with dependent family members. Taking out a specific life insurance plan with maturity benefits allows you to cover the financial needs of your family members and also ensures that you have sufficient coverage for meeting your aspirations. Tenets of insurance include having a health care plan in place also as this will secure your finances in case of any health-related contingency.
3. Follow an investment plan: These days, various insurers offer insurance-cum-investment plans which not only offer guaranteed coverage but also allow your funds to grow at a stable rate. Such instruments may be debt or equity driven or even hybrids (i.e. mix of debt and equity). Choosing an investment plan that suits your needs and offers guaranteed benefits on maturity is the key to a successful financial portfolio.
4. Follow a plan to save on taxes: No amount of savings will suffice if you do not save on taxes. Depending on your income slab, you pay taxes and therefore it is important for you to know the detailed taxation mechanism so that you can avoid being overtaxed. It is important for you to consult a certified professional for due consultation.
5. Invest in an annuity plan: This will ensure that you can maintain your lifestyle and can fulfill your financial duties and goals even after retirement and in the absence of a regular monthly paycheck. List out your projected requirements and then take an informed decision on which retirement plan to invest in, after online comparison of plan terms and features.

HDFC Life offers HDFC Life Smart Woman Plan – a comprehensive, women-oriented plan that offers various benefits and allows you to fulfill your dreams and aspirations. For details, click on the mentioned link: https://www.hdfclife.com/women-insurance-plans/smart-woman-ulip-plan.   

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How should single women plan their finances?