Five Financial Tips For Singles

Here are five suggestions for singles on Finances:

  • Budget. Assess your overall situation to determine how to cut back.  Then make necessary adjustments. Give yourself some leeway while staying within the budget boundaries.

  • Maintain health insurance coverage. Remaining insured is important, even if it is limited to catastrophic coverage. COBRA allows you to continue coverage from your previous employer, even if you change jobs.

  • Look into Disability Insurance (DI). Disability insurance can be very useful in the event of an accident or severe illness. When paying off a mortgage or rent, this gives you added protection as an income to fall back on, since you don’t have a spouse’s salary to depend on.

  • Save for retirement now. Begin saving money in an IRA, qualified retirement plan, or both once you are working a full- time job. Also take advantage of employer 401k plans, especially if the company offers matching contributions. Avoid cashing in funds when switching jobs. Rollover assets to another plan or IRA.

  • Create a will. Wills are not just for married couples, singles benefit as well. A will allows you to designate beneficiaries. Also, all aspects of your estate plan can be coordinated as you would have them.