In today’s modern world, single women are becoming more independent and empowered by the day. Whether you are a single parent or college student, being single comes with its own unique challenges, especially when you are the only one making a living, paying bills and buying groceries. Here we give you five money saving tips you can follow to make the most out of your money and time while being single.
Invest in yourself
We heard of retail therapy, binge watching movies and indulging in your favourite food as a way to make yourself feel better, be it after a long day at work or after a breakup. It’s good to treat yourself once in a while, but you run the risk of denting your bank account if things get out of control.
Instead, use the money to invest in yourself. For example, join classes to upgrade your skills, consistently workout at the gym, buy books to improve your knowledge or cook your own food to practice a healthier lifestyle.
Manage your own money
Through proper money management, you have the potential to become financially free and achieve your dreams. Think spontaneous holiday trips or starting a business to become your own boss. All this takes hard work and lots of financial planning but you don’t have to rely on anyone else.
That’s where ELASTIQ comes to make things easier for you! With this flexible Whole Life Insurance Savings Plan, you can enjoy greater flexibility and returns as you save. You get guaranteed 1.80% p.a. for the first 3 years before earning crediting rates based on market rates, with your capital guaranteed.
Unlike other savings plans, ELASTIQ lets you withdraw money without any penalty or interest clawback 90 days after the policy issue date. And you can top up the money in your account anytime. Your money, your rules!
Start an emergency fund
Create an emergency savings fund that is enough to support you for at least six months. The rule is simple: You cannot touch the money in this fund. You can only use it for unexpected situations such as medical emergencies, car repairs or if you are between jobs.
For single women, the daily expenses might not be much. But do take a look at your monthly lifestyle needs such as housing, food and transportation. Then multiply that by six. That’s how much you need in order to have financial stability. You can read here for more information on saving money for emergency funds.
Invest for your retirement
For young and single women, saving for retirement and paying off debt could be the furthest thing from your mind right now. But lack of planning for future funds can set you back tens of thousands of dollars once you get older. Couples have the potential to create savings for retirement from either or both of their incomes – an option that is not available for single women. The key is to automate your money growth through investment plans of your choice. Start early and make the money work for you while you work on other areas of your life.
#TiqOurWord With eEASY save V insurance savings plan, you can do just that! Choose to make two yearly premium payments or enjoy 3% off 1 year premium when you make an upfront payment for both years. Then it’s a matter of earning a guaranteed 2.68% p.a. crediting rate for the first six years before earning at prevailing market rates. Unsure whether to get ELASTIQ or eEASY save V? You can compare them here.
Put your passion to work
Your life is not just your 9-to-5 job. What you do after your working hours affect how your future will be. Is there a certain hobby that you used to have or wanted to try but never had the chance? Be it writing a blog, making YouTube videos, or starting your own online shop, now’s the perfect time to explore.
Not only can these hobbies be an outlet to express yourself, you can also use them to practise on certain skillset you wish to have. What you do to fill up your free time can also create multiple incomes for you in the future. Here are some of the best platforms for online courses to learn new things. So get on with it!
The best time to start is now
No doubt, being single can be challenging. But as single women, it’s time we rise up to the challenge and take back control. Start small – start any way you can. It can be daunting at first, especially with loans, rentals and taxes looming each month. But insurance savings plans at Tiq by Etiqa can help you secure your future goals. So don’t wait. You will be one step closer to the life that you’ve always dreamt of.
Information is accurate as of 18 March 2020. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you.
Tiq by Etiqa Insurance Pte. Ltd.
A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.
With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.
Discover the full range of Tiq online insurance plans here.