MMP115: Financial Planning for Singles
So much of what we hear about personal finance assumes that you are part of a couple, or that you aspire to be. But what about financial planning for singles? Being single brings both freedoms and challenges for your money, and in this week’s show we’ll be looking at how to make the most of the opportunities.
Attention all singletons!
I had the following email from Catherine, who won one of the Carl Richards books back after Session 110:
I'm getting on a bit now (27 years old) and I don't mean to sound depressing but I really can't see myself with a life partner or child anytime soon. I'm starting to really wonder/worry about how to sort out your finances, as everything seems to be based on a two person income with a family. Seriously what if it is just me forever? How do you plan for this financially!?
In this episode, you'll find out. Plus, I've created a checklist of what you need to consider.
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In this episode you'll discover:
- The basic rules of personal finance and whether they differ for singles
- The benefits and disadvantages of going it alone
- What types of personal protection (life insurance etc) single people should consider first
- The extra importance of having an emergency fund, and how much it should be
- The benefit of starting planning early, and
- How you can ensure that your wishes are carried out, even if you're not able to do so yourself
A full transcript is available by clicking the button below:
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Question: If you're single, what is your biggest challenge in getting your personal finances on track?
Session 22: All About Trusts Session 7: Protecting Your Future Budgeting Course at MeaningfulUniversity I've created a checklist of the main things you need to consider when planning your finances as a single person. Just click the button below to get it.
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