It’s never too early or too late to listen to one of the financial planners in our Perth office. It’s also never too early or too late to become financially responsible. Many people are under the misconception that it is more difficult for singles to be financially successful than couples.
We think that single people have plenty of opportunity to be successful. While it can be more expensive for singles to live due to only having one income instead of two, they also get to be the sole decider on where the money goes. This more than makes up for the expense of living alone.
Here are some financial tips for singles based on their generation or age. Please remember that all information is general in nature and does not constitute advice for anyone’s specific financial situation.
Gen Y people are still fairly young but are rapidly becoming much more financially accomplished than any other generation in history.* The most important things for a Gen Y single to do are to start living on a budget, protect their income and avoid expensive debt such as credit and store cards.
Gen-Xers are approaching midlife. Gen-Xers who are single are well-served to embrace the fact that they can do everything for themselves.* This can include having a budget, “paying yourself first” with a savings account or other investments and finding whatever internal and external factors help you motivate yourself to be financially successful.
The financially healthy baby boomer is more than likely having money deducted from every pay period into a cash management account.* Some may have investment properties.* It is wise for them to work with a financial professional to secure their retirement.
Most retirees should be stable, but it is always wise to visit a financial planner for a financial “checkup” to make sure that you are maximising your retirement income and lifestyle.
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*News.com.au, 22 August, 2011. “Generations: Financial Tips for Singles.”