For the single girl, there are many ways to save. Making smart savings and investments can ensure that secure and smart decisions are made for the future. Whether saving for a home, other assets or even retirement, savings are the key to a successful future. Creating smart savings techniques can ensure that the single girl is ready for the future and will make a very successful transformation into couple-hood, when that time comes.
Here are four ways that the single girl can save:
High Interest Savings Accounts
There are often very few fees associated with the high interest savings accounts, as they are often considered to be e-savings accounts. These accounts are available through the internet and allow the single girl to transfer money online, but transactions that are initiated from the e-savings account are often subject to high fees – therefore the single girl should transfer the money from the e-savings account, before paying bills or other aspects of the account.
Retirement Savings
If there are funds that are available through the workplace through programs where the employer will match the contributions that are made to the retirement fund, the single girl should ensure that she is prepared for the future and creating these accounts that are going to be maximized in value and contributed to regularly. Using these accounts, the single girl can essentially double her savings and investments that are made in the retirement fund –and she only has to pay for half off of the savings.
Retirement savings are versatile, as the single girl can often use the proceeds to buy the first home or even fund a loan from the retirement plan.
Tax Free Savings Accounts
Tax free savings account are a way for the single girl to save without having to report the proceeds from the account. Accounts that are started early in age can effectively create a high amount of compound interest, because of the balance that is carried over on the account every single year. Taking advantage of these accounts can be an effective way to create diversified savings for retirement or even create savings for the future – and they are often easy to contribute to as the funds can be easily transferred from the online checking account, or other accounts that are linked to the bank account.
Registered Investment Plans
Registered investment plans can be an effective way for the single girl to save. Since her costs are often lower than the counterparts that are married with children, there is often a bit more room in the budget for the woman to allocate funds to these registered investment plans. Be sure to work with a professional to determine the best investments for the needs of the single girl, and ensure that the best decisions are being made for the future and health of the finances.
