|Young, single, and working
Starting out on your career after graduation is a period of both learning and celebration. After years of financial dependence on your parents, you finally attain the financial freedom that allows you to buy what you want – perhaps a new vehicle, gizmos or lifestyle accessories. You may also want to gift your parents some things that they chose to forgo when they were spending on your education – appliances for their home, or maybe a vacation.
However, this stage in life is also the right one to set the foundations of a financially sound future for yourself, and your yet-to-come family. Starting financial planning early in life allows you to maximise the benefits of compounding your returns on investments. An early saving habit helps you put away surplus cash for other commitments that are still some years away. Even a small saving for the future can go a long way – like a small recurring deposit that may be large enough to fund your wedding expenses or the honeymoon by the time you decide to get married.