Financial Tips for Young Adults

Saving up funds for future use could be quite challenging. Here are simple financial tips that could help young adults save.

  1. Self-Control is Essential

This isn’t rocket science. Self-control is all about learning what is needed and what should be avoided. Young adults tend to spend a lot on unwanted items and most of these items are purchased on a credit basis. Know what really is important and what to be ignored.

  1. Take Control of Finances

Take control of your own finances. Be in charge of it and be confident of the amount you control.

  1. Know Where Your Money Goes

It is important to have an effective plan for the monthly in order to classify the funds and to know how it’s spent. Update this document daily so that the remaining balance could be identified. By doing this, individuals will be able to keep track of the amounts spent. Accordingly, this could be rearranged in coming months.

  1. An Emergency Fund

Have a separate amount for an emergency situation. This amount could be separated from the usual monthly savings. This does not have to be a fund of greater value; a small value could be allocated each month.

  1. Plan for Retirement

A retirement fund could be planned out and an amount could be separated for this purpose. After a number of years this would be of a much greater value and often individuals find this very useful. Savings of such nature is much more meaningful than spending temporary items.

  1. Consider Options

Consider options such as investments plans, savings plans which would reward with an interest. Be mindful of the benefits.

HNB Assurance’ MyLife plan is a special youth insurance policy to help individuals make their youthful dreams a reality. This special policy allows you to withdraw a sum of the total amount even before maturity. A sum of the total investment could be withdrawn for each of the following situations whether they are planned or unplanned:

  • Your Marriage
  • Child Birth
  • Child’s School Admission
  • Purchase of Vehicle
  • Higher Education
  • Emergency Hospitalization
  • Accident Cover (Self/Spouse/Child)
  • Loss of Employment
  • Foreign Travel
  • Repair of House

 

‘MyLife’ secure both you and your loved ones by offering several benefits. In case of the unfortunate situation of death, your loved ones will be protected as the policy will pay double the sum assured to your loved ones. The profits of the life fund will be shared as a bonus with policy holders and the life cover would continue for a period of further 5 years after maturity.

For further details and benefits of this policy contact:

011 2 384 384

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