Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Invest

Insurance and Investment in one plan.

Kotak e-Term

Protect your family's financial future.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals.

Kotak T.U.L.I.P

A plan that works like a term plan, and Earns like ULIP Plan.

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family.

Kotak Assured Pension

A plan that offers immediate or deferred stream of income

Kotak Lifetime Income Plan

Retirement years are the golden years of life.

Kotak Guaranteed Savings Plan

A plan that offers long term savings and life cover.

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Money Saving Tips for Single Women

Learning to save money requires a little more work, but it improves your life. Let's look at some shrewd financial planning for a single woman on how to save money.

  • 4,552 Views | Updated on: Mar 20, 2024

For at least a few decades, most money-saving tips for women concentrated on their spending patterns. They were informed that men save more money because women spend their hard-earned money on lattes. They shop on a whim while smarter minds save! They don’t think about retirement or balancing our budgets!

Now that today’s women are wiser and well aware, they face disadvantages due to systemic difficulties that no one woman can solve on her own. The suggestions in the list below are for subtler and minor cost-cutting measures that can result in significant adjustments.

6 ways for women to save more money.

Follow 50-20-30 Rule

You can set aside money for your financial objectives by using a budget. Use the 50-30-20 budgeting formula to get started. Spend 30% of your monthly income on discretionary items, save 20% for long-term goals, and set aside 50% for needs. In six to eight months, set aside enough money for an emergency fund.

Track Your Expenses

Understanding where your money is going is necessary for effective financial planning for single women. List the places and amounts you spend each month. Costs that can be avoided will become apparent to you soon. These days, budgeting applications make keeping track of costs even simpler.

Use Credit Cards Judiciously

Any memberships or subscriptions that are no longer in use should be cancelled, especially if they renew automatically. Spending beyond your means while using credit cards might result in interest being charged on past-due amounts. Use it only in dire situations and, whenever possible, use digital currency.

Limit unnecessary expenses

Consider which non-essentials you can cut back on if your expenses are higher than you had anticipated and are limiting your ability to save. Renewing memberships and subscriptions should be cancelled, especially if they are no longer needed. Credit card availability can lead you to spend more than you can afford, accruing interest on unpaid balances. Use digital currency whenever possible and save cash for emergencies only.

Opt for Life Insurance

Women are prone to carefully planning their finances to fulfil future needs. However, you might be financially responsible for your family. Therefore, by purchasing a term plan, you can ensure the stability of your family’s finances in the event of an unforeseen circumstance.

Through its riders, the plan provides extra benefits above and above the main term plan’s life protection for a small premium increase. You can choose to have financial protection against important illnesses, including some that are specific to women, like breast and cervical cancer.

Plan for life after retirement

Did you know that women typically live 6 to 8 more years than men? As a result, you can anticipate enjoying a longer post-retirement life and needing enough money to cover living expenses.
Although starting your retirement investments early might yield greater/multiple returns over the long term, retirement may feel like a long way off. A life insurance policy can help you properly plan your retirement in addition to enabling you to realise your aspirations or providing financial security and assistance to your loved ones in the event of an unforeseen catastrophe. ULIPs and endowment plans are two examples of wealth-building schemes that can help you accumulate money and provide a consistent income stream even after retirement.

Conclusion

It all comes down to this: Since you are the only person who can truly care about your financial future, it is critical that you begin systematically saving and investing as soon as you can.

Smart money management can be empowering and liberating. Financial independence is something you can have for the rest of your life if you manage your money well and make the appropriate investments. By putting these suggestions into practice, you may strengthen your finances, prepare for a comfortable retirement, and be ready for unforeseen situations.

    Key takeaways

  • In case of a job loss or other emergency, ensure you have enough money.
  • Utilize employer matching and retirement accounts.
  • It could be beneficial to find an accountability partner if you have a tendency to go over budget.
  • You can end up saving a lot of money if you decide to cook your own meals.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak Guaranteed Fortune Builder

Download Brochure

Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.

  • Guaranteed@ Income Benefit for upto 25 years
  • Flexibility to choose income period
  • Premium break for females on child birth or any listed specific illnesses
  • Life cover for the premium payment period
  • Enhance your life cover with rider offerings

ARN. No. KLI/23-24/E-BB/1201

T&C

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

- A Consumer Education Initiative series by Kotak Life

Kotak Guaranteed Fortune Builder Kotak Guaranteed Fortune Builder

Kotak Guaranteed Fortune Builder

Guaranteed Income for bright financial future

Invest Now
Kotak Assured Savings Plan Kotak Assured Savings Plan

Kotak Assured Savings Plan

Guaranteed Lumpsum returns for achieving life goals

Invest Now
Kotak Guaranteed Savings Plan Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan

Achieve your long-term goals and get life cover

Invest Now