You may stay single, end up with a partner or start a family, but the positive financial choices you make in your 20s can set you up to meet the next adventure and know that your future is taken care of.
The first thing you should do is plan for retirement. Contributing early and regularly means that you can get by with contributing a lower overall percentage of your income and you do not need to worry about catching up later.
It makes sense to plan as though you are going to be responsible for your retirement on your own. This allows you to save enough and will leave you prepared. It may help you to be able to retire early.
A financial plan can include everything from your career plan to your retirement plan. If that feels like too much start out with a five-year plan. Where do you want to be in five years? What do you need to do financially to get there?
Then break it down into yearly and monthly goals and steps. Be sure to include long-term goals like retirement as part of your plan. This may include going back to school to get your education to help with your next career goal.
However, your budget can help you find areas you can cut back on spending to put more money toward savings or debt.
Make your income a tool, and budget effectively. This does not mean you should not have fun, but determine how much you can afford to spend while working on your financial plan and stick to that amount.
Insurance is there to protect you. It can be frustrating to see your income going to insurance each month, but it is there to protect you.
When you are a single, short-term and long-term disability insurance can be a life saver, especially if you do not have an emergency fund saved up.
This insurance will protect you if you are suddenly not able to work due to an injury or illness. Health insurance can keep you from going bankrupt when you are suddenly ill. Renter's insurance can help you avoid the stress of replacing everything if you are robbed.