There is no better feeling than being financially independent, especially for women.
Women nowadays are donning many hats. From managing their homes to being a successful professional/entrepreneur and taking care of their finances, they are cruising in all these roles smoothly. Unlike their male counterparts, many working women have to deal with challenges like maintaining job continuity, working after childbirth and dealing with varied family pressures. This, in turn, puts them in financial stress. However, a few important steps can help them deal with this challenge effortlessly and reduce their financial burden.
These useful and smart tips can help women manage money like a boss.
Managing Your Finances
Women should be well versed in managing their financial matters, including planning, budgeting, and execution. Setting a short and long-term financial goals and working towards achieving such goals in a planned manner is crucial to managing finances successfully. While managing finances, priorities should change as per the requirement of the different stage of life. For example, if buying a house of your own is a goal, then you should start saving for the down payment early in your career.
Learning About Financial Matters
While managing the money, women should also focus on learning more about the financial matters and stay updated with the changes happening in the financial world. For example, women should know about Health and Life Insurance, operating the bank account and various products which are available through banks and can help them in achieving the financial objectives. Similarly, a thorough knowledge about the investments can help in growing the money over a period of time and beat inflation.
Diversifying Your Money
It has been seen that some women have the tendency to accumulate money rather than focussing on investing it. Some women stick to investing money in one or two asset classes which are dear to them such as gold, Savings Account or Fixed Deposits. It is important that women learn about diversification and its benefits. By investing money in different types of asset class, such as equity, bonds, mutual fund schemes etc, they can earn a better return, minimize the risk and use different investment options to achieve different financial objectives.
Planning Career Breaks
It is important that you have a sound plan in place so that your finances don’t suffer when you are on a career break. The career break can come either due to wedding or childbirth. Based on the reason for the break, you should figure out the tenure and accordingly build up a corpus that can meet your needs. For example, if you are planning to have a baby, then start saving at least two years in advance. You can consider debt mutual funds or can invest in fixed deposits for good returns.
Be Aware Of Special Offers
There are many offers in the market that cater to a woman’s financial needs. You should stay updated about the special money offers available in the market. For example, many banks offer discounts in the home loan interest rate when women buy a home. Similarly, there are many states which do not charge stamp duty or give a discount on stamp duty charges to women buyers. Women need to be aware of such benefits and try to take maximum advantage of such benefits.
For a woman, managing finances should hold the same importance as a great career. It is a great feeling to be financially independent and be in control of your money matters.
BankBazaar.com is a leading online marketplace in India that helps consumers compare and apply for Credit Card, Personal Loan, Home Loan, Car Loan, and insurance.
Hi Sunaina, Thanks. Keep reading. Cheers, Team BankBazaar