Here’s a list of the top financial priorities that women across the country have shared with us. Maybe this will help you prepare yourself for your own financial future.
What are your financial priorities? Providing for your family? Building a huge retirement corpus? Paying off your debts? Or are you the type with no set priorities as such? If you are, then we’re sorry to tell you that your financial future is quite bleak.
Research suggests that it is essential to be clear about everything that one needs to achieve financially in order to set the right course for one’s financial future. So, if you haven’t yet started your journey towards a great financial future, here’s a list of the top financial priorities that women across the country have shared with us. Maybe this will help you prepare yourself for your own financial future.
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Radha Govind Swamy, 32, Chennai
Priority: Retirement corpus
Studies have shown that women are less likely to think about their retirement life than men. However, Radha holds a different perspective. She believes that building a retirement corpus should be the topmost priority for women. With a good retirement corpus in hand, women wouldn’t have to depend on their spouses or children to maintain their lifestyle post-retirement.
Radha has been investing a considerable amount towards her retirement since she started earning. Her choice of investment is equities.
Additional Reading: Don’t Depend On Your Children During Your Retirement Years
Chinnu George, 28, Kochi
Priority: Emergency fund
Chinnu had to resort to taking loans every time she faced financial troubles. The first instance was when she had just started working and had to find an apartment near her office. Since she didn’t have any savings, she couldn’t pay the advance amount for the rental and she had to apply for a Personal Loan. And, like that, there were various other instances where she had to depend on loans. That’s when she decided to create an emergency fund. For the last three years, Chinnu has been putting away a good part of her income in a Liquid Fund which gets her about 10% returns.
Raina Mohammad, 25, Mumbai
Priority: Paying off debts
Raina was a spendaholic. She used up her entire Credit Card limit on material pleasures. It was only when she was unable to manage her monthly expenses as she had to give away a huge chunk of her income towards Credit Card bill payments that she learned her lesson. Now, her priority is to clear all her debts in another year or two. And since she has a lot of debt, she has to sacrifice a lot of things that she earlier could blindly spend on. But, according to her, it was the right choice as she finally feels like her finances are slowly falling in place.
Additional Reading: 6 Terrible Consequences Of Procrastinating Credit Card Payments
Teena Ravikumar, 30, Bangalore
Priority: Saving for her children
Being a single mother of two, Teena’s only financial priority is saving enough money for her kids’ future. She lost her husband to an accident three years ago. Although her husband did leave her with enough money for the family to lead a decent life for years, Teena soon realised that it was her responsibility to secure her kids’ future. She now invests in different Mutual Funds, each with a specific goal – kids’ education, their wedding and other miscellaneous expenses.
Financial priorities depend on your goals – what is that you’re looking to secure. Although it is great to prioritise one goal over another, it doesn’t mean that you shouldn’t focus on other needs and goals as well. In the end, it is all about securing your financial future. Psst… we’ve got plenty of financial products. Interested? Click the link below to explore.