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Hereu2019s a look at some tips for women to manage their finances effectively. Visit https://www.investmentz.com/ to know more!
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Top 5 Tips for Women to Plan and Manage Their Finances Effectively
Why is Financial Planning Important? While having a regular inflow of income and being financially secure are important aspects of managing one’s finances, financial planning as a concept goes beyond just the present requirements. Personal financial planning is an umbrella-term that entails a thorough consideration of one’s financial goals and requirements in the present and future. Based on this in-depth analysis, one may then determine the next course of action – investing in securities, cutting down on expenses, considering a supplementary source of income etc. Today, as more and more women are seizing lucrative opportunities to earn a living and lead financially secure lives independent of the men around them, it becomes all the more relevant for them to plan their finances effectively and place their needs and requirements before those of all others. Financial planning for women can help them think independently about their own current expenses and future goals and make systematic plans to see them through. On that note, here’s a look at some tips for women to manage their finances effectively:
1 Consider your personal financial goals, independent of those of your loved ones. • Often, while taking major financial decisions for our loved ones and supporting them in their financial goals, we tend to overlook our personal requirements and wants. • This particularly applies to women, who are typically expected, by society & tradition, to place their spouses and family members before themselves. • An important aspect of financial planning for women is to shatter these age-old conventions. As a woman, it is a good idea to list down your personal goals – whether it is a new vehicle you wish to buy or that solo trip you would like to undertake – and systematically plan your finances accordingly.
2 Invest your surplus savings in a scheme that can help you fulfill your objectives. • The key difference between savings and investment is that while the former is stagnant, the latter grows and multiplies over time. • Often, women who receive surplus money from different sources (through gifts, as extra income, cash prizes etc.) save this amount in their lockers or bank accounts. • It is always a good idea to invest this surplus amount in secure long-term schemes to earn steady returns from the same in the future. • One may invest this amount in various avenues, including growth mutual funds, as a lump-sum in ELSS or NPS, in NCDs and bonds etc.
3 Speak to your loved ones about your financial goals and strategies. • One of the most significant aspects to remember while planning your finances is to speak about your ideas and expectations with your loved ones. • This helps you to not only seek their opinions but also articulate yourself and structure your plans and strategies better. • Being vocal also enables a woman to establish her personal financial planning goals more concretely and take charge of her financial responsibilities.
4 It is alright to spend on yourself as much as you would on your family. • Tradition and patriarchal conventions ingrain in women that they must consider their own needs the last of all. However, it is crucial for our society to reject such faulty patterns. • While planning your finances, think about your monthly expenditures and include them while calculating your expenses. • From your monthly income, dedicate a specific portion each month to purchasing products and availing of services that make you happy and concern your personal rejuvenation.
5 Seek sound guidance at the right time. • Seeking the right advice from experienced entities in the field always goes a long way in making the right investment and finance decisions. • While setting your financial goals as well as working towards achieving them, speak to a finance expert to gain more clarity on the direction in which you are headed. • In case of investing your money, it always helps to consult an investment advisor and carry out a fundamental analysis of stocks, as well as an overall market analysis before taking the plunge.
