Financial Planning - An Alien Word for Women?

      

There is a famous saying that behind every successful man there is a woman. How true is that, No nation, organization or a household could progress without the contribution of the women in the society. That just reminds me of one more saying if a man treats his women like a princess he is surely born and raised in the arms of a queen. Women have always played their role by being a perfect mother, wife, daughter, friend or employee. Today’s women are making their mark across sectors be it Banking, Engineering, Software, Acting, and even Flying Fighter Planes… In fact, few of them are earning equal or more than their male colleagues and spouses that proves income disparity is also disappearing slowly.

International Women’s day celebrates this zest and enthusiasm.

However, inspite of all the great achievement it has been proved by Global Financial Literacy Survey, which is the world’s largest; most comprehensive global measurement of financial literacy conducted by The Standard & Poor’s Ratings Services a few years ago, that financial literacy among women is very low. In India, more than 80% of Indian women are found to be financially inactive. Women are known for money managing and cost-cutting skills, but when it comes to financial matters, many of them take a back seat. WHY?...

It’s high time, women pull up their socks up and take responsibility for planning their finances to show their intelligence /smartness in managing money too.

Here are a few simple financial tips which can help you to manage your personal finance smartly.

1) Build up Savings – Since traditional times women have been a sensible saver. We have all witness unconventional piggy bank in form of utensils in the kitchen or small jewellery box in cupboard with money stored in them. The traditional method of savings involved keeping track of where you spending more and consciously curb on those expenses in the following month. However, such a budget doesn’t do systematic savings. So, in order to build in a month on month corpus for investment, all you need is a savings target. Ideally one should save 20-30% of the household income. One should also be prepared for unwanted financial emergencies and save for around 3 to 6 month of one’s monthly expenses as there might be a situation which may pop out without prior intimation.

2) Take active participation in financial matters – Even though women are independent and earning, they shy away from making their own investment decisions. The reason could be their beliefs that they are not good at calculations or that they don’t understand the complex financial products or maybe household, as well as work responsibilities don’t leave them with enough time. Whatever be the case, it is essential that women take active participation and interest in all financial matters whether it is banking or investments. One never knows when a time may come when she may have to handle all her financial matters by herself. Hence, every woman should be prepared for such eventualities

3) Seek help of a professional advisor – Once the saving target has been set one needs to direct these savings in productive investment options based on short term or long term investment, lock-in period; market-oriented or guaranteed returns based investment, etc. Selection of investment options should always be backed by goals of life like buying a car or house, planning child’s education or even a family holiday abroad, also planning for one’s retirement. As per the Global Burden of Disease Study 2013 published in 2014, Women are likely to have a longer lifespan as compared to men, so women generally need to be more cautious while planning their retirement. One must read books, magazines, newspapers, online content etc. and do some research on various investment options available and best is to consult a professional financial advisor.

This Women’s day let’s conquer all the fears related to money matters

 

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