Hello Readers!
Modern Women, simply say a perfect all-rounder, who play each of her roles flawlessly. Right from being a lovable spouse, to a perfect mother, selfless caretaker, to a hardworking employee, she stands out magnificent in all her roles. She struggles every day in a system, that works against her in many ways, and every day she wins her battle. There is nothing that cannot be done by a woman herself. They are independent multi-taskers.
Despite being so much strong and independent, there is one thing, that a woman often neglects, that is controlling their own finance. For their finance, women generally depend either on their husbands, their father or their brother. The reason behind the negligence of their finance is the lack of confidence among them regarding their financial decisions. Women are mostly cautious by nature and therefore restrict themselves from risky things like an investment.
Well, women need to understand that, they can be better money managers than men, they only need to raise their confidence, for that they must start managing their finance and they must take part in the financial decision taken for her family. Today we are going to discuss some smart money moves for women that will help in managing their finance.
Save For Rainy Days
Women and saving, well this a very old relation, they always manage to save a little amount every month, but the problem is that they still save this money in jars of their kitchen. Saving is a good habit that prepares you for your emergencies, but now women need to understand that, its time to change the place of their saved money, now its time for women to put their saved money in mutual funds. As women are more cautious towards taking the risk, its best for them to invest their money in Liquid Mutual Funds.
Possess a Simple Lifestyle
It is said that women are created for shopping and shopping is created for women, right from a toothpaste to clothes for her family, almost everything is on her shopping list and she buys each and everything for their family and household. Shopping is not an issue for women, but unnecessary shopping is! Women will be saving much if they cut down their unnecessary shopping from their list. Women are lovers of sales and discounts, whenever and wherever they see a sale, they just start shopping, and sometimes end with unnecessary shopping and a good expenditure.
Well, it is advised to women, create a budget for shopping and shop necessary things first, if you have an amount left in your shopping budget, you may buy extra things.
Women should follow 50/30/20 rule, where 50% of their money goes towards needs, 30% for investments and savings, and 20% for their wants.
Get A Life and Health Cover
Insurance is a mandatory thing, not only for your husband, father, and brother but also for you. Your father’s or your husband’s health insurance cannot cover the expenses for your health, so taking life insurance and medical insurance is a must. Do remember that your health insurance should be approx. 5 to 25 lakhs and life insurance should be equal to 10 times your annual income.
Take Control of Your Finances
Well, this is the most important thing, controlling your hard-earned money. Women need to understand that their hard-earned money completely belongs to them, how and where it should be spent is completely their decision and not their father’s or husband’s decision. Women should stop giving control of their money to their husbands or father and start managing their money and finances. Women should discuss, various investment options with their spouse or father or should meet a financial advisor, develop knowledge of different financial products and investment avenues, they should seek advice about investment but how much to invest and where to invest must completely be their decision.
Be aware of where your money is invested so that you will be aware of any wrong decisions you took in the past.
Be More Involved in Family Finances
In our society, women are responsible for taking care of the family and don’t take part in financial planning for her family, even if she is a working woman. In financial planning, their role is limited to handling the monthly utility payments or budgeting for day-to-day expenses. The big financial decisions are mostly taken by the male members of the family. Well, women need to understand that they must participate in taking big financial decisions like an investment, insurance or more for her family. Discussing money with your partner eases your way to plan finances for your family, thus couples should start looking at family finances as a joint responsibility.
Have A Financial Plan
Not only your husband or father has a financial goal, but you also have some, whether it is buying a car, planning for a vacation, buying a piece of jewelry, a child’s education or more, and you must have a financial plan for your goals. Analyze your goal, estimate your expense, analyze your risk and as per your goal’s expense and risk, start investing in mutual funds to accumulate for your goal. Keep a regular check on your investment performance and rebalance your portfolio if needed. Consult to an advisor and discuss your financial situation with them and they will guide you through your investment journey.
Conclusion
Dear women you need to understand that, you are perfect in almost all aspects of life, you perform multiple roles, and each and every role in an outstanding way, so basically if you add managing your risk in your multiple task list, it is for sure you will do it in a better way than men. Remember that investing is not just for men. Become independent in life and manage your own money. To participate in family financial planning and take charge of yourself.
Follow these smart money moves they will help you manage your own finances in a smart way.
You can also contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).