7 Financial Planning Tips For Women

7 Financial Planning Tips For Women

The life of women is full of struggle. At every turn, they have to compromise their happiness, career. Many girls have to leave the job to take care of the family after marriage; many women have to take a break in their career for the sake of their child and after this break, if they started working again, so again they have to start from zero. If the husband is transferred, she has to leave a good job and shift with him to another city and there she has to be satisfied with a small job after beating her mind. Not only this, but they also have to undergo discrimination during the job. Year after year promotion is not given because she is a woman. Salary is also less than that of men. All such compulsion and responsibilities keep coming in their way, which hinders their income and that's why their savings/funds are less than others.

If you too agree with all these things and if you want your bank balance to be enough, your financial condition is better, then; this article is for you. Today we are telling you some special tips, which will improve your financial condition.

1. Maintain A Diary

Although women spend very thoughtfully, it is also true that she does not keep an accounting of expenses. Due to this, she is not able to get a proper idea of her savings and expenses. So it would be better to make a diary today and write the account of daily expenses along with your income. This will tell you where, what, how much you have spent and how much money you have left. In this way, you will spend more carefully next time.

2. Important To Understand The Language Of Investment

Generally, the income of women is less than that of men. Whatever may be the reason, but it's true. Therefore, it becomes more important that women focus on saving as well as investment to bring their financial condition equal to that of men. Often women want to stay away from the hassles of investment, funds, banks etc. They avoid making excuses that 'they don't understand all these things'. But now they will have to understand these things also so that the situation improves. For this, it is important that you read about financial planning or talk to an expert. This will give you a true understanding of savings and investment.

3. Create An Emergency Fund For Bad Times

There is no need for women to depend on others. Relying on children for livelihood in old age, this is also not necessary. It would be better to plan for your retirement too. Keep adding money so that no support is needed even in the last days. Along with this, it is necessary to keep yourself ready for other problems like sudden job loss, any illness. Therefore, women should also create an emergency fund. For such situations, you should keep savings equal to the salary of at least 6 months.

4. Buy A Property For Yourself 

Women should save money and buy such property from which they can get income. If you want, You can buy your own house if you want and you can rent that house. You can buy such land and if you sell it after a few years you can get at least double or triple profit from it. Right now the government is also giving women subsidy on buying houses. This makes your work easier. You can complete the rest of the amount to buy a house by taking a loan and pay the instalments from salary or rent you received. 

5. Long Term Health Insurance

It is necessary for women to get long term health insurance (care insurance). You may not need it right now, but it will benefit you when you are older, especially when there is no one to take care of you. Although the premium for such long-term health insurance is high, the sooner you take it, the lesser will be the premium amount.

6. Keep Track Of Your Money

Women often say that my tax filing, bank work, accounts are taken care of by husbands and fathers. I don't get into all these messes. But this is not right. If you are making money, then you should also know all this. You should handle this. So when you do the job, you have to understand these things like CTC, in-hand salary, PF, tax etc.

7. Better Not To Use A Credit Card

When we start earning, our income starts getting deposited in our account, and since then we start getting credit card offers from various banks as well. Then we also keep a credit card and sometimes in the mall, when we like something and we don’t have the money to buy it at that time, then we use a credit card. A cycle starts from this, which spoils your entire budget. Every month a large amount of your earnings goes to pay its bill. It would be better not to use a credit card at all. It would be better if you keep it only for emergency.

Pay Attention To These Things Too

  • First of all, make a budget that Where to spend the salary and how much will be saved in the end.
  • You just need to think about save the money, whether you are a housewife or a student and you get pocket money.
  • Save money and invest them somewhere. You should invest in mutual funds according to your age, risk and saving.
  • You can make an FD or you deposit 500 to 1000 rupees in the bank every month. Your money will accumulate gradually and in a few years, your bank balance can be in millions.
  • If you are the only one, who is earning, then you buy term insurance. If you take it at a young age, then you will have to pay less premium. In the worst scenario, if something happens to you, your family will not be disturbed.
  • It is also necessary to take health insurance. Because sometimes when health worsens, you have to admit in the hospital, then all your savings are over. In such a situation, health insurance covers it.