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Dealing with your own finances is something that women still think is a tough task. However, with these tips, managing your finances becomes easy!
Though Indian women are making strides in different facets of life to break stereotypes, many still are not confident to handle their finances.
They are earning money but are unsure of how to invest and manage their earnings. Generally, they depend on men in their lives to manage finances. It is time for them to break free and set off on the path to financial independence.
Read about personal finance. There are many blogs and websites on personal finance that give a lot of information on budgeting, investments and financial planning.
Plus, there also are a number of books that teach you a lot about personal finance. ‘Rich Dad, Poor Dad‘ is a good book if you are completely new to managing finances. ‘The Millionaire Next Door‘ and ‘One Page Financial Plan‘ are other good books on personal finance.
If you know, you are going the right way. But if not, do make an effort to understand your financial life. Make a budget to find out how much money you are spending and what you are spending on. The results may surprise you!
You might be saving a lot of money or you may be spending money on a lot of unnecessary things! There are many investment options that allow to increase savings, grow your wealth and save taxes. Utilise these options efficiently.
We all have dreams and goals. Shweta wanted to set up an interior design firm for commercial spaces. Ritika wanted to travel to Norway with her parents to see the Northern Lights. These dreams and goals require money.
If you set them as financial goals with information regarding money required, timeline and other factors; you will be able to objectively assess what is possible and how you can make it possible.
You do not need a lot of money to invest. Set apart a certain sum of your salary to invest and then spend the rest. There are various options to invest – Fixed Deposits, Bonds, Mutual Funds, Equity, and Real Estate. Start by putting money in Fixed Deposits and Mutual Funds regularly.
You have to invest –
If you have people who are financially dependent on you, it is imperative to take a term plan. It will provide them financial security when you are not around.
We all know how expensive medical care is. Take a medical insurance plan that will cover you and your loved ones. In the time of physical and mental anguish, it will be a relief to know that the finances are taken care of.
Managing your financial life does take time, understanding and effort. But with some learning and the right attitude, you can be in charge of your own financial life.
Believe me, with that, you will feel truly independent.
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Vidya is a freelance content developer and technical writer. She loves to write on personal
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