During this difficult time of Corona virus outbreak, how can we as women cope better and support each other? Check our special feed and learn more!

Hey Woman! Take Charge Of Your Finances Like A Pro!

Posted: September 12, 2019

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.

Become financially literate

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.

Get a snapshot of your finances

  • Do you know how much you spend and save every month?
  • How much money do you invest on a monthly basis?

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.

Set your financial goals

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.

Invest invest invest!

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 –

  • For Financial Security
  • For Retirement
  • To Achieve Your Financial Goals

Get insurance

  • Are you taking care of the financial needs of loved ones?
  • Do you have medical insurance?

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.

Image Source: Pixabay

Liked this post?

Register at Women's Web to get our weekly mailer and never miss out on our events, contests & best reads! Or - get a couple of really cool reads on your phone every day - click here to join our Telegram channel.

Women's Web is an open platform that publishes a diversity of views. Individual posts do not necessarily represent the platform's views and opinions at all times. If you have a complementary or differing point of view, sign up and start sharing your views too!

Vidya is a freelance content developer and technical writer. She loves to write on personal

Learn More

बच्चा होने के बाद - Motherhood And Career - How To Plan?

https://youtu.be/68c1UBS446Q

Comments

Share your thoughts! [Be civil. No personal attacks. Longer comment policy in our footer!]

Stay updated with our Weekly Newsletter or Daily Summary - or both!

Are You A Woman Working In India Inc?

""