Women are the strongest part of any family and have a better finance management skill. No one can deny the fact that women have better savings skill than men. Whether a lady is hitched or not but It’s essential that she can take her own responsibility and when required she should have the capacity to help her family as well. Money issues for a woman are somewhat different from men. Women need to take different breaks from their career. First, they need to change their job after marriage as they may need to migrate to another place, and getting a new job may take some time. They need to take maternity leave and have to discontinue they job and career. Hence, it becomes more important for women to save some from whatever they earn as well as they need to have some investment which can help them in their financial tough time.
Even when a woman is a housewife, she saves a certain amount of money every week from the household expenses. She might invest this money in purchasing gold ornaments for herself or hand it over to their husbands when they are in financial needs. Whereas her husband though, actively invests in mutual funds, stock markets and manages other investments too. Time is unpredictable and it may happen that her husband is no more around her. For situations like this, she must have her own finances, savings, and investment so that she can take care of her family at that time.
Top 4 Investment Tips for Women to Start Their Financial Journey
- Educate Yourself
To start the financial journey it’s important to have the basic knowledge at least. If you start it without any knowledge you will never get good results and maybe it can result in your loss. A journey begins with a single step of reading and learning about financial instruments and schemes available in the market. There are various finance management apps, personal finance workshops and courses and communities available online and offline both paid and free of cost. Choose whichever you like and start learning. Educating yourself and start managing your finances in an efficient way. When you will learn about all these you will have a better idea of where to invest and where not to.
- Set Your Financial Goals
Setting your financial goals is also an important thing. Decide what you need in your near future and future to have a financially stable and healthy life. Your goals should start with short-term financial goals such as planning your finances for a vacation with your family, this can further be enhanced with your children’s higher education, wedding and planning your finances for life after retirement.
- Create Your Investment Plan
Once you decide and set your financial goals it becomes easy for you to start your move in order to achieve your goals. The second thing required after your setting your goals is an investment plan.
First set your monthly budget, save some for emergency funds and after this decide – how much money you have to invest and where? First, start with low-risk investment and think in the way that how to make your money work for you to achieve your financial goals. Investment plan provides guidelines that can help you organize your funds.
- Have Insurance and Then Think About Growing Your Investment
Insurances are very important as they are an investment which provides you returns in the future as well as provides cover to you and your family. The biggest mistakes most of the Indian women often make is ignoring insurance. They often think they are not as important as the male members and hence ignore the insurance. Women are higher life expectancy and greater incidence of lifestyle diseases, and hence they need to be protected and covered. In most of the Indian family, women don’t have a separate life cover or any insurance. And if they have they have a joint policy with their husband or parents. Don’t be a dependent one! Have an insurance, whether it be a term insurance, health insurance or life insurance. This will not only cover you and your family but, it can also help you to save some on your taxes if you are a working professional.
When you are done with the insurance, plan to grow your investment. Investment in gold, SIPs, mutual funds, equities are really worth to grow your money. If you are getting it difficult to understand these terms attend some workshop, go through online articles on personal finance, mutual funds and all. If still confused go to a financial advisor and get the subsections.
The above written is just an outline of how to start your financial journey – it’s only you how can take the steps and work on your finance management and investments. Start with small steps and move ahead, this will surely lead to a financially safe and secure future for you and your family.