An Indian woman is taught to be a master at multitasking from a very young age. Modern women today are successfully handling careers, homes and kids all at one time. Personal finance or budgeting, which was earlier considered as a man’s domain, is now being handled aptly by women either alone or in close co-ordination with their male counterparts. With security of life decreasing rapidly, we need to secure our finances against any emergencies and for brighter prospects and opportunities for our children.
Let’s take a look at certain smart moves she can make to secure her family’s future.
5. Saving For a Rainy Day
Indian women are taught the significance of saving from the time they get their first money bank. It is ingrained in her mind that saving now will make the prospects of her future brighter and ensure that her old age is comfortable. All women should save regularly and keep some amount safely tucked away for their own life. This is much easier said than done, as most of her lifetime is spent in keeping the family and husband ahead of her always. The earlier she starts the easier it will be for her to meet her targets.
Must do’s for a rainy day:
Single women should save at least 20% of their income.
Married women must have an independent savings account, without any joint holder.
Divorced women must ensure that all legal name changing formalities are done meticulously.
4. Be Open to Taking Risks for Bigger Gains
To keep your hard earned money safe is the right approach. But you must have clarity about making your savings grow in leaps and bounds or else it will have very little value in a few years. The mantra is to make your money work. Inflation is a deadly killer that will eat into your returns by the time they are ready to be harnessed. No doubt putting your money in a FD or a PPF are stable options, but with very little scope for growth.
Safest avenues for investment:
Invest in Gold ETF.
Go for Tax Free bonds.
3. Take Active Interest in Family Money Matters
Educated couples now share the responsibility of family budgeting and planning together. Women are no more limited to managing the monthly grocery bill only. Make a habit of sharing and making goals by consulting your spouse. Combined finances will always be more beneficial for the family. A woman must make an effort to be present at all matters related to the finances of the family so that even if she is a housewife, she has complete awareness of the planning and execution.
2. Make A Realistic Budget And Follow It Stringently
Savings will actually show in the pass book when the budget will be followed till the “t”. You will have to control your cravings and any bouts of unplanned spending will have to become a thing of the past. Teach your children to work within the limits too and be a good role model to them. When making the budget clearly outline the wants and the needs. Try and cut down on spending that can be avoided like clothes, eating out and other accessories. A credit card might look tempting in a mall, but remember a bill will follow soon. By sticking to your guns the pool will increase and let you achieve your targets.
1. Take expert advice when stuck
Matters related to moolah can be confusing and the options available in the market today mind boggling. Read all offer documents carefully, word by word and ask as many questions you like. Only when you are fully satisfied sign on the dotted line. If you still feel less confident ask for professional help. It could be anybody in the family or a well reputed broker or financial consultant. Take their guidance but don’t get dominated by their ideas, your family’s future is your top priority, trust your gut and only go for what sounds most convincing and beneficial. Know your fundamental rights and don let legal jargon push you into a corner.
What all Indian Women Should Know:
Under Hindu Succession (Amendment) Act, 2005, daughters have equal rights to ancestral property as sons.
Under the Equal Remuneration Act, 1976, no employer can pay a woman less salary compared to a man, for doing the same work.