We
see women leading at all possible fronts. They are more informed, educated and
are confident enough to make their own decisions. They are masters of
multi-tasking with juggling their careers and households at the same time.
Financial planning is one such area which often takes a back seat in a woman’s
life. When it comes to global financial literacy, 70% of
women are illiterate compared with 65% of men. In
India, the gap is wider, with 80% of women compared with
73% men, according to the Standard & Poor's Ratings Services Global Financial
Literacy Survey 2015.
Financial planning is a critical aspect for them to reach their personal
as well as professional goals, without being dependent on anyone.
Financial planning is not a rocket science, It is more down to habit and
careful management of your hard-earned money. Because of the limited exposure,
women previously were not aware of the simple ways that contributed in
successfully managing the finances.
Today, one way to tackle this is by becoming financial literate. Taking
more interest in the subject and being aware about the basic things that build
a solid financial foundation. One can read books, finance magazines, news etc.
to keep themselves updated about the latest trends in the domain.
Explore internet!
Reading online content related about personal finance can be a great way to
start learning about financial planning. There are several online websites that
provide detailed answers to basic queries related to personal finance.
For a working woman, her salary usually sits idle in the savings account. With
the help of sound financial planning and investments, that money can generate
great returns over the course of time Generally, investments and other
financial Investing in today’s time has become extremely easy. It is now
almost paperless and hassle-free and there are so many different options
available for investment.
One such option to invest the money is investing in mutual funds. Mutual funds
offer a broad range of investment options and is highly flexible in nature.
Investing in SIP is the best way to save money as well as generate good
returns. On the other hand, for a housewife, a simple SIP of INR 500 can
turn out to be beneficial after considerable time.
Thus, it is high time for all the women to take active role in financial
planning and take complete control of their finances. It is the first step
towards achieving that coveted financial independence.
Women have made the remarkable strides over time to become the most
powerful consumers and gain social and professional positions.
However, they still experience too many demands on their time and money.
They are constantly juggling priorities at home and at work, all while
maintaining social lives. They shape the future of the nation, but many pay
little attention to combating their personal financial challenges through life
and into retirement.
Financial education about money management, investing, and protecting are not
always offered at school or available at home. They are left for each person to
experience. This information is stumbled upon in many cases, but women learn
valuable life lessons through the process while desiring a safe financial
passage.
Here are few tips to choose from or complete, depending on where you are in
your financial cycle:
• Reconsider your relationship with money
• Reset your financial goals
• Prepare a budget and keep pertinent records
• Understand your tax obligations and benefits & think of
how to increase your take-home income lawfully
• Eliminate debt for the purpose of living with financial security.
• Create emergency fund and use it wisely.
• Establish a saving methodology for each goal
• Always keep health and other insurances active.
• Establish a personal retirement account in addition to a
workplace retirement account
• Create an emergency financial kit & keep all
documents up to date
It is critical for every woman to advocate on behalf of all women by discussing
issues and topics related to women's lives and happiness. Here is a list of
topics that women could collectively champion:
• To receive the pay they deserve for equal work opportunities and
conditions
• To receive adequate and affordable child and elderly care by
remaining in the workforce
• To have access to flexible work schedules and paid family
leaves.
• To receive support through expanded tax credits to meet the
cost of raising a family
• To strengthen social security benefits.