Many Indian women are breaking stereotypes by competing with men in the business world. Not only this, but there is also a good percentage of women who are actively working in different fields and earning decent money. Despite the financial independence, most of their financial decisions are majorly taken by their fathers or husbands. In today’s world, this practice needs to change.
Women have always been known for their efficiency when it comes to managing finances. Financial management for women is no different than men. In fact, in case of any financial crisis, women can secure a personal loan much faster and at a lower interest rate than that of men.
In this article, we will give you a quick rundown on some amazing financial advice for women.
1: Set Financial Goals
Whenever it comes to managing your finances efficiently, you need to start by setting short-term, mid-term and long-term financial goals. If you do not set specific goals, you might end up spending more than usual. In the end, you will be left with little to no money for unexpected financial emergencies. Ignoring your finances can even get you into debts, which will further leave you with no money to invest or save. This eventually disrupts your financial future.
2: Make a Budget
You need to start making monthly budgets and strictly stick to them. Keeping your future in mind, you must start spending less and save more money. Also, channelizing extra income that comes your way towards fulfilling your financial goals.
3: Build Emergency Funds
Contributing a certain amount from your monthly income towards an emergency fund can come handy during any unfortunate/unforeseen financial crisis. Moreover, you need to choose an instrument that offers good flexibility when it comes to money. Lastly, make sure that your emergency fund has at least six months’ expenses in it.
4: Investing More
Your investment choice depends on the risk you are ready to take. In case, you are averse to market volatility – invest in recurring deposit or a public provident fund. But if you happen to take money risk, you can consider investing in mutual funds.
If you are planning to invest in equity funds, make sure that you set aside an amount that you would not be needing in the next 3-5 years at least. This allows the amount to stay invested and earn above-average returns.
5: Avail Benefits from Government Schemes for Women
The Indian Government has schemes that provide financial help for women in need. Apart from easy-to-acquire personal loan benefits from banks and other financial institutes, our government has been actively helping women gain financial independence through specific types of business loans for women.
With plans like Sukanya Samridhi Yojna – launched for the welfare of the girl child – you can deposit maximum INR 150000 annually and earn a fixed return of 8.60%. Moreover, it has triple tax exemption benefits under Section 80C – wherein no tax is applicable on the amount invested, the amount earned through interest and amount withdrew.
The Bottom Line
Many loan opportunities are available for women applicants – wherein they can avail low-interest rates. If you are looking for a personal loan, you can get in touch with Finserv MARKETS. You can benefit from features like low EMI, bespoke loan solutions, minimal documentation and much more.
The loan application is approved in under 3 minutes and the loan amount is credited in your bank account within 24 hours.
What else do you want? Apply for Bajaj Finserv Personal Loan with Finserv MARKETS, today!
Read more about Government Loan Schemes for Women
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