When handling money, there has always been a perception that women don’t like to or are unable to manage their finances, investments and taxes independently. However, this situation has changed over the years and women are now actively participating in money-related decisions. Women in India constantly battle work-life balance and harmony. So, it’s necessary to acknowledge that several Indian women have to often make career and finance-related choices in their lives.
A big transition like marriage can have a huge impact on a woman's financial stability. As her role and responsibilities go through a major shift. While on the other hand, women who have so far been financially independent have to deal with a feeling of some sort of dependence, Indian women who are entirely dependent on their spouses continue to face decision-making hurdles in their household. All women at some point in life have to learn to manage and overcome these financial hurdles in one way or another.
Here are some tips to manage finances that can help Indian women plan and secure their finances independently.
One of the first tips for Indian woman is to ensure their financial security, you need to have a personal safety net around you, regardless of whether you’re single or married. Saving up some money aside helps cope with rainy days. Indian women are capable of saving. But in reality, women are way behind when it comes to their retirement savings. Many of them haven’t even thought about it. But it is the best interest of a woman to take these decisions and start saving. Making a proper plan to save more money and implementing it is a sure-shot way to manage your finances.
Indian women are selfless, they put themselves at the end of priority lists. This fades away the idea of making better financial decisions and reaching those financial goals. Setting specific financial goals and ambitions for yourself is quite important. Once you list down your goals, the next step is to prioritize them. It’s also crucial to figure out how long your financial goals are, you can calculate according to the present day and the time you want to reach your target.
You need to keep a track on your expenses because doing so will make you well aware of your unnecessary spending and what can be avoided the next time you swipe that card when on a shopping spree. Setting a monthly budget will ensure you don’t overspend. You need to pay all credit card and utility bills on time. Your first priority should be clearing out rent payments, newspapers, groceries, electricity bills, etc. Paying all such high priority bills on time is a good habit, this also gives you a clear idea of your monthly expenses and how much you are left with as personal savings.
It’s always a good idea to keep an emergency fund for you. This will prepare you for any unforeseen financial emergency caused to you or your loved one. This kind of funds will help you in case of an accident or medical emergencies. Also, before investing in health insurance, you need to make sure you have a few months’ worth of expenses saved in an emergency fund to help you when you really need it. Make sure to keep it liquid to ensure that you can always get to your money quickly.
Understanding the stock market is not so easy, just keeping the money in a savings account will not let you fulfil your goals. You can explore other avenues like PPF, fixed deposits, equity and debt mutual funds. While consulting a financial advisor can be beneficial, your financial advisor will help you to understand the whereabouts of your money. Ensuring the best possible returns with minimum risk, and your portfolio can be reviewed every quarter or half-yearly.
This is for married women, you need to discuss your finances with your spouse on a daily basis. This way you both are aware of the expenses and are able to manage your monthly budget well. Good communication between spouses will lead to a better planning as a team. However, delegating financial security to a spouse, or significant other, or family makes women lose control over their financial knowledge. Allowing someone else to handle all of your financial matters will limit you from the financial knowledge you should have. Hence it's super important for you to discuss financial matters with your loved ones and be a part of the financial decisions.
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For a smooth loan repayment process, you can choose to repay the loan amount in easy EMIs. To calculate the number of monthly instalments you can take the help of an EMI personal loan calculator. All you need to do is enter the desired loan amount, the predetermined rate of interest and the fixed tenure of the loan. The complete personal loan application process is carried out online, hassle-free and requires minimal documentation. Once your personal loan gets approved you can have your loan amount disbursed within 24 hours.
Read more about Government Loan Schemes for Women
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