Women all these days are very active and aware about what’s good or bad for them. They have shown their capabilities in various spheres of life. They have gained success in framing that they are no less than anyone. They are on the peak, heading top MNC’s globally or by representing Olympics, they are leaving no stone upturn in this world. However, when it comes to managing finance, here they are believed to depend on their father or spouse. They need to break this old practice and have to start a new way of dealing with finance as well. In this blog, we are going to discuss how financial planning for women can be beneficial.
The very first thing that women need to understand is to feel confident about your financial planning. It’s good to take a suggestion from people who are investing money, but the final decision must be of your only. We often mislead the concept of being financially independent. We have understood this that financial independence is not only about saving or investing money, it also empowers you, boost your confidence. Do a proper study about your investments and understand how and from where you can save money.
This is another important thing, financial independence gives freedom to manage uncertain situations like emergencies. There come moments in life when nothing goes right and you need to invest in situations which were not in your plan. For such cases Always maintain your emergency fund.
There is a difference between investment and saving. Saving may come out with a lump sum amount of profit. But when you invest there is a probability of getting better profit. Don’t follow the same saving process; invest your hard earned money at multiple schemes like PPF, NSC, Kisan Vikas Patra, Recurring Deposit, Fixed Deposit or mutual fund.
Yes, why we save, we save so that we live happily after retirement. So always keep your plan according to your retirement. Once you get to retire there come a time when you receive a handful salary as a comparison to your full-time job. So don’t ruin your old age by making a wrong decision during young age. Make sure you save enough for your retirement so that you can lead a good and happy life.
Another appropriate move of financial planning is health and life insurance. Such insurance provides security and also keep your investment plan agile. Also, it ’s an important move for securing your family from all uncertainties. There is a term insurance that provides a good return and buying Term insurance before 30 is beneficial.