Hey Woman! Time to Take Care of Your Money

There are many different things that women should be concerned about when it comes to their finances. This is especially true in this day and age when the conditions in the financial sector are changing so much.

The LXME Survey 2020 found that 66% of unmarried women claim they don’t make financial decisions independently, and 28% rely on their dads. The percentage increased to 69% for married women.

Women have different income-earning patterns, investing styles, and financial aspirations than their male family members.

For the same work, women may earn less than their male counterparts. While few studies in India focused on the wage difference between men and women, studies in the United States have found that women earn 20% less than males for the same work. As a result, their contribution to savings and their retirement fund may be less than men.

Women also take professional pauses to raise children and care for the elderly. During these breaks, women may have to stop investing their money in investment options. Furthermore, when they return to work, they may be paid less.

For these reasons, women must take control of their finances. This blog will go through some of the most important things that women need to know when it comes to their finances.

In this article, we will see how women can take charge of their finances at different stages of their life.

Single women

As a woman, you need to focus on your finances as soon as possible. It would be best to start investing after you start working. It is still not too late either if you have been working for some time.

But first thing first. Make sure you have at least six months’ worth of expenses in a savings account or liquid mutual funds set aside for emergencies.

Then you can take invest in equities for your long-term goals since you have time on your hands. One important financial goal is building retirement savings. To attain your long-term objectives, you might invest in equity mutual funds using a Systematic Investment Plan (SIP). You can invest in short-term debt funds for short-term goals of 3 to 6 months.

Don’t forget about insurance. Women in their 30s and 40s should prioritise their health and get a health insurance plan that meets their requirements.

Women with Income

If you are married and have kids, you and your spouse can meet with a financial planner to manage family finances together. During this time, you may focus on your children’s schooling and co-owning a home with your husband, but don’t forget to save for your retirement. You can start earmarking a certain percentage of your income towards retirement. You may go increasing.

It’s also crucial to get life insurance coverage. Purchasing life insurance ensures that your family is financially secure. This will ensure that it does not jeopardise the lives of your loved ones. The earlier you get life insurance, the cheaper it will be. This will also help save tax.

Indian women are fond of gold. Suppose you are looking at gold jewellery as an investment. In such a scenario, you may put your money into a gold mutual fund, gold exchange-traded fund, or sovereign gold bonds that track gold prices. It is a paper-based way to invest in gold without the drawbacks of physical gold.

Homemaker

Even if you don’t have a source of money, your spouse should involve you in the financial aspects of your life. It’s critical to be aware of your husband’s insurance and other facts. Also, please double-check that you are listed as the beneficiary on his insurance plans and other investments. Understand what you need to do when he is not around. It may be a difficult discussion, but it is necessary for you and your children.

You may be already saving money from your monthly family budget. But also, don’t forget about your financial objectives, such as retirement. Because women live longer than their male counterparts, you must plan for your old age if you want to live a decent life.

Conclusion:

 It is time that women take charge of their financial life. Women’s life experiences differ substantially from those of males. So, it is natural that their investment styles may vary from their male family members. We hope these suggestions will assist you in navigating your financial life, whether you are a young single professional or a stay-at-home mom.

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