Women are multi-taskers and are capable of managing anything under the sun. But when it comes to financial planning, several modern women out there think that financial planning is a man’s job. With the changing times, modern Indian women must plan their finances, make the best out of their earnings, and not consider it a male domain concern.
Cleverly setting aside a small amount from your savings will prove fruitful to you in the long run. Precise planning would help you secure your family finances when you are on an unprecedented career break or cross something that’s a big budget off your bucket list.
This article is all about seven financial planning tips for Indian women. Let’s check what they are:
7 Financial Planning Tips for Indian Women
- Plan for Your Retirement
No matter if you are in a high paying job with a pension or have enough money in the present. It is imperative to have a robust retirement plan for yourself and not depend on others. Allot a reasonable budget for your retirement plan and invest in retirement plans like PPF or any other technique that will give you a monthly income on your retirement.
- Go for Risk-free Investments
Look for risk-free investments that help you plan for the future without having to worry about the security of your money. Thoughtful planning will help you retire like royalty without stressing much about the future when you aren’t working.
- Save Your Money
Allot a certain amount to your savings While you are preparing a budget for the household. The future is always uncertain. Doing curbs to additional expenses will help you cater for the protection. Invest your money in systematic investment plans or any other long term plans that will debit your money automatically. This commitment will force you to take the first step of money allotment every month if you have been procrastinating for a long time.
- Leverage Planning to Technology
Knowledge is wealth. Gather the knowledge regarding the best places to invest your spare change and use budgeting apps to understand how to budget effectively. This understanding will help you set aside your savings quickly. Leverage technology and google smart investment choices. There are plenty of articles out there that can help you invest in your wealth smartly.
- Plan Your Taxes
Thoughtful planning of taxes will help you save a certain amount for the future. There is a lot of tax leverage for women. Getting to know it will help you save up to 1.5 lakhs per year if you consider tax saving options seriously. Such small gestures are a lump sum in the long run. Ensure to gather thorough knowledge about your tax benefits and maximise it using all investments starting from insurance, Public Provident Fund, Sodexo food coupons and more. Understand all the bill reimbursements and reduce your tax liability.
- Try to Minimise Your Fixed Expenses
You can minimise your fixed expenses like house rent, travel, debts of higher interest rates etc. If you are paying house rent of around 15k, you can plan to get a housing loan of lower interest rates and use the money spent on monthly rent to pay off the EMI. If you have multiple debts and credit card bills to pay, you can easily take a cheaper personal loan and consolidate the debts into one to reduce your cumulative interest rates. You can also get loan for women to full fill all your dreams.
- Take the First Step
You are halfway there if you make up your mind. Take charge of your finances and allocate a budget to take control of your life. Financial planning is crucial for every woman out there, regardless of which part of their world. Whether you are a full-time working homemaker or a working woman, it is imperative to secure your future irrespective of the present.
Why wait? Let’s make the change from “Live Life King Size” to “Live Life Queen Size“! Follow these tips to invest your hard in less risky domains and reap the benefits.