Financial Planning for women: Here are 5 tips to make your future economically fulfilling

Though women from all walks of life aim to be earning members of the family, however, they usually take a backseat when discussing investments for the family.

Financial planning and investment is still largely a male bastion in India. (Image: AFP)

Financial independence is crucially important for women

By the time you get your first paycheck, set financial goals

First ten years of earning will make a huge difference

Financial Planning for women: Women today want to be independent – be it financially or in any other aspect, they wish to live life on their own terms. Financial independence is crucial to be truly empowered or independent in taking decisions and living your dream life. Though women from all walks of life aim to be earning members of the family, however, they usually take a backseat when discussing investments for the family. Even when we are living in the 21st century, financial planning and investment is still largely a male bastion in India. Emergencies and relationship failures can flip life upside down anytime for anyone. And that is where finances count the most to move ahead in life. Here are five things every woman must know to do her Financial Planning well so that when the sky comes falling, they know how to protect themselves, or if everything falls well in place, they have a financially fulfilling future, any which way! 1. Set Financial Goals By the time you get your first paycheck, set financial goals. This is the first step towards financial freedom. Whether you are married or not, you must have financial goals for yourself regardless of your marital status. Know your company’s pay scales, incentives, what competitors are paying, and progress your career accordingly to accomplish your financial goals. 2. Spend but do not become Spendthrift Women can easily give-in to buying unmindfully during EOSS, Black Friday Sales, and so on. It is good to spend but mind that you do not become a spendthrift and part ways with your money goals. Your first ten years of earning will make a huge difference in wealth accumulation for your lifetime. 3. Invest not Save Saving money doesn’t multiply money, the way Investing in various funds and schemes does. Do not let your money sit idle in your savings bank account due to lack of knowledge of investment planning. Take help from a financial advisor and prudently invest in liquid as well as long term investment instruments. 4. Actively Participate Your investment conversations should not have you like a dormant partner or a spectator. Always keep in mind that you work very hard to earn the money you earn, to create work-life balance, and all that you do for your family. Sparing time to understand various investment options and being active in financial planning is as important as other aspects of your life. 5. In Your Name Lastly, ensure that your money is invested in Your Name. Nobody should be able to convince you to invest your earned money in buying immovable, or movable assets, in any name other than yours. You may agree to co-own things but your name should never be left out of the financial papers drawn on your finances. However, never let money get to your head. Aim High, but Stay Grounded!

Published at : 07 Mar 2019 11:24 AM (IST)

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