What kind of money personality are you?
A Penny saved is a penny earned
Money Matters
12
Globalisation has brought in a number of changes in society in the economic and social realms, in the wake of which, the role of women in the Indian society has undergone a tremendous change. They are no longer satisfied being confined to four corners of home and are actively pursuing a career and supporting not only themselves but also their families. With more and more of them at the helm, women are bidding goodbye to the outdated ways of doing things and are creating the kind of business and work culture that speaks to their needs and lifestyle.
While they are effectively doing all that, there is one field where we are lagging, i.e., the field of managing our finances.
Women are gifted with an ‘art of management’. They can manage their finances better, provided they are well conversed with the financial plans. It is important for them to start financial planning early and also to make these decisions prudently and not emotionally. Some of the financial tips are as follows:
Choosing best option to invest
It is not only important to invest, but also to choose your investment plans wisely. This stands true for everyone, not only women, but it is especially important in the case of women because they tend to have a longer life span. It is very important to start planning for retirement or for financial stability in the event of a partner's death.
Research and Plan: Take a financial advisor’s help is required.
Since the financial world is full of technical jargons and complexities, a thorough research before buying into a financial product, including considering factors like inflation, return on investments, market sentiments and taxes while planning your finances. Seek advice from an expert if needed, but eventually make the final decision on the basis of your judgement and thorough research. Plan, calculate and research before investing.
Take charge and make a budget: Make a budget that fits your requirement with ease and is flexible enough to accommodate needs with time. It is advisable to start as early as possible and select investment options which will also help you save in taxes.