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4 Smart Ways To Help Women Manage Their Finances Independently Research Team | Posted On Monday, December 02,2019, 05:26 PM

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4 Smart Ways To Help Women Manage Their Finances Independently



Woman today are smart home-makers as well as efficient professionals. Nowadays woman doesn’t shy away from breaking any stereotypes and are ready to take control of their own finances. When it comes to money matters most women are keen to invest in instruments that will cater to fulfilling their financial goals. Listed-below are some smart ways to help you get started if you are a beginner in money-management:

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4 Smart Ways To Help Women Manage Their Finances Independently

Track Your Expenses and plan for it:   

With good income come greater expenses. Though it feels worthwhile to spend of experiences like a fancy dinner, travel experiences or expenses on fancy clothing, remember such expenses will cost you and will create a huge dent on your savings. Creating and maintaining a budget will allow you to track unwanted expenses and cut them down. This way you can also make some changes in your lifestyle while prioritizing savings.

You can start by listing various expenses like rent, groceries, utility and gas bills, EMIs and lifestyle expenses like a gym membership, entertainment spends etc. Also list your various income sources like your salary, rental income or income from a side hustle.

You may use the 50:30:20 methods while calculating how to save money. This budgeting rule mainly teaches you how much money you should save from your total monthly income. It states that you must denote 50% of your take-home salary towards your fixed expenses. Denote 30% of your take-home towards your lifestyle expenses and your flexible spends. Use the remaining amount 20% of your take-home salary towards your savings. Use it wisely according to your current financial situation and make adjustments accordingly.

See Also: Choosing a Financial Planner

Grow Your Money:

Saving money is a good practice but only saving and not investing is not wise. To keep up with inflation and adjust your returns accordingly you have to invest money in various investment instruments. Right investment products will help your money to grow and thus you will be able to build wealth in the long-run.

Write down on how you plan to achieve your goals by differentiating between your short-term and long-term goals. To meet your short-term goals, it is wise to invest in FDs, FMPs, post office deposits or debt funds. This way you can build emergency funds as well as create a corpus to meet your short-term goals.

For your long-term goals, you may try equity investments like SIP mutual funds or ELSS investments etc. For your long-term goals you may invest in market-linked instruments to take advantage of the market volatility to get high returns.

See Also: Who is a Financial Planner?

Have Dependents? Get Adequate Life Insurance:

Woman today are on par with men in every aspect of life. With more and more woman joining the workforce today, woman today are equal contributors when it comes to family finances and expenditures. Therefore a good term and health insurance are necessary for any earning member who contributes to the family income. This way you can protect self and your dependents against the uncertainties of life.

Traditionally, women have invested in physical gold and gold bullions. But such investments will not help you if a life or health risk arises. So be wise and take better investment decisions. A small premium payment will ensure you are protected from any unwanted suffering in future.

See Also: Financial Planning for Youngsters

Take Professional Help:

Don’t shy from getting professional help whenever in need. When it is about the health of your finances it is always wise to seek professional help. A financial expert can help you realise your investment potential and allow you to chalk out plans and strategies to implement them. A good financial advisor will draft a financial plan according to your risk-bearing abilities and devise plans based on your income, expenses and goals.

This way you will remain on a track, save yourself from financial mis-selling or buying of unnecessary investment products and can achieve your goals faster.

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