Six Financial Planning Tips To Help Women Save Better
A woman, at any stage of her life, should be very serious with her finances. Whether you are a working woman or a homemaker, today you have myriad responsibilities and like any other human being, an uncertain future. The best way to combat the misery of an unpredictable future is to plan. When a woman is financially secure, she becomes more confident and independent. Managing one’s finances is not a rocket-science, all that is required is mindful planning and a tight-grip on the expense vs. the income graph.
Here are six tips for all the women who want to become independent and take her decisions without the fear of being financially dependent.
When a woman is financially secure, she becomes more confident and independent.
A penny saved is a penny earned
An old saying but always holds especially in the case of earning and saving. Try to save as much as possible or at least do not waste on things which you do not need. Look for options like annual SALE or online shopping and never go on an impulsive shopping spree. Develop the habit of buying in bulk and avoid shopping from places which are well-known tourist places. When you save, it is as good as earning!
Do not, in any case, think that how saving a few thousand or even a few hundred will help. Start from saving a small portion of your salary, say 10%, and you will be surprised by the amount of money that you will save in a few years from now.
Choose multiple baskets
Yes, the key to saving is to invest in diverse saving options like RDs, FDs, MFs, SIPs, and Gold. The cumulative return from each will result in a huge saving.
Plan for the future
You know what your major expenses are in a year, like the school fees, insurance premiums, medical investment, etc. Always keep money aside to meet your major annual obligation, this will give you a lot of peace of mind, and you will never be short of money.
Always keep money aside to meet your major annual obligation, this will give you a lot of peace of mind, and you will never be short of money.
Keep a close look at interest rates
Seems unnatural, but it is true. To entice customers, a lot of banks and other loan providing companies offer lucrative schemes where you can avail loans at a lower interest rate thereby saving on your EMIs.
Inculcate the habit of saving in children
Make your children understand the importance of saving, this will help them in the future, and it will help you save a lot of money. Let there be a cheat day and allow them to spend on the things they want.
Saving, as said earlier, is not tricky as long as you are focused and keen to save. A mindful saving will make you financially strong, and you will enjoy your life more.