This International Women’s Day, as the world gears up to celebrate the contribution of women in shaping the society, we thought of doing our bit too. However, while doing our research, we realised that numerous women, be it a mother, wife, partner or a single woman, are still dependent on the men of their family for financial planning.
As a friendly financial advisor, it’s our duty to make more women aware of the ways to reach their financial goals. So, this Women’s Day, let’s pledge to feel more empowered and be more financially independent. Take a step closer to financial freedom through financial planning. Read on to know how to get started!
Financial Planning is the process of managing your income and expenses to reach your financial and life goals. It involves identifying your monetary goals, creating an expense budget and allocating money for saving and investing.
In simple words, it’s a map of your financial evolution from your current financial state to where you want to reach a few years down the line. Having a clear plan will help you understand the amount you can save and invest and the amount you need for daily expenses. Financial planning helps create financial discipline and prepares you for any situation.
Women have shown tremendous leadership acumen in every field in the recent past. But, when it comes to wealth management, women still tend to take a backseat, though that trend is changing now. We have seen so many women transform from being savers to wealth accumulators, and rightfully so. Financial planning is important for women because it provides long-term financial security, gives them the confidence to make life decisions and enables them to be independent.
Yes, easier said than done. But getting started is important too. If you are not sure how to, the following tips could be of tremendous help.
There are free financial planning apps that can help you track down your expenses and give you a heads-up. Apps like Mint, Pear Budget, Level Money, etc. help track expenses. A few apps can also set a spending limit for a user so that the person doesn’t exceed the spending budget. A PPF account or Fixed deposit is still an investing instrument and can help provide tax-saving benefits. Navi Mutual Fund can also help you get started with investing in Mutual Funds in easy steps.
There’s no right time to start financial planning. It’s never too late either. Being financially independent and secure plays an important role in the choices you make at every stage of your life. Use the tips for financial planning for women and work towards growing your wealth and living a fulfilled life.
Before you go…