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.
Also Read: A Comprehensive Guide To Building Emergency Funds In 2022
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.
Also Read: 5 Best Money Making Habits That Can Make You Wealthier In 2022
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.
Types of Fixed Deposit in 2023 – Know Different Types of FDs and How to ChooseFixed deposits (FDs) are a popular investment option offered by banks and other financial instituti... Read More »
10 Best National Pension Schemes (NPS) in India in April 2023National Pension Scheme (NPS) is a retirement benefits scheme launched by the Government of India f... Read More »
National Pension Scheme (NPS) – How to Open NPS Account?National Pension Scheme or NPS is a voluntary contribution-based retirement benefits scheme introdu... Read More »
How to Open an NPS Account Online and Offline?National Pension Scheme The National Pension Scheme (NPS) is a voluntary retirement savings sche... Read More »
Mahila Samman Savings Certificate Scheme -Interest Rate, Benefits and EligibilityThe Mahila Samman Savings Certificates, a fixed-income investment programme explicitly launched for... Read More »
What is a Tax Saving FD – Interest Rates, Benefits, Features and CalculationDid you know that tax-saving FDs (fixed deposit) can help you save up to Rs.46,800 on taxes? Consid... Read More »
What is Fixed Deposit – Best FD Interest Rates, Calculations and How to Apply OnlineFixed deposits (FDs) are known to offer guaranteed returns - one of the reasons why they are so pop... Read More »
EPF Interest Rate 2023 – 8.15% FY 2022-23The Employee Provident Fund (EPF) is a Government-backed retirement savings scheme directed towards... Read More »
12 Best Investment Plans in India in April 2023 – Returns & BenefitsWorking extra hard to earn money? Great! But, how about making your money work as well? Yes, we are... Read More »
Sukanya Samriddhi Yojana: Bank Interest Rates and How to Open a SSY AccountHonourable Prime Minister Narendra Modi launched SSY (full form - Sukanya Samriddhi Yojana) as an i... Read More »
Senior Citizen Savings Scheme (SCSS) – Interest Rate 2023The Senior Citizen Savings Scheme is a government savings scheme launched for the senior citizens o... Read More »
List of GST State Codes and Jurisdiction 2023What is the GST State Code? GST state code is the first two digits of the number on the GS... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »