Every women should design her financial future in such a way that even in times of a financial crisis she would be able to manage manage without much financial difficulty.
Women are known to better manager finances and can be more frugal at times. The problem, however lies in investing the saved money. Even now, financial decisions are taken by male family members.
Women are the one who suffer the most in case of divorce or death of the person whom they are dependent on. So, women should understand finance in such a way that they should be able to handle any financial crisis smartly. Here are some investment avenues which can be considered for investment.
Being financially independent and enjoying this freedom is every women's right. Here are few steps which women should consider:
Understand Cash Flows
It is nothing but knowing from where your money is coming from and where it goes.
Tracking all your bank accounts. If you are frequent user of debit and credit card, it is easy to know where the money is going.
Tracking your investments
Keeping track your portfolio yourself as this is a better option then leaving it to your advisor or any other person.
It is your money and you know the right thing to do with it. However, one can seek advise in case of need.
Set a Financial Goal
This is where most of the women fail, as they do not have any financial goals. Set a budget for each category such as how much you should pay, how to lower taxes, insurance or fees, if any.
Financial goal can be retirement, vacation or even an emergency fund.
Avoid unnecessary expenditure
Save more and avoid unnecessary expenditure which can be of no use. First, set aside a monthly savings amount and rest amount you can use accordingly.
One can prefer automatic Recurring Deposit or can give standing instruction to bank to book FD after your account reaches a stipulated amount.
Let the money work for you. Don't just keep your money ideal, make a wise investment from that so that you earn interest or dividend from the investment.
Consider inflation and choose the product so that you don't end up with less money than invested. Consult a financial advisor if needed.
Reading does help, try to get in touch with financial books and news site.
Being aware about the financial environment will definitely help you in making wise decisions.