Women always take the lead when it comes to sharing responsibilities, but take a backseat when it has to deal with finances. Even this generation of working women depend on their father or other family members to decide about the investment.
There are many excuses which we hear why they don't take initiatives but one step towards financially literacy can help them be a better financial planner.
Working women juggling with family and work hardly find time to take financial decision and most of the time it so happens that the money will idle in the savings account.
Women who are better at multitasking can make their own financial decisions by following simple steps and making it a routine:
1) Understand your income, risk, goal
Understanding your income, risk and goal will help you figure out which is the best suitable investment considering all your needs.
2) Make a budget
Making a budget and spending accordingly will help you in disciplined investment. Save more and spend less and invest wisely.
3) Start with vanilla Products
One can start with simple products like fixed deposits, women with higher tax slabs can consider tax saving fixed deposits, PPF, recurring deposits, tax free bonds.
4) Products with returns
Once you are comfortable with finance gradually move to riskier products like equities, equity MFs, SIPs, etc. Married women can consider few riskier investment as there will be another income from spouse.
5) Retirement and Insurance
Retirement planning and insurance is a must for any individual as it will take care of financial need when needed the most.
If you have a decent income and if your most of the most is lying idle it is better to take a help of financial advisor who can guide you and help you choose a better product.
It is always a better idea to gain knowledge and that can only be done through beginning the practice of placing money in financial assets. Over a period of time, you would find in interesting, though initially you may lack the knowledge. It would not only inculcate values of saving, but also build a decent corpus in old age.