Be it men or women, financial empowerment is the key to a flourishing life. Here are a few ideas to make finances more accessible, especially for women, by extending opportunities for financial independence.
Financial Literacy – Financial literacy is all about investing wisely, knowing how to manage your finances and keeping track of your expenses. Start educating yourself about different aspects of financial planning, concepts and practices. This will help you take wise decisions.
Financial Planning – Most women do not have a concrete financial plan and go with the stream throughout their lives. The first step to financial independence is to set a personalised goal and then create a plan to achieve it. Setting your retirement saving goal is equally important. Then finalise the investments that you feel comfortable with.
Find a Suitable Financial Advisor – It’s important to find an advisor you are comfortable confiding in. Make sure that the advisor listens to you and also understand your plans for the present as well as the future.
Tax Saving – Women have various avenues to maximise their savings and enhance investment returns. Investing in schemes such as Sukanya Samriddhi Yojana, PPF, and National Savings Certificate can help in tax deductions under the Income Tax Act.
Investments and Savings – Various investments such as mutual funds, real estate, stocks, and other government schemes can help women generate a passive income that can build wealth over time. Similarly, life insurance provides a much-needed safety net for dependents in the unfortunate event of the policy holder’s demise, ensuring that the loved ones are supported financially. Investing in health insurance can also save women from hefty medical bills.
Women deserve to feel well-equipped and confident while dealing with money matters as this can help them save more and plan better. By equipping women to take control of their finances, we will be able to create a more inclusive and prosperous society.
