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Finance

Money & Honey: Simple Ways For Young Women To Manage Their Money Better

So this women's day, we hope that these small investment tips can play a huge role in your life
Money & Honey: Simple Ways For Young Women To Manage Their Money Better
Image credit: Shutterstock
Founder & CEO of ETMoney
3 min read
Opinions expressed by Entrepreneur contributors are their own.

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Gone are those days when men were expected to be the financial head of the family. Women today are constantly striving to prove themselves in every field. But, when it comes to making financial decisions, women rarely take an initiative. More often than not, they rely on other members of the family, maybe their husband or father to make investment choices for them. However, things are slowly changing. Today's generation of independent and working women have made enormous strides in their professional and personal lives. With careful financial planning, you too can plan for the future while enjoying your present.

Here are some financial tips for you to secure your financial future

Know Your Income and Expenses:

Your first step towards financial independence starts with setting up a realistic budget, your budget is your financial to-do list and helps you get a stronghold on what’s coming in and what’s going out. You can then work it around to address your financial goals like a sizeable retirement kitty or buying a house.

Along with, it is important to create an emergency fund for rainy days like an unexpected lay-off, medical uncertainties of your ageing parents and so forth. These should definitely be in your list.

Get a Term Insurance:

Every working woman should ensure that they have taken adequate life cover to safeguard their financial dependents against any eventualities of life. Term plan here fits in providing the best adequate life cover. It acts as an instrument for income replacement at the time of need. The moment one starts earning and has financial dependents, it becomes extremely important to get insured. It may be a good option for single working women to purchase term life cover at an early age as the premium for a term insurance increases if bought later.

Beat the Medical Emergency With Health Insurance:

The role of modern women is changing and with this change, women also face increased risk to health issues.

Getting a health insurance plan here becomes extremely critical as it provides financial support against any sort of medical exigency and protects from those huge medical bills which can make a deep dent to the pocket.

Apart from giving you a health cover, having a medical health insurance plan also provides you with the advantage of tax-saving under Section 80D of the Income Tax Act, 1961.

Start Early for Your Retirement:

Retirement planning is one of the most important life goals for any family. In fact, spending and saving pattern of woman and men are different. Therefore, retirement planning for a woman is actually more important than it is for man.

One of the best approaches for retirement saving for a working woman is to start a systematic investment plan (SIP) in a mutual fund scheme. A SIP can be started with as low as Rs 100 per month. So, you do not need to wait to have a sufficient amount to start your investment.

In other words, you can start investing in mutual funds from an early stage in your career. By starting early, you give yourself more time to achieve your financial goals. It is worthwhile mentioning that, time plays a crucial role in your investments. The sooner you start, the more certain you can be of realising all your dreams.

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