Personal finance advice tailored for women

Societal expectations and pressures placed upon women in India can be detrimental to their independence and sense of self-value. Financial decisions may be influenced by the expectation that women place the needs of their families before their own. An example of a decision that can result in future financial strain is when women place a higher value on the education of their children rather than their retirement savings. Without neglecting the needs of their family, they must ensure that they are investing in themselves and their future. It can be difficult to overcome these obstacles, regardless of the marital status of a woman (single, married, or divorced).

Listed below are some suggestions for women that may assist them in achieving a more secure financial future:

• Allocate a budget :Construct an individualised budget in accordance with your objectives and the timeframes in which you intend to accomplish them, taking into account your monthly or yearly income. To commence, it is advisable to adhere to the 50-30-20 rule. 50% of your monthly paycheck should be designated for sustenance, 30% for savings and investments, and the remaining 20% for queen-size living.
• Setting up financial goals : Without first establishing financial objectives, it is impossible to commence the process of planning. Without a financial objective, it is also impossible to determine how much you must save or invest, regardless of whether your objectives are short-term or long-term. To establish a good corpus for yourself and your loved ones, you must also repay your debts on time.
• Starting the investment process :It is beneficial to utilise idle savings, particularly for investments. In the current economic climate, where everything is becoming more expensive, it is essential to amass wealth through investments. You must allocate your investments towards mutual funds or stocks in order to earn attractive interest rates on your returns.
• Managing your debts : A loan might be necessary in order to accomplish your milestones. Credit management is crucial, as excessive debt can result in catastrophic financial situations. It is imperative to settle your debt in the event that you possess an excess of cash.
• Opting for life insurance : The most fundamental and critical aspect of financial planning is safeguarding the lives of one's loved ones. In the event of your unavailability, life insurance gives financial protection to your children and other dependents. Therefore, insurance is equally essential for men and women, given that one cannot predict the future.
• Managing your taxes : Managing taxes annually is unquestionably challenging, but you must be aware of the amount of tax that you can potentially save. You, as a working woman, should be aware that under Section 80C of the Income Tax Act, salaried individuals are eligible for tax deductions of up to Rs 1.5 lakh per fiscal year. You can open a National Pension System (NPS), Public Provident Fund (PPF), or Equity-Linked Savings Scheme (ELSS) account to reduce your tax liability.
• Creation of an emergency fund : Establishing an emergency corpus is a component of financial planning that serves to manage unforeseen expenses for emergencies. It is recommended that you allocate a portion of your income towards savings in order to prevent financial strain.
• Put technology to use : There are numerous budgeting applications available today, including those that help you stay on track, reduce your debt, organise your investments, and even invest the spare change from your shopping excursions. Given that nearly everyone has access to a smartphone today, making use of technology can be extraordinarily advantageous.

Consider creating a will in addition to these financial measures to ensure that your loved ones are provided for, and your wishes are carried out in your absence. Always bear in mind that financial planning and literacy are crucial for every woman, irrespective of her marital status. Initiate financial management right now to establish a stable and gratifying future. Each day, be reminded of your tremendous fortitude, value, and strength. Keep this in mind as you commence your pursuit of financial autonomy: you are not alone. It is the right of each woman to flourish, achieve success, and ensure a future brimming with optimism and potential.

Let us commemorate your strength and tenacity. We should seize this opportunity to reclaim our financial destinies and establish a path towards a more promising future!