Happy international women’s day!!
Women are epitome of love, dedication, sacrifice,courage and dutifulness. They can create and nurture .
But, be it in any part of the world, women put their family, loved one’s and children above everything and give 100% towards them. In all this, they many a times ignore the very important aspect of financial literacy and education.
Not only a woman from remote parts of the country, but a lady working in big corporate can lag behind taking financial decisions on her own.
Either they are not able to dedicate time towards attaining required financial education or they simply do not prioritize.
When women of your house are busy taking care of you and family, this women’s day, lets take a plunge to take one step towards making them ‘financially literate’ and independent.
Lets see how-
Open a savings account in their name or have a joint one with spouse:
Operating a savings account introduces to financial transactions, rate of interest, deposits and withdrawals. Ladies from remote villages are lagging behind in having ‘saving account ‘of their own. Due to Jan-Dhan yojana, Bachat gat(self help groups) etc, situation in a country has changed to a great extent but still lot of work is needed in this direction.
If you come across any such group of ladies, then please help them opening account for them.
Its important to have one joint account with your spouse as well! This way you can initiate transactions together and can make investment decisions together. It will enhance a sense of security, responsibility and equality .
Read, understand and discuss about investments and personal finance:
Reading is a first step towards getting a knowledge about something. Knowledge is your weapon and no body can cheat you in any investment and financial transactions.
You can read more about investments, insurance, loans, different schemes for women launched by government.
You can read newspapers, books on personal finance, various blogs, journals etc. These are all ways of getting knowledge.
In your kitty party or any social gatherings, initiate this habit of discussions, group talks about personal finance, because sharing will only increase your own knowledge.
Fix goals for you and start investing towards them:
Being a lady of the house, women prioritize their family first. Though they are earning handsome money , they never prioritize to fix some goals for their own.
Some ladies don’t earn but manage all household expenses so well like a learned ‘money manager’. Here, also, though they are smart in money management, they fail to prioritize themselves.
So, dear women, please have some goals for you. you can fix a goal for your own retirement,or can plan a trip with your lady gang..
Whatever it may be, but fix it on the occasion of this women’s day and start investing towards it. Even if you don’t want to set any goals, please start at least one investment for your own.
Even with Rs 500 a month, you can start ‘systematic investment plan’ in a suitable mutual fund for you. When you invest right, you can get maximum out of it. Progress of your SIP, you can view on your own mobile phone also. But, its important to Start!
Understand the difference between Savings, Insurance and Investments:
Savings, insurance and investments are important pillars of personal finance. Many a times, people mix match them, and fail to get their potential .
Dear ladies, please understand the difference between these three.
‘Savings’ means nothing but, a money that you deliberately save from your income or monthly expenses, at the end of month. You can find these ‘savings’ right from a rice or sugar container in a kitchen to savings account!
Well, these savings can not earn you returns more than inflation.
To beat inflation and to achieve your short /long term goals, you need to ‘Invest’ those ‘savings’ in suitable investment instruments! There are various investment instruments available, like bank FD, mutual funds, tax free bonds, NCDs, etc.
You should invest as per your risk appetite, goals and investment tenure. When you read and understand more about personal finance, you can be able to choose right investment for you.
Unlike savings and investments, ‘insurance’ is for protection. Here, ‘life insurance’ lets dependents of the insured to be financially self sufficient after his/her death. Life insurance cover will make them maintain their financial independence and standard of living. When it comes to life insurance, you must apply for ‘Term insurance’.
Along with term insurance,’health insurance’ is equally important. Women are prone to many deceases. They many a times fail to take care of their own health. When they fall ill, rising cost of medications and hospitalization make them worry.
So, dear ladies, for you and your family, please have ‘health insurance cover’ under a family floater plan.
Please read and understand all details about any investment and insurance. Never mix them both, but have them separately in a right way.
Take part in financial decisions of family and get knowledge about it:
Many households in villages and big cities too, many a times don’t involve or prioritize involvement of women of the house in financial decisions of a family. Though , they earn or not, its time to change!
Women must know all bank a/c details of a spouse, all investments done, loans taken, insurance policies , nominees of all investments, assets, insurance etc., contact details of relationship managers, accountants if any.
This will bring family more closer and increase a sense of belonging and equality in women.
This women’s day, decide and implement this in your family. This will lead to change in other families too.
Be financially dependent and continue being at it:
Every woman must be financially independent. This a calling of changing times.
Due to affluent status of family, or sometimes due to responsibilities, women are not able to work and earn. But, to be financially independent, its not required to work full time.
You can start your small business or a profession like taking tuition, in your free time.
Government has launched many schemes like ‘Mudra yojana’ which can financially support women entrepreneurs too for their small businesses. Here, you can convert your hobby into a business e.g. tailoring, artwork,etc.
So, there are many options to explore. You need to look at it, consider and take action on being financially independent and never loose that.
Knowledge leads us to wisdom! When women are leaving footprints in almost all leading fields these days, no single lady should be left behind in ‘financial education’ and ‘independence’!
Lets start today…….!