Men are from Mars, women are from Venus, the fact remains that women and men do think and behave differently in many aspects of life, including those related to money and finance.
When it comes to money matters, women have financial circumstances and needs that differ from those of men. Unfortunately, many women in India take litle or no interest in their own financial planning. Whether it is a result of our culture, nurture, nature, or some combination of all, it is undiseriable.
Financial Planning Tips for Women :
- Take the steps to become educated about money and finance in both the broad sense and within your personal life. Be an informed and active part of your family’s finances and fiscal decisions.
- Invest in yourself. Too often, women don’t make real investments – buy a house, start retirement accounts, engage in serious financial planning and investing – while they are single or during their 20’s, 30’s or older ages.
- Question your spending motives. Don’t fall prey to emotional spending, to using shopping as a means of feeling better when experiencing a period of stress or of feeling down, or something more serious, such as depression. If there is an underlying issue, address it. You and your bank account will be better off.
- Budget like you really mean it.
- Recognize that the odds are that, as a woman, your overall earnings are likely to be less. Increase the percentage of your income that you save to offset that difference.
- Prepare for potentials that are unpleasant to consider, such as marital breakup and single parenthood. Do your best to have separate, private just in case savings.
- As a woman, you are likely to live longer than your spouse or partner. Be sure that your retirement planning reflects that likelihood.
For women, then, skilled money management includes taking such factors into account when making choices for today and when making plans for the future.