Investment is necessary irrespective of gender. And nowadays, women are becoming more finance conscious than before. Having sound personal finance is the primary concern of working with any working woman. The days had gone when women used to think that the husband’s salary is the sole earning source. Moreover, working women are more systematic to frame personal finance well. So, it is a good time to discuss some useful personal finance advice for working women in India.
Do not skip to invest in insurance
Insurances are one of the most significant milestones for well-constructed personal finance. Some working women might consider it is a negligible factor. But she must understand about the safety of her life. Life insurance is a must-have financial step in any woman’s financial journey. You should also judge other factors like a car, home, or any other stuff for protecting with any general insurance. Never neglect the long term value of authentic insurance.
Stop depending on other’s bank account
Some working women tend to use the husband’s or father’s bank account to deposit money. But you must understand the value of your earning. If you do not segregate your monthly income every month, you will be unable to do it after some years of working.
Self-educate on personal finance
As a young woman, you should start to save early for a better future. If you want to self-educate yourself, choose some best books on personal finance advice. There are many like Rich Dad Poor Dad, Retire Rich: Invest Rs.40 a Day, and so on. These books will make your wiser before starting any financial journey.
Build an emergency fund for you
Being a working woman, you must know that if you stop working, earning will stop too. In the future, you might have to stop working for a few days or months for personal issues. At that time, you will feel a need for money on an emergency basis. Personal finance advisors always suggest an emergency fund where you will invest every month. Then you will not have to depend on others even during bad days of life.
Invest in prospective careers
Self-improvement is the best way to upgrade earning. If you invest your money for a better course that can impart you a better job, do not hesitate to invest. It will revert better opportunities in the future. And your earning will increase too.
Stop investing too much in ‘gold.’
There is a tendency among Indian women to invest in gold. Indian economy considers gold as liquid money. But gold is not the best option to grow your personal finance. The market value keeps changing, and so does the amount of gold. So, do not go overboard while buying gold jewelry.
Take help from financial advisors
If you feel confused about finance, always seek professional advice from personal finance advisors. Their professionalism is the best thing to depend upon when it comes to financing management.
Do not let others operate your finance
Your income is your reward for the hard-working. So, do not allow others to control your hard-earned money. Be your operator of personal finance. Always keep your financial papers in secret places. And do not discuss financial planning with friends or relatives. Their lack of knowledge might misguide you.
Spend a little and save a lot
During your working years, you must learn how to spend a little and save a lot. It will reward you during your retired age.
Always go for an authentic retirement plan. It will secure your old age. Never depend on others during old age.
Opt for loans if needed
If you need a loan, start it early. Do not wait and waste your time. Opt for house building loans or education loans for anyone in the family at the early period of the job. Otherwise, the burden of interest will increase at the time of retirement.
Personal finance is an important thing to learn. Every working woman should know the basics of it. Otherwise, the hard-earned money will be messed up.