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.
I have often read articles on women and finance. In times like the current, women and men dont have very differing financial situations. women today, are very self sufficient and indipendent. This means that they need to take care of thier money as well as men. It is important for women to understand this need rather than think that their options for personal finance management are any different from men. the onus to encourage and educate women is on finance professionals like us. Thus I feel am article on informing women on how they can budget rather than telling them plainly to budget is more impactful. tell them how to plan for retirement… and not just that they should plan for retirement.
Hi Smriti,
I completely agree with you. This article emphasizes the need for a woman to be financially literate.
Regarding "how-to" do financial planning, budgeting, retirement planning, tax planning, etc we have so many article on PersonalMoney.in, which are relevant for everyone (including Men as well as Women).
I acknowledge your suggestion and will try to link relevant articles from this one as well to help readers find them easily.
Thanks for your feedback.
Hi Shweta,
Its really important for a female to understand the value of savings of their earnings in future for themselves,for their kids and for the family as a whole,As women is considered to be a responsible person in the family and their sense of savings are much better than men in that concern women should be aware of a complete financial planning on their own instead of depending on their husbands so i would like to put a request you to publish the article specifically on 'Women can be the good financial planners' .
amazing tips thanks a lot for share. i think everyone need this specially womans