(Last Updated: April 9, 2019)
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10 Financial Planning Tips for Women

  • Financial planning is a  process which helps you to create structured and sensible decisions to help manage your finances better. This guides you to achieve finance and life goals by proper management of your finances.

    Financial planning is crucial for every individual. But , women tend to spend lesser time and energy on financial planning. When it comes to financial planning, women are either not aware, not interested or reluctant to do so. While general principles of financial planning remain the same for every one, women definitely face unique challenges here. This makes financial planning for women a different challenge in itself.

    Before we go to some financial planning tips for women, here are some reasons why you need to build a solid financial plan:

    • Live More.. Plan more :
      Women in general outlive men by almost 5 years though this gap is reducing now , which means there is a distinct probability that you would have to take care of your money  some time on your own even if you are married, so its important you start early

    • Higher Divorce Rates:  
      Divorce rates are steadily increasing in India, which means as marriages face some kind of martial discord, so it is important to ensure financial independence. If and when such circumstances arise, a proper financial planning will help avoid any kind of financial distress. You can create a financial safety net for you and your children.

    • Women earn less for the same job :
      There is enough data to show that on an average women earns less then men for the same job. Global research points out a wage gap of 15-20 % between women and men wages. How that gap gets reduced is a bigger question. But, it means women need to manage their money much better. Hence, there is need for better financial planning.

    • Women can manage everything better including money.
      There is enough research which says women are better managers then men 🙂 They are able to do multi-tasking better and also have long term view of things. All these seem to be great skills for doing good financial planning.

    So, ladies out there! Are you convinced that women have special requirement for financial planning? They should invest time and energy to create the same. I am sure after reading this, you'll be closer to creating a good financial plan. Go ahead and set a bright financial future for yourself and your family.

    Financial Planning Tips for Women:

    • Financial planning is for everyone, so take control of your finances.
    • Consolidate and review your accounts so that you can start the financial planning process.
    • Create a snapshot of your financial picture, which means summary of your income and expenses (which basically tell how much money comes and how much goes). Keep it detailed so that you do not miss anything. You can use any simple budgeting tool or a simple excel sheet.
    • Next step is to create an emergency fund , this help you to have enough money for a bad day like job loss or unforeseen financial obligations.
    • Let's talk money honey.. If you are married start a conversation with you husband on financial planning. It will always be better you go in sync and align your individual and joint goals. Build a consistent plan for the whole family.
    • Get Insured adequately, that's the most important step in your financial plan. You require both life insurance and health insurance. Check if you have the adequate cover. Check the cover your employee provides, and see if it is adequate. In general, you anyways require independent health cover because you will not have employee insurance cover forever.
    • Start working towards a retirement plan now. You need to start planning for your retirement right now. If you are married talk to your husband so that you can together create the plan again retirement planning. If done early, this helps you save much higher.
    • Hire a good financial planner or use a online service for financial planning.
    • Don't shy away from trying different investing alternatives as per your risk profile and investment horizons.
      Do you have any other useful financial tips in mind? Any experiences you would like to share.

  • Financial planning in the early age of a career can be really beneficial for the person, weather it is a men or women. The tips mentioned here could be useful for ladies who are career conscious and want to maintain their financial health. For the ultra high income one can consult financial planners too.

  • It is sad to see in this era that women don't get the same amount of respect as men. You can clearly in see in every field of life. Women work the same as man and they don't get paid equally. We all should stand for their rights. This could impact every one even our own families.

  • Nice information. I too believe that women can manage money well. A homemaker or a working woman, all should think about financial planning. Women should not ignore this important aspect of their life. Planning finances ahould be a topmost priority to lead a better and secured life ahead.

  • @sdadwal Yes, financial planning is really important for women in India. This part is mostly ignored or delayed. We should start planning for our retirement at young age. Small savings plus investments done today can help accumulate good amount to secure our future. So, ladies out there, you have performed extremely well in various fields. Don't ignore this crucial part of your life called financial planning 🙂

  • @vijaykapoor282 Yes, financial planning at early age is really beneficial. You have rightly pointed out. Anyone for that matter, who starts earning should think of investment planning at the earliest. This will give long term benefits.

  • @sdadwal Yes, gaining financial awareness and managing our finances needs to be of topmost priority. No doubt, women can control and manage monthly budget in a well-planned way. Financial planning is really important in these days. Rising inflation and increased cost of living certainly make it essential to plan right now.

  • @sdadwal Women surely need to take control of their finances. You pointed out right. Discussing financial things with spouse usually helps. I generally discuss my financial plans with my partner. We both are salaried and have separate accounts. We had to cut down some of our expenses to meet our housing goal. I am quite satisfied with my decision in doing so. We definitely realise the importance of financial planning.
    If single, then also a woman should learn to handle her finances well. It's not that difficult. If we can have monthly budget, cut our expenses and increase our savings, it will help.

  • Definitely, women have more ability to manage finances in a better way. However, the financial planning tips mentioned here are strong enough for those females who're serving any organization. To attain optimum return over their investment, they do require a guidance from certified financial planner.

  • @sdadwal Financial planning is essential for all. The simplest way is to firstly keep a track of your expenses. We can maintain an excel sheet or use a good expense recording software. This way we know what monthly expenses we actually incur. Cutting down expenses and moving towards savings and investing will surely help us.

  • I feel financial planning is important for all. The cost of living is so high. Even if we try to live a simple life we can't avoid the routine expenses. So, planning well in advance is a good option to ensure financial well being.

  • The best financial advise I can give to someone is that please save the money before spending on the necessary things. You will live an easy life if you live with this philosophy. Money management is very important.

  • @vijaykapoor282 I totally agree with you. Financial planning is really essential these days. Once we start earning whether in job or business, we should think about savings and planning investments too. The sooner we realise the importance of financial panning, the better and happier we can live in the coming days.

  • @swarajwealth I think women can manage their finances on their own very well. It's not necessary to consult a financial planner as such. Women are good at saving money. And, when it comes to managing money they can prove to be very good planners themselves. In the changing scenario, they can better understand the importance of money management as compared to earlier days.

  • Do not be too emotional about all your spending. Plan before you go to the shop to buy "that small thing" because with it you will usually end up this and that. And may regret later.

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