For efficient handling of household finances most women forget the most important aspect of finances: her financial security. Bygone is the era when women were not concerned beyond their households and depended on their husbands for finances.
Today the women are highly qualified and have taken over all major professions but most of still are bad at finances. When AAW asked 20 working women about finances they had one common statement ‘I lack money management skills and depend on my spouse/parents for the same’. Many of them want to learn how to manage money and invest in some property but the complications scare most of them off. We at AAW understand this situation and asked experts on how to become better money managers. Here are a few simple ones to get started.
Start early- Start planning your savings from the first day of your work. The earlier you plan and even if the initial investments are very small in your later life you will get a higher gain. Look for basic investment options, a fixed deposit or simple stashing of some money. Make it point to investment a small part of your salary.
Set goals– Set you goals and do not simply rely on your partner for financial security. Set a target date for your goal and try to accomplish it. Invest in gold to increase your assets. Don’t get persuaded by the lucrative bank offers first understand the risk factor and invest later. Most of them have hidden clauses which can create huge complications later.
Spend wisely – Cut down the mindless shopping, spend your hard earned money carefully. Credit cards are not your friends they are the main culprits they make you over shop, avoid using them. Use hard cash over these plastic pieces because once the cash is over so is your shopping spree.
Emergency fund– Create an emergency fund in form of investments and fixed deposits for a rainy day.
Educate yourself – With the change in time, women today enjoy ample financial benefits; update your knowledge about money management and investing. Take advice from a financial adviser. ‘The Married Women’s Property Act, 1874 ‘ is essential for married women to protect their individually owned properties from relatives, creditors and worst case their own husbands.
Income Tax Slab for women (in Rs.)
0 to 1,90,000: No Tax
1,90,001 to 5,00,000: 10%
5,00,001 to 8,00,000: 20%
Above 8,00,000: 30%
