Gone are the days when men were considered earners and women the spenders. According to a new survey despite earning lesser than men, women save more than their male counterparts. Women have 41 per cent of their annual salary in savings, while men just save a mere 23 per cent.
The reason behind this is that women are good money managers as they take care of family finances. Secondly women understand the importance of money and have a better idea where and when to spend while men are more keen on earning money by investments. Some reports also say that women (who tend to live longer than men) make their future secure by saving money for difficult times.
For all those who think that you haven’t been good savers, here are some smart tips:
- Consult a financial professional before you develop a savings and investment program.
- Gather information about retirement benefits that are available through your employer and actively participate in any plans offered.
- Invest in mutual funds and other policies but don’t forget that stocks offer long-term growth potential but may fluctuate more and provide less current income than other investments.
- Know about the investment vehicles that can help you reach your retirement goals.
- Don’t put all money into saving keep some cash handy too.
- You can also invest in gold by saving money from your daily expenses.
- Try to spend within the budget set.
