Gone are the days when it used to be only men’s task to think about finances and investments. Women today are strong, independent and can think for the future better! However, women in India need that push to manage and check finances. Even for that matter women and savings don’t go well together. So let’s check this 7 advice that women should follow when it comes to finances.
1. Make proper goals
Along with monthly goals that one may have, make goals that help in making a corpus. What is corpus? It is the principal amount that would be required for a particular goal that one has. Buying a Home, Investment, Retirement, Child Education, Travel, Huge Shopping. Anything can be the center of the goal. And then bifurcate the funds accordingly.
2.Taking commercial advice
It is okay to go to a financial planner and check what has to be done. There are various investment platforms available and for normal women, it may be difficult to understand it all. And hence, it is advisable to check it through a professional.
3.Credit Cards and Loans
One should understand the deeply lined facts of things rather than just believing them from someone else’s thoughts. Credit cards or loans, basically any credit line is a good thing if taken proper responsibility for. The credits are taken and repaid properly also helps in getting a better score. Which is actually a good sign which represents that you are a responsible person when it comes to finances.
It is important to understand the concept of a credit score. A three-digit number that lies between 300-900 shows creditworthiness of a person. A score determined by payment history, the amount owed, credit mix, length of credit history and new credit is the one thing that shows the creditworthiness. A score which is 750 or above is a good or a high score. A score between 600 to 750 is the average score. Any score below 600 is considered a bad score. How to check the score? RBI (Reserve Bank Of India) has made it compulsory for all the credit bureaus across India to give one Free Credit Score each year to the individual. Many people though consider Free CIBIL Score more. But it does not make much difference in any other credit bureau score as well.
With ancient methodology, when it comes to investments, it’s either assets like house, property or gold. But No! Wait. We are not talking about just these type of investments. It also includes investing in Insurance and Mutual Funds. Putting money in different types of investments. Also, the typical investments say in home or land or gold needs a lot of money. What if that seems too far and a lot of amounts? In that case, these small amounts of money work.
6.Small Saving Schemes
Along with investing in Assets or Insurance or Mutual fund, a government of India has also come up with small saving schemes. There are so many schemes that are designed for women. PPF, NPS, Sukanaya Samriddhi are few of the investment options that will help women better in saving in a different manner and getting returns of more than 6.5%.
7.Believing in Yourself
If you are working or sitting in the home and managing the home, you are no lesser. As they say, It’s a balance. Believing in one’s own self will always make them better. Read new stuff, think how best you can save, invest and then fulfill the dream you have seen.
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