6 Aug 2019, 16:30 — 7 min read
Background: To ensure that your money grows, that you have enough savings for a rainy day and retirement and for overall peace of mind and independence, financial planning is a must. Women must embrace financial planning as a necessary requirement to lead a happy and prudent life. Rishabh Adukia in his previous article shared the importance of writing a will. Here he explains how financial planning for women differs from that of men and how women must focus on sound financial planning for a secure present and future.
Although women constitute a large percentage of the workforce today, they are not as active in financial planning as their male counterparts. This is true for even women who have thriving careers and have a sizable income through their job, business or profession.
Women are natural financial managers. They make budgets and manage them with ease. We seldom see the stock of grocery being dried up or a guest not being treated to a hearty meal because they arrived without notice. Women are great at managing risks too. While things may be running smooth without any deliberate action, it is essential that women consciously make financial plans for themselves and for the family. It is seen that solid planning by the woman of the house of her own finances will make the family's financial plan stronger to meet goals like buying a dream home, planning for the higher education of children etc. Financial planning is also critical for women to meet their own personal and professional aspirations, without depending on anyone.
How financial planning for women differs from men
Financial planning for women has some important dynamics that are different from that of men and therefore need to be addressed.
Financial planning a must to provide for life goals
Planning for every stage of life is extremely important. This may be planning for vacations, learning a new hobby, pursuing higher education, doing some charity or staring your own business. Women can plan their finances to provide for everything they wish to achieve. A good financial plan helps you create corpus to meet all your financial goals. Start by investing in mutual funds and build on to your investments as you move forward.
Planning your retirement may be as crucial as making investments. Understanding the financial health and planning for your retirement goals is a crucial part of financial planning for women. Retirement may be phase where you want to be free from all responsibilities and you would want to pursue a hobby, go on international vacations or spiritual retreats. All this can be achieved with a good financial plan.
Financial planning is a key requirement for a fulfilling life. It is wise to go that extra mile to plan for a secure financial present and future.
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Posted byRishabh Adukia
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