While women have been known to move mountains when required, strangely, most of the Indian women still rely on men in their family to manage their finances. Be it their dad, brother, or spouse, women generally shy away from making decisions when it comes to matters related to money even if it is the money that they own themselves.
Women can definitely do a lot of amazing things if they want to and this also includes managing their finances. To help modern working women take better financial decisions, we have made a list of some amazing tips that can help.
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Do not avoid matters related to money
If you have never managed your money in the past, now can be the right time to start. Rather than depending on a male member of your family, it is time that you start educating yourself about the right techniques to manage money and invest.
There are now many amazing investment options available in India. These include real estate, mutual funds, equity markets and P2P lending. Understand how these investments work along with the risks associated to select a wealth investment service that suits you.
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Manage your expenses better
Managing your current expenses in a better way can make a world of a difference for you on the financial front. For instance, while credit cards are one of the best financial inventions of modern times, most of the women don’t really know how they can use them to their advantage. A credit card can be considered as a double-edged sword which is good and bad at the same time.
Continue swiping the card for every small and big purchase and you’ll surely be in a financial dilemma soon. Rather than simply throwing away your monthly statements, study them thoroughly as they can reveal a lot about the way you spend your money.
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Saving before splurging
To live a good life, it is very important to work hard. And once you have finally achieved it, the next important thing is to sustain it. If you live pay cheque to pay cheque, things might appear fine initially until you face a financial emergency and rest assured that there will be many such emergencies.
As a result, it is important to work on your savings. Try to set aside a fixed amount every month from your salary. You can open a new bank account where you can keep these savings. No matter how little amount you can currently set aside, the important thing here is to begin as soon as possible. Smallest of savings, when done in a regular manner, can be of great help at times of need.
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Ask for advice when required
While you are now on a mission to manage your finances yourself, there is no harm in asking for advice when required. Be it from someone from your family, friends, or a financial expert. It is always better to be safe than sorry.
While you will surely make some mistakes in the initial days, just try to make sure that the mistakes are not something that might require a long time for you to recover from. Be it savings or investment, look for right advice investment advisory service from someone experienced to avoid any major blunder.
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Taxes are not as complicated as they appear
While there is no denying that tax is a dreaded word, especially after the rollout of the new tax regime, things are not as difficult as they appear. There are several deductions and exemptions which you can take advantage of to prevent taxes from taking a huge bite from your salary.
Try to know how these instruments work. And when you finally know better about these exemptions and deductions, do not just invest in tax-saving instruments to save taxes. Make sure that such investments fit your long-term financial objective too. An experienced financial planner or professional investment management services can be of great help here.
So, while you have allowed the opposite sex to manage your finances until now, it is now time to take matters into your own hands. It is you and only you who know how hard you work. Why let someone else manage the outcome of all your hard work? Just focus on the tips mentioned above and you are sure to learn things faster than you expect.