Yahoo Finance 10 money tips for women in 2021
Financial independence and financial prudence must go hand in hand. While it’s totally alright to spend your hard-earned money to maintain a desirable lifestyle, it’s also important to save for a rainy day, your retirement, your big day, a vacay and others.
Here are 10 simple ways to make your money work for you:
Be financially independent
It all starts here. Get a job, build a career and be financially independent. It will never be easy but keep going. This is the greatest favor you can do to yourself and to womankind in general.
Plan your budget
It doesn’t necessarily have to be a well-laid-out plan using a spreadsheet, an expense tracking app or budgeting templates found online. Simple mental math will suffice. Just figure out how much you need to save roughly and how much you can afford to spend every month. Then simply follow the plan.
Don’t overshoot your budget
Tamp down spending, especially on fancy clothes, accessories and others stuff that can wait. Say a big NO to impulsive shopping; it is an instant mood elevator no doubt but can prove damaging for your bank balance. Learn to prioritize.
Get a side gig
Rent, bills, EMIs, groceries and other unavoidable expenses can eat up a good part of your salary. Add to that unforeseen expenses every now and then and you end up saving far less than you planned. That’s why you need a side gig – it lets you breathe easy knowing you can always make something extra. It can also be a good fallback plan in case of a job loss. To find one, just scout the net. There are many websites such as Toptal, Upwork, Guru, Freelancer, etc. that offer a range of freelancing jobs for developers, programmers, writers, translators, designers, and sales and marketing professionals. You can also try and make quick bucks as a social media influencer or by participating in paid research.
Invest wisely, grow your money
You have a plethora of options to choose from. If you are risk averse, try out fixed deposits, recurring deposits, national pension scheme, bonds, public provident fund, and others. They will guarantee you fixed returns, sometimes even tax free. But if you want to multiply your money, try out the stock market. If the volatility, particularly in this uncertain time, scares you, then there are other ways to tap into it, namely through mutual funds and SIPs.
Repay debt
Whether it’s a house loan, car loan or personal loan, you need to find a way to repay it fast. EMIs charge an interest in addition to the loan amount and you sure don’t want fork out extra for long. So save up and clear your debts as soon as possible. Don’t sit on your credit card dues either.
Insure yourself and your family
If your company doesn’t provide health insurance or provident fund, you need to get it. Compare the policies and put some money into a good scheme. Life insurance is another must to ensure the financial security of your loved ones after your death.
Tax planning
Taxes can be taxing, especially for those in high-income brackets. Find ways to save taxes through various investments such as tax saving fixed deposits, Public Provident Fund (PPF), National Savings Certificate, National Pension System, ELSS funds, etc.
Don’t let anyone take charge of your money
Women generally rely on their spouses, brothers and fathers to manage their money. It only serves to restrict your financial knowledge. Do it yourself instead. Thanks to the internet, you can have any information you want at your fingertips in a jiffy. Research and invest wisely.
Talk about money with your spouse, contribute your bit
Take part in the day-to-day management of your family’s finances and in the long-term financial planning as well. Don’t let yourself be relegated to the periphery. It is equally important for you to share the load financially. Even if you are not the main breadwinner, do your bit by paying your kid’s school fee, footing bills, buying groceries or sponsoring a vacay.
Women's Day 2021 | Yahoo India
Women's Day 2021 | Yahoo India
