It is 2019 and men are no longer expected to be the sole financial head of the family. Women today are no less than men and are seen surpassing men in the financial aspect as well. Now with great wealth comes loads of financial decisions that needs to be taken with a calm head.
When it comes to investments and savings, women often hesitate to make the move and seek advice from the male members of the family. However, this should not be the case. Take a look at some of the tips to help you invest better –
• Know about your income as well as expenses – the first step you need to take to have financial independence is to set a budget. According to the budget, you spilt it in the savings as well as expenditure category. Up next you will need to look for ways in which you can do the financial savings.
• Get term insurance – all the working women should be aware of the fact that there is proper life cover which would safeguard them against any emergency situations and causalities that might occur. So it is highly necessary to get insured. For the single working women, it is always a good option to purchase a life cover at a young age as the value of the premium increases if one buys it at a later life.
• Health insurance is a must – women also have increased risk of facing medical condition so it is always better to remain prepared with health insurance. Make sure you choose a proper plan with a good thought and keep in investing in it so that it can help you in times f need. Having a health cover will also save you from tax under the section 80D of the income tax act.
• Think early about retirement – retirement planning is one of the most important financial planning sectors for any working women. So ensure that you start to plan early about your retirement and keep saving enough money to live by when you don’t have a job. Thinking from an early age will help to reduce the load during the later part of life.