7 Personal Financing Tips For Every Working Woman

We all must have come across a situation when to attain our financial requirement pertaining to leisure or urgent situations; we have discussed it with our mother, sister, or wife, and even if they were a non-earning member of the family, they have managed to help us. That in itself is a befitting reply for those who doubt a woman's ability to handle personal finance. Here, we will discuss some personal financing tips for working women.

India is a country where women have always been in the back seat in matters of financial plans. Now, as things are changing in the country, more and more women are getting educated. While working or not, they have a more significant role to play in managing the finances, be it on the personal level or professional.

Employability among graduates across India from 2014 to 2021, by gender

With more and more women pursuing higher education and professional programs, there is a drastic shift in the way the Indian industry is reacting to a candidate’s employability. As shown in the above graphs, there is a consistent trend in accepting female candidates as a workforce.

Besides the formal work, Indian women spend a substantial amount of their time in unpaid jobs, such as caregiving and other household chores. Having understood various breakups of education, employability, and work (paid or unpaid), we understand that women are quite efficient in household and formal employment. They have a keen sense of understanding budgeting, saving, investments, and effective management skills.

Women in India are taking up all the challenges thrown at them with efficacy. They have reached great heights in their careers. We have many examples of various achievements in different sectors, ranging from being an avid sports person to an astronaut.

Aspects of personal finance for working women:

- Investment:

This element tries to build a corpus for attaining various goals that you have set for yourself at various stages of your life.

- Savings:

This element aims at savings for attaining the short-term financial goals of your life.

- Retirement planning:

A person who has financial freedom, by being employed, always develops a sense of having financial freedom throughout life. This element aims at attaining the same.

- Tax savings:

When you are earning, there are different plans and policies you will be required to maintain to manage your taxable income efficiently.

- Financial protection:

When you are working, you should always aim to provide financial protection to loved ones who are dependent on you.

7 Personal financing tips for every working woman:

Working women tend to depend on their parents/spouses for financial planning. However, when we are considering Personal Finance, every working woman should pay attention toward planning their own personal finance strategies. Steps to follow while planning financial strategies:

- Define your goals

Before you begin your personal finance journey, you must first examine your present financial condition and assess your income, expenses, and obligations. When you have a good handle on your finances, you should set financial goals for later in life, whether they are short-term (buying jewelry) or long-term (children’s education expenses). You can devise a strategy for various types of investments based on your needs.

- Planned expenses

We all know that expenses pop up in every aspect of our lives these days. While some expenses are predictable and can be budgeted, others are unavoidable, such as healthcare, for which financial protection plans can be purchased, and finally, there are some certain expenses to which we are all vulnerable.

A good financial management approach can save you a lot of money on all kinds of expenses. Divide your spending into categories when you create your personal financial outlines.

- Budgeting

Women have exceptional skills at budgeting, and when it comes to sticking to them, they are even better. Making a budget shall enable you to develop a vision toward the goal you have set forth. An efficient budget has plans for all the elements, from basics to some leisure to some rainy day shelling out of funds. Create a budget to stay within your means and allocate some funds for savings.

- Make a financial plan

When you understand your financial standing and have planned for your regular expenses with an achievable budget working for you, you can plan your finances, by yourself or consult a qualified financial advisor.

- Avoid debt traps

Always pay your debts on time and avoid being exposed to being entrapped into debt penalties and the fines cycle. Further, it is a bad practice not to pay off debts when you can because if the habit escalates, you can get into serious debt.

- Make sensible investments

Investing plays a quite important role in personal financing. For women, investment in gold has always played a vital role. Keeping the same as the most crucial investment vehicle, working women should plan for different ways to invest in gold, be it jewelry or even gold ETFs.

When indiagold is offering 100% insured gold lockers, keeping physical gold has never been easier. Further, indiagold also offers the facility to buy digital gold and the same can be held at their digital lockers.

Gold has performed exceedingly well over the past 20 years, making it one of the best assets to save in. Here is the price performance of gold: 30 Days + 2.24%, 5 years + 56.24%, and 20 years + 953.47%

Working women’s financing requirements:

When we have already discussed the way working women can manage their personal financing needs. It becomes imperative to understand how a woman can manage her financing requirements at different stages of life.

When a woman is managing her books well, she is no second to anyone when it comes to getting her financing requirements fulfilled. If she holds a decent gold portfolio, another added advantage for her will be:

indiagold Gold Loans:

You can get a new loan or get your existing loan shifted to indiagold and save upto ₹58,500. When the effective rate on gold loans starts at 10.2% P.A, women can target gold loans with ease. The steps to attaining a gold loan are:

• Apply online
• 30 min process
• Instant money in bank account
• Safe storage of gold
• Safe delivery of gold at repayment

indiagold delivers on the features mentioned above; it is an app-based service that offers a unique blend of facilities and seems to be a fit for working women in India. Indiagold’s lending partner is Shivalik small finance bank. It has earned many awards and accolades in its field, the latest being the Client Innovation Award for customer journey reimagination and modern technology.