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4 Ways Women can Manage Their Money Smartly

Updated on :  

08 min read.

When a woman is financially independent, she needs proper guidance for the investment of her money. Let us understand some of the tips to handle your funds efficiently.

  1. Set your future goals: Ascertain your future goals and list them out with the estimated money required for that purpose. The future goals can be education expenses for children, house purchase expenses, travelling, retirement planning or any other major goals planned. It will enable you to know the time horizon while planning for your investments.
  2. Invest according to goals: One should make investment decisions according to the set goals. Investments that are without goals will end up resulting in poor results. Hence, make investments based on your risk tolerance and time horizon. For example, If you are a risk-averse type of investor, invest in debt funds for short-term goals. Whereas, for the long term, investment in large-cap funds’ equity will be comparatively less risky than other types of equity and make your capital appreciate significantly. Similarly, if you are an aggressive investor, you can think of investing in the equity of mid- or small-cap companies with high growth potential. But such investment will require determination to invest for the long term. Hence, make rational investment decisions to get significant returns out of the market.
  3. Create an emergency fund: Women always keep an emergency fund with them. Even a housewife manages to provide funds from her savings in financial crises at home even though she does not have enough income. However, when a woman becomes financially independent, she takes up some of the responsibilities. It may be small household expenses or significant payments like repayment of housing loan, etc. Funds must be available at the time of financial emergency. Hence, set aside some amount of liquid funds that can be available anytime when required urgently.
  4. Take necessary insurance: Apart from investments, spending some money on insurance is also very important. Any uncertainty may bring financial instability merely because there are no liquid funds available. You may have to withdraw your investments before a defined target period. Hence, insurance money such as medical insurance, term insurance, etc., will help you during uncertainties. Note, do not mix insurance and investment. Both are meant for different purposes.

Hence, following the above four methods will help women utilise their money judiciously and get financial freedom in the future. 

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