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How can working women plan and save for future?

As much as it is important for men to do financial planning for the future, women should also indulge in it considering now they are also working at par with men and are independent.
Firstly write down what you’re aiming for and how much money is required to achieve that.
It’s better to start saving immediately after starting your first job.

“Be not afraid of going slow, but be afraid of staying still.”

Start with a small amount and gradually increase it.

There are various investment options you can consider to create wealth for the future. It depends on your risk taking capacity – Debt or equity. It also depends, in how much time you require the amount – Short term or long term.
1. Recurring deposits – These are risk-free savings which generally give a return of 6 to 8%. You can keep aside a portion of income (10 to 20%) in the form of a Recurring deposit. You can start this deposit for 6 months or more. This is the best way to lock some income for the future.
2. Fixed deposit – This is also a secure option and the rate of interest is usually the same as Recurring deposit. If you invest for 5 years, you can avail tax benefit u/s 80C.

3. Mutual funds – These are both long term and short term. To understand about mutual funds you can refer here.

You can also check out for various other investment options here.

There are some money saving tips for day to day life which will help you to accumulate a good amount of savings every month:
  1. Cut down dining at restaurants.
  2. Use cash instead of a credit card. Using cash is the best way to keep track of expenses. By using credit cards, one intends to spend more as it’s not an immediate cash outflow.
  3. Buy in bulk. You can buy and store grocery for 6 months in the sale season when there are good discounts. This way you will be able to save a good amount.

Other than the above tips, you can also open a source of additional income by turning your hobbies into a business.

I will come up with the next post on how a woman can start her own business and what all benefits are available to women.
Please feel free to drop comments and also if you want to add on any saving tips.
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