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.