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Career , Money
Smart Money Moves: Women in Their 30s
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As theme of women's rights and gender equality are taking center stage, women need to take small actions that can make big impacts to change their own situation. One such action is taking the financial reins in their hands. Although competent, women are financially complacent and, for some reason, have not shown the confidence that men show when handling finances. If you are a woman in your 30s, it's time for you to take stock of the financial situation and make bold, decisive decisions to bridge the gender gaps and evolve as excellent financial planners. For a woman in her 30s, it's time to do all these
1. Re-visit your budget
It's time to re-think your budget. Whatever budget allocation you were following earlier needs to change as you age. Re-think your budget, keeping your future expenses in mind. Do you plan to buy a house? Do you need funds to finance a business idea or grow your business? Or do you plan to marry? Allocate budgets keeping your financial goals in mind.
2. Make wise investments
It's time to make investment decisions. Your innate ability to save money can get better if you make your money work as hard as you. Instead of just letting your money sit in your bank account, invest in SIPs, mutual funds, FDs, etc. for better returns.
3. Build an emergency fund
It's time to build an emergency fund if you haven't already. This ensures financial stability even in times of financial crisis. Decide how big your emergency fund should be. Ideally, an emergency fund should be 6 to 12 months? worth of living expenses. So, start building the fund and keep it in an account that can be easily accessed in the moment of crisis.
4. Get yourself and your family insured
It's time to secure yourself and provide a safety net for your family by getting health insurance and life insurance. It not only provides peace of mind and financial security, but it also comes with tax benefits.
5. Save for your retirement
It's time to plan for your retirement. Start early. Put aside a part of your income towards retirement savings. As a woman, you tend to have a higher life expectancy than men, so you'll need a bigger retirement corpus than men. Also, factor in inflation while saving for retirement.
6. Take advantage of government schemes
It's time to get acquainted with the government schemes launched only for girls and women. Plan ahead for your daughter's future. Sukanya Samridhi Yojna, a scheme for the girl child allows you to deposit a maximum of Rs 1,50,000 per year and earn returns at 8.60% with tax-exemption benefits under section 80C. This means there will be no tax applied on the amount invested, earned, and withdrawn.
7. Invest in assets not liabilities
It's time to get serious about creating assets. In today's times, getting credit is easy. But, don't get tempted by attractive loan offers. Limit your borrowing. Avoid using credit for frivolous expenses, such as shopping, entertainment, etc.
In conclusion, it's time to take charge of your financial situation and be equal to men in sharing financial responsibilities. Women, this women's day, let's evolve financially. Happy women's day!
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