Top 7 Financial Planning Habits Every Woman Must Master

Women have been kept out of the financial zeitgeist, and it is not surprising that even after acquiring a certain level of financial knowledge, women feel they need more confidence in their decisions. Every woman now needs to be financially literate.
 
It does not matter whether you're a stay-at-home mom or a working professional; it is important to know how to take care of personal finance. Keeping your finances in order will help you achieve your goals much faster. 

Do you want to challenge the notion of financial inclusion? Today, we will talk about 7 financial planning hacks every woman should follow!

Invest With a Goal in Mind 

There is no such thing as a one-size-fits-all investment strategy. The secret to a good financial journey is to keep your investments aligned with your objectives. The concept of goal-based investing simplifies the process and boosts wealth creation. However, your goals might change with time. 

If you're in your 20s, traveling or higher education might be your goal. But you can buy a house or invest in a business if you have a family. So, take note of your financial goals to make better financial decisions.  

Gullibility is Not Bliss in Retirement 

Retirement planning must be a crucial part of your financial journey. Also, your retirement preparedness depends on the investment strategies you implement in your 20s and 30s.

According to data, the average lifespan of women is five to seven years more than men. Your finances should work well for around 20 years after retirement. Reconsider your strategy and make sure you can live those golden years comfortably.

Track your Shopping Habits

When it comes to shopping, slowing down can work wonders. Keeping a tab on shopping expenses helps curb impulsive shopping. The best thing is to buy with a purpose, as unutilized items tend to clutter the cupboard and strain the budget.

It would be better to note down all your major expenses and track them twice a month. Make this a habit, and thank us later!

Avoid Stacking Up High-Interest Credit Cards

Using multiple credit cards has become the new norm for modern women. Credit cards make our lives seem easier (with easy money) but also create a mountain of debt.

Avoid the infamous minimum payment habit. If you have any unwanted high-interest debt, pay it off immediately. You can refinance using lower interest rate loans.

Prioritize your Life and Health Insurance

Life is unpredictable, but good financial management will prepare you for roadblocks. As of 2019, only 36% of women had life insurance in their names. 

Fast-paced lives and unhealthy habits are contributing to a pool of health problems, marking the need for a health insurance policy. It is high time women take their life reins into their own hands, protecting themselves from the uncertainties of life. 

Focus on Saving! 

We have grown up watching our mothers and grandmothers save money at every opportunity that shows up. Mostly, the source of their savings was the monthly expenses or sometimes the gift envelopes from relatives. Those savings however small they seemed, came in handy in the time of emergencies or for small little indulgences.  

Did we learn something? 

Yes. 

Keep doing the piggy bank exercise. 

Saving a portion of our income for an emergency corpus can be a big relief in our rainy days. 

Make a Will 

You may be wondering if there is a catch here. You're right! 
Making a will means taking stock of your wealth.

You need to have all your financial data in one place, not just for others' convenience for later, but for your convenience now. All your work will give you a better picture of your financial health. You will be better equipped to avoid mistakes and make changes to align your financial plan.

Women need to come to the forefront and make financial independence a priority. The faster we educate ourselves about personal finance, the better we will get at making investments.

So, stop doubting yourself and implement these hacks for a peaceful life. If you're still unsure, consult a financial planner for assistance, but in the end, you should be in charge of your finances. 

Happy Financial Planning!