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Sunday, November 13, 2016

Women! Be financially aware, even if you are non-earning member

Financial freedom hidden in 10 questions

It's been a common feature with women friends across, they are updated with the latest accessories, dresses, perfumes, best hobby classes for their children, best smartphones, best discount shopping sites, best restaurant apps, deals for everything under the sun and the moon! But, ask her about what is she doing with her hard earned salary? the reply will be simple - let it go please, my husband takes care of all that.

Great! if your husband is sharing this great responsibility, even better if he is independent and not influenced by the brokers and insurance sellers, but isn't it high time that you give financial planning a chance or do atleast some basic transactions to get a perspective of things? What if you need to make some financial choice in his absence?

In this post I request all women out there my full time working friends, full time home maker, part time bakers, yummy mummies, aunts and the cute little freshers at work, you all do the hard work of earning money, saving it, managing it as well as spending smartly, you all have the basics of home budgeting on your fingertips, isn't it necessary to look at your future goals and actively take part in financial planning hands on. I know and understand that things are easier said than done, so we can always take small steps toward a it.

If you are not hands-on, ask your partner/ father/son these 10 QUESTIONS

1. Do you have a contingency fund? where do we look in emergency?
2. How are we saving for future education of our children? what is the investment vehicle? would the investment yield adequate return? What are life goals and time frames- buying property, child education, child marriage, vacations etc
3. Are you a working women, do you have a term-insurance plan?
4. if you are a non-earning member why you require a life insurance? in this case it is an unneccessary expense.
5. Does your aging parents, you, your children have health insurance?
6. Do you use credit cards? what are the due dates? Are you aware of the charges it attracts as penalty on delayed payments?
7. What are the EMI dates for home/personal loan repayments?
8. What are the regular/ monthly investments through mutual funds, reccuring deposits, insurance premiums, PPF contribution etc.
9. Which asset to liquidate first and when? In simple terms which fund to withdraw first from the various investments you have made?
10. Do you know how to invest in mutual funds, fixed deposits, recurring deposits, paying insurance premiums, buying health insurance online?

If you have affirmative answers for the 10 questions above, you are well aware of many things in financial management and well equipped to take informed financial decisions.

If you see scope for improvement, which we all have, we all are human beings, work on it. Do write to me incase you would like me to elaborate on specific topics. In my next post, I will explain the easy way to invest and track your mutual funds.

Stay good. Stay healthy.

#empowered women #financially aware, #financial independence, #moneymanagement #financialfreedom

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