Insurance is first & vital step in any financial plan. Life
insurance is necessary for every working woman. It will give financial
protection to their dependents in case the worst occurs. |
Note: Insurance should be taken for financial risk protection only not for Investment or Tax planning.
|•||SIP by SIP: Every investor, be it a man or a woman should focus on investing on a regular basis. Systematic Investment Plans (SIP's) will enable you to invest small amounts through Mutual funds in periodic installments. The SIP mode is a good investment option for working women; it will also encourage house wives to invest their monthly savings.|
|•||Axe the Tax: Tax saving scheme is also an investment option for women. Tax-saving is meant to be done keeping your financial goals in mind and not just to save a few pennies. While National Savings Certificate (NSC) and Public Provident Fund (PPF) are good tax-saving instruments, tax-saving mutual fund schemes (ELSS - Equity Linked Savings Schemes) are also options to look out for as well.|
|•||Bank on Banks: Fixed/Recurring Deposits are also options for women to grow money slowly but steadily. If they have a decent sum of money, they can go for a fixed deposit but if they want to invest a small amount every month, a recurring deposit is also an option.|
|•||Hold the Gold:
For most Indians, gold is more than just an investment. Especially
women, as they love to own exquisite jewellery. From an investment
perspective, we would recommend you opt for gold ETF’s rather than
physical gold. Apart from the fact that in case of physical gold there
is danger of theft, other advantages of owning gold ETF’s are:
Moreover, as she takes her first step towards making herself financially secure, you could just stand by her side, support her financial dreams and you will see her bloom as a confident, independent financial pro who can make choices beyond grocery lists, handbags and beauty products. Who knows, she may even show her gratitude by helping you meet your financial dreams too.
Source : QED