International Women’s Day: Today women are progressing rapidly in every field and now many women are self-reliant. In such a situation, the burden of responsibilities is also increasing on them and in this situation they should also take care of their financial health.
International Women’s Day: Today (March 8) is International Women’s Day. It is celebrated every year on a theme and this year’s theme is ‘Gender Equality for a Sustainable Tomorrow’ i.e. Gender Equality today for a Sustainable Tomorrow. Today women are progressing rapidly in every field and now many women are self-reliant. In such a situation, the burden of responsibilities is also increasing on them and in this situation they should also take care of their financial health. From tracking your expenses to planning for investing your money, you should proceed. Below are some special tips which are very useful for women living alone.
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Follow these special tips
- Keep track record of your expenses: Keeping records of small expenses is a good habit. With this you will be able to understand where the money being spent can be saved and this money can be used for any other need or investment.
- Create an emergency fund An emergency can come at any time and it should be prepared in advance. For this, you should create an emergency fund so that in case of sudden need of money, it can be managed without any penalty. For this, one can open high interest paying savings account or invest in any money market instruments.
- Avoid taking loans: The trend of credit cards is increasing rapidly and it is convenient too. However, if it is not used wisely, then financial problems can occur. For example, if you miss to pay the credit card bill on time, then you may have to pay huge interest. On the other hand, the EMI burden can be heavy in other types of loans. In such a situation, make an assessment of how much debt is there according to your income.
- Buy Life Insurance/Term Insurance Policy: In your absence, the family should not have financial problems for any kind of expenditure other than loan or tax liability, so that it should be planned now. Apart from this, the financial security of your child should also be ensured. In such a situation, you can buy a life insurance policy and can also take a term insurance plan.
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- Plan your retirement: Make your retirement plan as early as possible. With this, there will be no shortage of money after retirement. You can also invest in schemes like PPF or NPS.
- Invest in Gold and Mutual Funds: If you are afraid of market volatility, then instead of investing directly in the stock market, you can invest money in mutual funds. With this, you can get great profits even with low risk. At the same time, money should be invested in an evergreen option like gold. You must keep some part of gold in your portfolio so that the strength of gold will sustain your portfolio during weak market sentiments.
Every year there is a theme of International Women’s Day.
It was officially recognized by the United Nations for the first time in the year 1975 and started celebrating annually with a special theme. The first theme was- ‘Celebrating the past, planning for the future.’ On this day there is a holiday in some countries including Russia, Ukraine, Nepal and Uganda, while in some countries like China, women have a holiday.
(Disclaimer: This article is for informational purposes only. Before taking any investment decision, please consult your advisor.)
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