FINANCIAL PLANNING FOR WOMEN

 HOW TO BUILD WEALTH AS A WOMAN?

Women have to carry the "double burden" of work life, household chores, childcare, family needs and academic life, etc. While some of them have managed their finances well, while others are unaware of that.
      In this article, there is a systematic plan for women who are struggling with their money. 

Let us first dive into the major expenses of women;

1] Grooming expenses are on the top of the list. I will be very real, for the reason that I am also a woman. We spend a lot every month getting ourselves groomed such as threading, waxing, manicures, pedicures, haircuts, spa visits for xyz reasons. This almost consumes a major portion of our income to be honest. There expenses can't be denied as being groomed gives a full sense of confidence.

2] Academic expenses: If she is living far away from her home or she is doing job along with her studies, then she has to take into consideration the academic expenses too and has to spend money on that too. 

3] The non-ending shopping list: Women are worshippers of shopping. It is like a treat for us. Often, while running behind trends, we end up spending what we could have saved for the future. We are so much inspired by fashion that not buying the latest launched dress on Myntra or Savana feels so illegal😂. 

Getting nails extension done, [oh! today I found a budget-friendly nail extensions set on Meesho app ( a shopping app). ]  I must buy this, otherwise , it would  be out of stock by the midnight.

4]  Miscellaneous expenditures: Rent, grocery, children expenses, electricity bills, internet and phone bills, water bills, travelling expenses and many more which are a combined burden on her. ( Only if she is a mother or she is living apart from her family.)


Be wiser when it comes to finance💖

Besties, I know that you want to take intelligent decision, but you lack the proper guidance. I am here to help you👐

1] Know your finances💸: Ladies keep into account all your sources of finance, your salary, expenses, extra expenses that are unnecessary, debts, etc. This will help you to plan your next steps in a better way.

2] Build an income source: If you are unemployed, try doing a side hustle or build a skill that can generate a substantial earning for you. You can learn skills such as AI intelligence, blogging, content creation, fashion designing, digital marketing, pinterest marketing, beauty, styling, tailoring, self-defense and personal safety.

3] Financial literacy: Get well-versed with the knowledge of budgeting, savings, investment, debt and credit management. Understand money, banking, interest rates, inflation and financial products.

3] Always follow the 50-30-20 Budgeting rule: . 3] Always follow the 50-30-20 budgeting rule 💸: Besties, divide your monthly income into three parts: 50% for essential expenses such as rent, groceries, bills, and transportation; 30% for non-essential expenses such as shopping, grooming, dining out, and entertainment; and 20% for savings and debt repayment. Try to build an emergency fund from your savings and invest regularly for your future. Remember, you can adjust these percentages according to your income and financial responsibilities. 💖


4] Pay-off debts first: I would advise you all to remove the debt burden as sooner as you can. Prepare your credit management strategy well. Manage risk, assess credit, monitor loan repayments and outstanding balances, and follow up on overdue payments.

5] Build an insurance plan: Try knowing the financial products of insurance such as health insurance, life insurance, vehicle insurance, accidental insurance. Calculate the amount of risk covered in each plan and take your decisions accordingly. 

6] Tax Planning: Be a responsible citizen when it comes to paying taxes. Understand tax rules and using eligible deductions and exemptions legally to manage tax liability.

7] Have a Retirement plan: It has several components such as;
-Deciding the age at which you want to retire and the lifestyle you want afterward.
-Calculating how much money you will need after retirement.
-Regularly setting aside money for retirement.
-Investing in suitable options such as EPF, PPF, NPS, Mutual funds, or other investments.
-Understanding pension benefits and arranging a regular income after retirement.
-Account for rising prices and understand inflation.


I gave 7 points explaining how you can generate substantial wealth over time. Remember that wealth takes time to build. It is not a one- day process. It demands patience, and a plenty of wisdom. For ladies, financial independence is the need of the hour. We are in no way less capable than men. Take your financial decisions by yourself and build a strong corpus for yourself.💅


https://link.amazon/B0b3SfRzc Link for women budget planner. Shop now🫰🏻🤗






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