Six golden investment tips for the responsible gender

Finance and investment advice can hardly ever be gender specific. Everyone wants to have a secure financial future and must save and invest towards that end. However, with social changes over the two decades, women of today are getting higher education, getting married at higher ages, or looking to return to their careers in their late 30s and 40s after childbirth. With these choices, there are a slew of financial needs that the modern woman must consider. Here, we have culled out a list of top six things women can consider to improve their financial health.

1. Take responsibility of your personal financial health
   Just as you watch what you eat or exercise to keep healthy and fit, think of financial health as an imperative. Money is tool that helps you secure your future and gives you the flexibility to better your present. Hence, it is wise to put financial health high on your list of priorities right along with your physical and emotional and learn the basics of money management exclusive of that of the family.
2. Educate yourself about investments
   Don’t rely on the menfolk in your family be it your father, brother or husband to take care of your financial well-being. They have probably told you that it is important to save a sizeable chunk of what you may be earning. What they may have left out is the need for investing. It is smart investing that will help your hard earned money work harder for you. Educate yourself about investing and management. The good news is that there is a tonne of material online to get started with. It is fairly easy to comprehend basic money management articles to assess the kind of investor you are. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
3. Budgeting is key “
   Spend less than you earn” is a maxim that you may have learnt and practice. Add to it the magic of budgeting, and you have a clear idea of what you can afford and what you need to refrain from. You can use the 50/30/20 rule to help you budget. The 50-30-20 rule puts 50% of your income toward necessities, like housing and bills. Twenty percent should then go toward financial goals, like paying off debt or saving for retirement. Finally, 30% of your income can be allocated to wants, like dining or entertainment. You can also use one of the many budgeting apps available online to get a better control over your spends.
4. Plan for the unplanned
   If there is anything you can be certain of in life it is the uncertainty of life itself! You don’t want to be caught in a situation where you are at a loss if your cash flows come to a sudden halt. Build an emergency fund that can take care of your expenses for at least 6-12 months in case of loss of job, an accident or a health emergency.
5. Rely on professional money managers, invest in mutual funds
   If you are a beginner and do not have the time or the requisite knowledge about investments, do not be adventurous with your investments from the very beginning. Once you are familiar with the basic of investing, consider the mutual fund route to meet your financial goals at various stages of your life. Mutual funds are managed by professional market experts who manage your money on your behalf and attempt to meet your investment objectives according to the mandate of the funds you have chosen. Further, they provide you the option of investing in small amounts via the Mutual Fund App's systematic investment plan or SIPs that do not burn a hole in your pocket and yet help you achieve every financial goal at different life stages.
6. Make money matters a part of your dinner table conversations
   Like with everything in life, talking about things makes things easier. Do not shy away from talking about money with your spouse and even your children. It is a good idea to make money matters a part of your dinner table conversations so that all the members of the family are involved and can do their bit to meet financial goals as a family. This will take away the pressure and make it easier to manage money without getting stressed about it. Chances are, when you put your heads together and work collectively you will can meet all your financial goals comfortably. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Click here to explore our range of debt funds.

So, for all the women out there reading this, let the fear of the unknown not cripple you any longer! Let your instincts to kick in and you will be an ace investor sooner than you can imagine.