For Preeti Malhotra, a 29-year-old housewife, her world fell apart when her marriage of five years was on the rocks. With no family support to fall back on, and hardly any savings she could call her own, Preethi soon realized that she was heading towards a financial disaster.
While more and more women have entered the workforce and are independently pursuing career options of their choice, few are aware,of how to make themselves financially secure. So women, whether you are single, married, separated, widowed, or divorced, here are some basic factors you should consider to have a decent corpus to fall back on - just in case something untoward happens.
Have a separate bank account
After marriage most women have a joint account with their husbands. But you should ensure that you have a separate bank account even if you have a joint account with your spouse.
Also ensure that the first name is yours.
Save in your own name
Save money in your own name. Create funds through Systematic Investment Planning. A systematic investment plan akin to a piggy bank saving ensures that a certain amount of money is deposited at regular intervals enabling you to benefit in a myriad ways in the long term.
Don’t put all your eggs in one basket
Firstly, ascertain your position, financially. Take stock of your present situation as far as savings and expenses go and make sure that your investments are diversified. To start with invest in gold. It’s a safe investment option and has high liquidity - its helps in times of need. While there is no fixed rule as far as investing goes, the following pattern could be followed while investing. If you allot Rs. 80,000 in Public Provident Fund, then put Rs. 20,000 in pension schemes. Depending on your financial capacity invest 30,000 in insurance. Besides mutual funds, invest up to 2 lakh in equity-linked schemes. Fixed deposits are unsecured instruments so a strict no. After exploring the above options you could keep the balance funds in stocks. This should be the last option only, considering the high risk. But then you must have a minimum 30 percent of your portfolio in shares else inflation will beat you.” Whatever the investment option, the important factor is the corpus and the risk that an individual is willing to take. So secure future women should invest 60 percent in equities and the balance in mutual funds. If she is the conservative sort perhaps 70 percent should be in fixed income with the balance 30 percent in risky avenues. For long-term secure investments she should consider putting a substantial amount in Post Office savings. Here there’s no risk at all only good returns.
Ensure your husband has good insurance cover
If you are married you should be prudent enough to ensure that your husband has a good insurance cover. Most women are not aware of the nitty gritties when it comes to finances. And since men handle matters of money, women think it’s an area best left to them. But its only when there’s a marital discord that women realize their blunder.
Ensure that you are nominated on all your husband’s assets
A woman should ensure that she is nominated on all the assets, bank accounts, and insurance policies of her husband.
Keep account of all ornaments you got at your wedding
Women should also keep an account of all the ornaments she has brought with her during marriage.
Take active part in your family investment decisions
It is observed that usually, it is the men who take investment decisions. Be an active participant in all investment decisions and make shared decisions regarding your finances.
Take adequate insurance for yourself
Coverage of at least 10 times your salary is a must. Besides, accident and health insurance cover is a must.
Build your own career
If the woman is a housewife she should take up a career. It’s important to identify ones skills and talents to put it to use in order to earn maximum. If not a full time one there are flexi careers that provide endless possibilities. And the sky is the limit as far as the earning potential is concerned. Taking up a career is a must to secure a reasonably good income for oneself. Most financial professionals opine that women need to be more practical and farsighted when it comes to financial planning. The future is unpredictable. Why get caught off-guard?
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