SAVE 50K IN 4 MONTHS EASILY!
Share
Siddhi Sharma

Siddhi Sharma

Money Coach, Lxme } NISM Certified

Financial Planning & Investment For Women

Welcome to our insightful guide on financial planning for women in India! At Lxme, we recognize the unique financial journey of women and provide a simplified approach to help you navigate through it. Discover empowering insights and expert advice on effective financial planning and investments tailored specifically for women. Let’s embark on this journey together with some financial planning tips for women and move towards financial well-being. Read on at lxme.in for a brighter financial future.

For ages, we have seen that financial planning is one of the powerful tools for surviving in this inflation-bearing world and fulfilling all life goals. The way everyone has basic needs such as food, clothing, shelter, and education same way financial planning should be added to our basic needs. Always remember, it’s a life skill! We all know that setting goals is important, but we often don’t realize how important they are as we continue to move through life.

So, we need to plan for it. Financial Goal planning refers to setting financial goals and developing plans to achieve them. To set financial goals, one must first prioritize the events in one’s life that will require funds. Also, working towards your target is easy when you have a clear picture of what you’re aiming for. That means that your goals should be measurable, specific, and time-oriented.

Goal-based financial planning is essential for both men as well as women. In India, Women today are breaking all barriers & moving towards personal, professional, and financial progress

and independence! However, financial inequality still exists between women and financial planning, such as investments.

Therefore, as per Lxme’s Women and Money Power Report 2022,

According to Lxme Women & Money Power Report 2022, 76% of women are looking for a platform that would make investing easier. So Lxme has got your back to simplify money management for women and financial planning. Let’s get started!

Financial planning for women

A Step-by-Step Guide to Getting Financial Stability for Women: 

Financial Planning is a process to assess your current financial situation and managing it efficiently to achieve future goals.

Due to the fact that women should manage their own financial affairs to be financially secure and economically stable, there is a need to plan for finances. While doing so, women also need to consider factors like life expectancy, the time that may be taken off for maternity, and the different wages between male & female workers.

Evaluate your position in the present.

When making a financial plan, the first thing that needs to be done is to look at your current financial situation. To do this, you need to look at your income, spending, debts, savings, and other expenses. Your budget is one of the most important things to think about before making any kind of plan. Keeping track of your spending can make you aware of your habits. You can use Lxme’s Budget Planner for the same.

Set financial goals.

These include financial goals that a person wants to reach within a certain amount of time that are reasonable and attainable. They can be short-term, like paying off credit card debt, or long-term, like saving for retirement or buying a house. Make sure your goals are clear, measurable, attainable, relevant, and have a deadline.

Create a budget.

One of the most important tools for managing money is a budget plan, which is often called the “backbone.” Follow the golden rule of budgeting for this according to which 50% of your income goes into your needs like rent, groceries, and insurance. 30% goes into your wants like dining out, trips, gadgets etc, and 20% goes into saving & investing. You can revise this according to what suits you best.

Review and Optimize Your Benefits Package.

Check with your organization about all the benefits & perksyour employer provides. These include health insurance, retirement funds, stock ownership, and other ways to be remunerated. If you want to improve your financial security, make sure you understand these benefits and use them to their fullest.

Build an emergency fund.

To save for a rainy day, you need to have a backup fund. Start a high-yield savings account and put away enough money to cover your living costs for three to six months in case it gets difficult. This fund will be used as an emergency fund in case someone loses their job, has to take time off work due to medical emergencies, or something else unexpected happens.

Pay off high-interest debts.

You may have very high debts, like credit card debts, that can really slow down your financial progress. Debts like these should be paid off as soon as possible because they use up cash that could be saved or invested for the future. 

Save for retirement.

Making plans for retirement should begin as soon as possible. Join retirement plans offered by your workplace, such as the Provident Fund (PF). You can also choose from other retirement plans, such as the National Pension Scheme (NPS) and Individual Retirement Accounts (IRAs). You should not rush when you are saving or investing. Making regular payments and letting them grow by compounding will make sure you have enough money for retirement. You can plan for your retirement with Lxme’s Retirement Calculator and start investing too.

Invest wisely.

Investing money is important if you want to make more than you put in. Put your money into stocks, bonds, mutual funds, and real estate, so that your money isn’t tied to just one type of asset. You can start your investment journey with Lxme, an investment platform for women. We have goal-based mutual fund portfolios that are curated by experts, you can invest with just a tap. 

Automate your finances.

It could help you manage your money and make sure you reach your financial goal. One suggestion is to automate your investments. Don’t pay your bills late; pay them on time to avoid late payment fees and improve your credit score. 

Monitor your progress.

To stay on track, make a financial plan and stick to it. If you need to, go over the plan again and again and make changes as needed. Life events like getting married, having a child, or switching jobs could make you change your plan in some ways. 

Conclusion

Personal finance for women needs to be tailored to the special challenges that women face to ensure the best financial outcome for them. Through these actions, women will be in a position to optimize their financial assets and create the perfect future for themselves. In case you are still unsure about how to start, you can speak with Lxme’s money experts on a free 1:1 call and clear all your doubts.

Happy planning!


FAQs – Common Questions on Financial Planning For Women

What is the role of women in financial planning?

Empowering Roles in Financial Planning:
– Women are pivotal in financial planning, serving as decision-makers and influencers in managing family finances.

Why financial planning is different for women?

Tailored Financial Planning for Women:
– Financial planning for women differs due to unique life stages, career interruptions, and longer life expectancy.

How can a woman manage finances?

Effective Finance Management Strategies:
– Explore practical tips and strategies on how women can proactively manage finances, from budgeting to investing.
– Dive into our Lxme blog for actionable insights on women’s financial empowerment.

Why financial planning is different for women?

Women’s financial planning can be different for women due to various factors such as longer life expectancy, career breaks for caregiving roles, and the gender pay gap. These differences impact retirement planning for women, investment strategies, and insurance needs. Hence, tailored financial planning advice considering these factors is crucial for women’s financial well-being.

How can a woman manage finances?

Women can effectively manage their finances by following key financial planning tips tailored to their needs. This includes setting clear financial goals, prioritizing investments like insurance, retirement planning, and tax planning, and seeking professional guidance when needed. Leveraging tools like goal calculators and investment platforms designed for women, such as Lxme, can also streamline financial management.

To stay connected with Lxme and access inspiring content, follow us on Instagram and subscribe to our YouTube channel.

If you found this helpful, share this blog with your friends and family!!

Download the Lxme app now to start investing!

Please note, The Lxme Dream Card services will be discontinued by 30th November, 2024 to make way for something very exciting!

Sorry for the inconvenience caused and stay tuned for something really special!

New Investor? Request a Callback.

Fill in your details and we will guide you at every step

    other blogs
    Ladli Behna Yojna 2024
    Career Saving November 2, 2024
    How to Apply to Chief Minister Ladki Bahin Yojana and Ladli Behna Yojana online?

    The Mukhyamantri Ladki Bahin Yojana Maharashtra and Mukhyamantri Ladli Behna Yojana Madhya Pradesh are government schemes designed to support and empower girls from economically weaker sections. The Laadli Behna scheme and Ladki Bahin Scheme provides financial help to families with daughters, aiming to strengthen their financial stability. This schemes has been succesfully implemented in Madhya How to Apply to Chief Minister Ladki Bahin Yojana and Ladli Behna Yojana online?

    By Siddhi Sharma
    Share
    Nari Sashaktikaran Yojana
    Saving October 21, 2024
    How to apply for Nari Sashaktikaran Yojana Online?

    Neha: Hey Riya, have you heard about the Nari Shashaktikaran Yojana? It’s supposed to empower women with financial help! Riya: Really? Sounds interesting! But, how do we even apply for that online? Neha: I was just about to look it up. Let’s find out together, I found a blog on the same In today’s world, How to apply for Nari Sashaktikaran Yojana Online?

    By Siddhi Sharma
    Share
    Emergency Fund Investment
    Mutual Funds July 30, 2024
    Smart Emergency Fund Investment: Building Financial Security

    Welcome to our comprehensive guide on Emergency Fund Investment. In today’s unpredictable world, having a financial safety net is paramount. In this article, we’ll delve into the art of smart money management, helping you understand the best strategies for emergency fund investment and cover all the importance of emergency fund. Discover how to make your Smart Emergency Fund Investment: Building Financial Security

    By Siddhi Sharma
    Share