Unlike in the past, many women are refusing to be dependent on their fathers, brothers, and husbands for financial management. They are taking financial matters into their own hands. From managing their own finances, to saving emergency funds to investing in various instruments depending on their risk appetite, women of today are becoming financially independent.
Recently, we stumbled over a thread that not only showcased how women are taking their own financial decisions but also helping others to understand all the financial jargon to take a decision, where they can put their hard-earned money.
Journalist Anoo Bhuyan invited everyone to share their tried and tested financial practices and the responses are a gold mine of information.
Tweeters under 35’s and especially women: What practices do you have for your financial health? I’m very curious and also have many thoughts 😽
I am 33. RD, FD & life insurance from when I was 23. Mutual funds since I was 26. Current investments are 11 mutual funds some short term & some long, PPF, FD, life insurance, health insurance, term insurance & some small amount in crypto. Use credit card only for work, no EMIs.
Started out with some RDs & FDs when I was making pennies, mutual funds later on, plus some life insurance. I save everything i can, and set aside a budget for travel each year. Ever since the pandemic, that budget has been set aside for other things that can bring joy.
Aiming to save 50% of my salary (as I’m staying home). They go into multiple mutual funds (some debt, some equity, some ELSS). Have put a teeny tiny amount in crypto couple of weeks ago, for fun. Might put some in PPF or NPS (still reading up and weighing options)
Saving as much as you can. Investing in MFs, FDs. Using a credit card regularly but paying bills on time to have a healthy credit score. Setting a goal so that you work towards it.. like buying a home, a holiday house or that solitaire. It keeps one motivated.
– Almost 25% of earnings go into investments (SIP + Debt fund) – only use a debit card or cash, never a credit card – most earnings are in cash, 10-15% goes into savings bank account – keep 5-10% cash separate when in need
15% RDs to plan for bigger expenses & savings 10% of salary in liquid savings MF – ELSS Long term not ELSS FDs Gold Bonds PPF Health Insurance Don’t indulge in credit card Need to pick a life insurance plan
We millennials undermine Post Offices but I think they are so cool – TDs, RDs and NSCs. Plus their RoI is higher than commercial banks. Yes, their operating systems are a pain in the ass and are mostly manual than digital, but I love them!
PPF, Fixed deposit & home loan. I think having your own place to stay is the most important security ever in life. It also gives tax rebate. Most important rule dnt spend on flimsy lifestyle items, they are costly, unnecessary and limitless.
Have been investing since I was 17 Active investment in PPF is good it’s compounded annually. 30% of earnings in SIPs , MFs and certain IPOs ( It funded my entrepreneurial venture at 31 ) Keep aside 10% in an alternate bank account and DO NOT withdraw it at all#money
I have an upper limit in my mind for every item I buy(except food).PPF, few FDs, RDs. Recently have invested a small amount in mutual funds, trying to learn. Also, I stay as far as possible from credit card cycle. If I ever use CC to get a good offer, I immediately pay it out