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 😽— Anoo Bhuyan (@AnooBhu) May 15, 2021
From FD to SIP to PPFs to Mutual Funds & more, here are some of the best responses:
1. Health Insurance for mom
2. Emergency fund covering 4 months exp
3. FD (liquidity funds only)
4. RD for annual expenses (HI premium, diwali purchases etc)
5. Mutual funds (major investments planned for next 20 yrs)
6. Equity (India & elsewhere)
7. Gold (purchased annually)— Sumirti (@sumirti) May 15, 2021
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.— V (@Dhichkyaaon) May 15, 2021
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.— Indrani Basu (@IndraniBasu88) May 15, 2021
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)— Shreya Raman (@shreyaraman18) May 15, 2021
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.— Vishakha (@vishakhatalreja) May 15, 2021
SIP + RD.— Ruchira Kondepudi (@Ruchtk) May 15, 2021
For many years I was wary of having a credit card, given that I have a tendency to spend. But now that I’ve become better at saving I might apply for one. https://t.co/alKsriFuFV
– Almost 25% of earnings go into investments (SIP + Debt fund)— Pain Killer (@ThePulpDoc) May 15, 2021
– 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
The 5-10% cash that remains every month goes into saving https://t.co/xY5DWYAFHt
15% RDs to plan for bigger expenses & savings— Raka 🐾 (@EsotericPhoenix) May 15, 2021
10% of salary in liquid savings
MF – ELSS
Long term not ELSS
Don’t indulge in credit card
Need to pick a life insurance plan
– I am a noob https://t.co/cY7nQ9vpph
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!— Karishma Shelar (@shelarkarishma) May 15, 2021
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.— Shreyasi Kunwar (@KunwarShreyasi) May 16, 2021
Have been investing since I was 17— Kavea (@KaveaRChavali) May 16, 2021
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— tiredsoul (@wishnhope11) May 15, 2021
Just bought my first home. No loan. All savings. Saved in FDs, invested a lil in stocks.— MB (@desiboho) May 15, 2021
Still have money in ESOPs.
Do let us know how you are managing your financial health in comments section!