Financial Planning for Women

Women tend to put off investing until later in life, losing some effects of early compounding. Couple this with the fact that women earn less than men on average, and are more likely to move in and out of the workforce to raise children or care for aging parents. These lower salaries equate to lower retirement savings and lower Social Security benefits upon retirement.

It is true that the general principles of financial planning are universal, but women face unique challenges that add up to different financial needs.

The odds are that at some point in your life, you will be solely responsible for your finances, whether you are single, married, divorced, or widowed. Women live, on average, live longer than men. Finally please look for a professional who can understand unique problems and trustworthy enough to guide you correctly.

So what does this mean for you?

Just at a Glance Start now:

If you have a financial plan in place and are married, be sure that you and your partner are both on the same page.

Couples should prepare in advance so the surviving spouse will know what to expect and can navigate the legal and financial paperwork more confidently. Any woman needs, at minimum, a basic understanding of her family's finances and to be involved in the financial planning of her future. This means not only being involved in the daily details, but also in the long-term planning. This reduces your financial stress and will make you feel more in control.

If you don’t have a written financial plan, Start from the beginning.

• First, get a snapshot of your financial picture by reviewing your income and expenses. Detailed information is important. It doesn’t matter if your income is Rs. 50,000/- or 10 00,000/- you need to have a clear picture of where your money goes.
• Take into account not only the big expenses — such as your mortgage and car payments — but also those daily expenses.
• How about your emergency savings? Has it kept up with your current living costs?
• Contrary to popular wisdom, credit cards should not be used as a disaster fund.
• With job security waning, it is important to have a financial cushion (6-9 month’s salary) to get you through any unforeseen crisis.
• Next, review your insurance policies. Look to see if your insurance coverage will provide for the well-being of your family.
• Go for a long-term health care.
• Finally, consolidate your accounts. Take a good look at your retirement and investment account statements.

Remember: When you start to review and reorganize, don’t forget about your financial house.

Please contact us to draw a free Financial Plan for women. Basically we help you out to draw your plan.