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Every Woman's Guide to Staying on Top of Her Finances

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March 11, 2020

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In this policy, the investment risk in the investment portfolio is borne by the policyholder.

In the recent past, women in India and across the world have been shattering glass ceilings. They've made their presence felt in boardrooms and have started to demand for what they deserve. Today, we can look up to a number of independent women who have prioritised their career and their finances and are standing shoulder-to-shoulder with their male counterparts and CEOs. The most interesting change that we've seen, however, is that women are learning to own their finances. They're taking a good look at where they currently are and are making plans to get to where they'd like to be in the future. They're making investments, putting their money away in deposits and saving for their own future as well. So, if you're one of these fiercely independent women who would like to learn how to manage your finances by yourself, here's a guide to help you take care of your money:

1. Outline Your Goals

Creating a financial plan for an intangible or vague goal isn't a good idea. The first step towards learning how to own your finances is to create a list of all your financial goals. These goals can be anything from saving up for a vacation to ensuring you have enough money to enjoy an early retirement. Whatever your goals are, it's important that you understand how much money you will need to fulfil them. This will dictate how long you will have to save for as well as help you decide on the investment tool you can use to grow your money accordingly.

2. Do Your Research

Daunting though it may seem, educating yourself and being aware of all the options you have available to you is the most important thing. Speak to people you respect and trust and ask them about the kind of investment avenues that have worked for them. Read up as much as you can about the various plans being offered and check past records of investments. This will give you a clear indication of what kind of plans have worked in the past and which ones may continue to work in the future.

3. Pick the Right Financial Tools

Every goal that you have might be achieved by using different financial tools. If one of your goals is to plan for your retirement, you may be best served by a Unit-Linked Insurance Plan (ULIP) like HDFC Life Click 2 Wealth. Along with life cover, this plan enables you to invest your money in a variety of equity, debt and hybrid funds. Additionally, with the life cover component, this plan will also help your family out financially during a truly difficult time in their life.

4. Read the Fine Print

Once you've found the right investment tools to help you achieve your goals, it's time to get into the finer details. Are there any situations in which you may not get the payout you're promised? What happens if you miss a premium payment or are unable to keep your investment going? Before you agree to any particular financial plan, make sure you understand all of it entirely – even the terms and conditions.

5. Stay Updated

Investments are a work in progress. This is why it's vital that you check on your finances at regular intervals to stay updated on how they're doing. If a certain investment isn't progressing the way you expect it to, rearrange a few things. Find a way to switch your money around and look for a financial tool that serves you better. It's important to check on your portfolio periodically and balance it as required to achieve your goals.

Follow these easy steps and you'll be well on your way to enjoying financial independence and freedom. Women, it's time to take charge of your finances and make decisions that work for you and your personal goals.

ARN: ED/01/20/17432

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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