+91 888 480 0789
info@FundsTiger.com
Partners Login/Register
Login/Register
Facebook
Twitter
LinkedIn
YouTube
Instagram
Pinterest
FundsTiger - Fast Loans for IndiaFundsTiger - Fast Loans for India
  • BUSINESS
    • Apply Business Loan
    • How it Works – Business Loans
    • Eligibility and Docs for Business Loans
    • Loan Types
    • FAQs for Business Loans
  • PERSONAL
    • Apply Personal Loan
    • How it Works – Personal Loans
    • Eligibility and Docs for Personal Loans
    • Loan Types
    • FAQs for Personal Loans
    • Champion Registration
    • Credit Score Booster Consulting
    • Loan Balance Transfer Counselling
    • Financial Health Checkup and Booster
  • HOME
    • Apply Home Loan
    • Home Loan Guide
    • Eligibility and Docs for Home Loans
    • Loan Types
    • FAQs for Home Loans
    • Pradhan Mantri Awas Yojana (PMAY)
    • FAQs on PMAY
  • KNOWLEDGE CENTER
    • Calculators
    • Credit & Cibil Score

For security reasons, your session has been timed out. To continue, Please login.

Tips for Women to save more

March 4, 2020UncategorizedSuganya Arumugam

Be it single women, married or divorced, there are ways to overcome hurdles and become financially independent. Some of the challenges may be it in dealing with the struggle of saving and investing, tackling financial illiteracy, balancing the needs and wants of parents and children, or overcoming resistance in marriage. Hope you will find a way to make your financial dreams come true this Women’s Day.

Strategies to Raise Savings

An important factor in how much a woman saves depends on how she invests.

1. Speed up Saving

Since the woman will end up saving less due to the gender pay gap and fewer years she puts in at work, one way of overcoming this hurdle is by increasing her monthly savings. So if a 25-year-old woman is building a corpus for retirement at 60, she will have to save nearly 17% of her income compared with 10% that men would have to in order to build the same corpus. If she finds it hard to do so, she can automate her investments or increase her EPF and VPF contribution with her employer, so that the money is saved before she can spend it.

2. Optimize Investments

Though there is no difference in the way a woman or man invests, the best way to make up for lost time and money is to invest smarter. For all the long-term goals, be it retirement or her children’s education and wedding, which are more than 12-13 years away, she should harness the growth of equity, which gives one of the highest returns in all asset classes. A small portion, however, needs to be kept in debt for safety. She should also factor in the eroding effect of inflation and taxation while making calculations as these eat into the corpus.

3. Protect Investments

To ensure that her life and investments are free of risk, it is crucial to keep an emergency corpus and purchase the right insurance. If she is single, she should stock up at least eight months of household expenses as contingency. To protect her children, buying term life insurance, which is 7-10 times her annual income, is important. To avoid medical costs eating into her retirement corpus, she should also buy health insurance for herself and her children.

4. Work Longer

Another way to enhance earning power and compensating for lost money is that the woman skill herself in a way that she continues to work even after retirement.

5. Negotiate Better

There is nothing wrong in asking for rewards and equal pay if your performance is at par with your male co-workers. So women need to be vocal and confident if they want to close the pay gap.

6. Accommodation

If own residential  accommodation is felt  required in the place of work, better plan acquiring own house/flat for stay of value  within the possible means plus housing loans. As money value depreciates  over years by the inflation, paying future money for  acquiring present non depreciating  assets is advisable. Going by past value strength, investing in pure gold (but preferably not jewellery gold) also is a good investment. Guarding against inflation on  savings  also should receive attention .

Secure yourself first

1. Save for Retirement

From the day you start earning, invest for your retirement by putting your money in a mix of equity funds and debt instruments. If you are in your 30s, put at least 70% of your savings in equity and 30% in debt. The former can be in the form of equity funds and the latter can comprise EPF, VPF, PPF and NPS. Remember that kids can take loans and parents will have assets that can be monetised, but you will have no source of funding your retirement.

2. Emergency Corpus

With dependants, you cannot afford to run into a financial crisis, say, job loss or medical problem. So even before you start investing, build a contingency corpus equal to 4-6 months of household expenses.

3. Buy Insurance

Another tool to secure your family is to buy term life insurance that is 7-10 times your annual income, keeping in mind the number of dependants and loans. For health, pick a Rs 5-10 lakh family floater plan for your spouse and kids, but buy a separate plan for your parents. Also take a Rs 25-30 lakh critical illness plan for yourself and your spouse.

FundsTiger can arrange loans from almost all the banks. You can apply for an attractive offer with best possible rate of interest and terms for Personal Loan, Business Loan , Home Loan and Car Refinance Loan.

Previous post Recent Loan Frauds cases in India Next post Diversification of Investment




Recent Posts

  • Should you have to invest in Bitcoin?
  • Atmanirbhar Bharat Loan
  • Top 5 Credit Cards for 2021 – for your money needs at best terms
  • Atmanirbhar Bharat Abhiyaan
  • 15 New & Small business ideas – 2021
  • Personal Loans
    • Apply Personal Loan
    • How it Works
    • Eligibiity and Docs Required
    • Types of Personal Loans
    • FAQs
  • Home Loans
    • Apply Home Loan
    • Eligibiity and Docs Required
    • Home Loan Guide
    • Types of Home Loan
    • FAQs
  • DigiLocker
  • Income Tax
    • ITR Forms
    • IT Returns
  • Credit Cards
  • Interest Rates
    • Personal Loan Rates
    • Business Loan Rates
    • Home Loan Rates
    • Fixed Deposit Interest Rates
  • Lowest Interest Rates
    • Lowest Personal Loan Rates
    • Lowest Business Loan Rates
    • Lowest Home Loan Rates
    • Lowest Loan Against Property Rates
  • Budget 2019
    • Budget 2019 – Tax breaks
    • Budget Impact on Business and MSME
    • Highlights of Interim Budget 2019-20
  • User Guides
  • Business Loans
    • Apply Business Loan
    • How it Works
    • Eligibiity and Docs Required
    • TypeS of Business Loans
    • FAQs
    • CGTMSE-Loans
    • Mudra Loan(PMMY)
  • PMAY
    • Pradhan Mantri Awas Yojana
    • FAQs On PMAY
  • Credit Score
    • Know your Credit Score
    • Improve your Credit Score
    • Good Cibil Score
    • CIBIL Score Facts
  • Tools
    • Best Personal Loan
    • Best Business Loan
    • Best LAP
  • Investments
    • Top 7 Investment mistakes
    • Top 5 Things before investing
    • 8 Best Investment options
    • Fixed Deposit is a better Investment option
    • Why you should invest in ELSS?
  • Lenders
    • Our Lenders
    • How it Works
    • FT Credit Analyzer
  • Partners
    • Why Partner With Us
    • Register as a Partner?
    • Affiliate Program
  • Resources
    • IFSC Codes
    • MICR Codes
    • Small Business Mentors
  • Car Refinance
  • Poplular Blogs
    • NPS
    • LAP
    • Tax Benefits
    • CIBIL
    • Mutual Funds
  • Others
    • Careers
    • Contact Us
    • Terms of Service
    • Privacy Policy
  • FundsTiger TV
  • Credit Score Booster Consulting
  • Loan Balance Transfer Counselling
  • Financial Health Checkup and Booster
  • Subscribe to FundsTiger
  • Loan Calculators & Guides
    • Home Loan Eligibility Calculator
    • Business Loan Eligibility Calculator
    • Personal Loan Eligibility Calculator
    • Home Loan EMI Calculator
    • Business Loan EMI Calculator
    • Personal Loan EMI Calculator
    • Car Loan EMI Calculator
    • Reduced vs Flat Rate Calculator
    • Fixed Deposit (FD) Calculator
    • Working Capital Calculator
  • Saving Schemes
    • Post Office Saving
    • Atal Pension Yojana
    • Sukanya Samriddhi
    • Kisan Vikas Patra
    • Senior Citizen Saving
    • PPF
    • EPF
    • VPF
  • Year 2019
    • Investment Lessons 2019
    • Financial Resolutions 2019
    • Saving Tips 2019
    • Financial Deadlines 2019
  • About Us
    • Overview
    • Mission and Values
    • Why FundsTiger
    • Our Team
    • Our Investors
  • Refer & Win
  • Popular Playlists
  • HOME
  • ABOUT US
  • BUSINESS LOANS
  • PERSONAL LOANS
  • HOME LOANS
  • CONTACT US
  • ToS
© 2020 All rights reserved. FundsTiger