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4 Tips for women looking to kick-start their financial journey!

In India, people often use the words 'saving' and ‘investing' as terms which they feel are more or less same in meaning. However, they generally tend to ignore the huge difference prevailing in their meanings. Before going on in any venture people need to understand the differences deeply and they must analyze the fact that why it is very important to understand them at the very beginning of their financial journey.

Savings is a term used for assets which are kept aside as contingencies which generally offers very little or actually no kind of returns. On the other hand, investment is a term used for ventures that process to create wealth. Now investing is basically a path which can lead to more money being created or generated through some capitals as they are used in a process over a period of phrases.  To put it very simply, investments are just a simple or most of the times, complex way to increase one's assets in savings, which can be done through ventures to earn money online by showing the courage to invest money online or by other means.

It can be understood very clearly in an Indian middle-class household, being able to save some extra amount of money every week or in some cases even month for the total earnings of the whole family in a bag or in a safe corner of the home has become more of a habit especially to the housewives. But to give some positive points, she does invest part of her savings in gold or other jewelry. She sometimes also used that reserved funds of hers in what is called in India ‘kitty parties' which is basically an informal saving concept in India similar to a chit fund. On the other hand, her husband or the man in the household likes to invest in various options like mutual funds and stock market and also other kinds of investment options managing them keeping in mind the primary source of income after the couple have been retired from their respective jobs. In the case of the house lady, her informal savings may last typically for a short amount of time, she will face bigger issue after retirement and in old age when it is fairly possible that her husband may not be around to manage her finances for her.

So hopefully this story has triggered the importance of investing for women actively. Below are some tips to help the women folk get started on their investment journey!

•    Educating yourself before committing to anything

One should always try to read carefully and understand the basics of every financial option available in the markets. There are many websites, articles and organizations which are ready to educate them about investment options and others absolutely free of cost online or through courses offline. Becoming educated is the first step.

•    Start as early as possible and plan everything first

Various accounts like RD and PPF starts with very little money. As little as ₹500 a year, so the portfolio management should start as early as possible. These accounts do not need to be opened offline too as they can be opened online.

•    Being insured i.e. buying insurance

Ignoring insurances are the biggest mistake a woman can possibly do. Both health and life insurance is very essential for women to secure their savings and for the security of their diversified investment portfolios.

•    Increase investments as much as possible

Growing the portfolio management and investments as much as possible will eventually lead to financially securing the assets as much as possible. If one is not sure about investment options, a financial advisor is always available.

Generally, it is seen that India is and has always been recognized as a nation which is more focused on savings than investments, but this has changed drastically over the past few years. People, especially women in India, have to start their investment journey to earn money online and learn how to invest money online to be able to seamlessly track their investments 24 x 7.

If the women also start actively taking part in investment and trading then that day isn’t far when every couple can achieve all their dreams in half the time span or even lesser!