In today’s fast advancing world, proper financial planning is important for a secured future. Financial planning is important, both for both men and women. Traditionally women are more engaged in managing the family’s budget, children’s education and marriage etc. But in today’s world, women are better educated and have a good career. They have a steady flow of income and its time they start taking keen interest in the financial planning for the family. In this article we talk about Financial Planning For Women.
Why Financial Planning For Women is Important.
- Good Career growth and increased income earnings.
Many homes today are double income homes, wherein both the parents work and so there is a considerable amount of additional income in the family, which can be invested wisely for good returns.
- Time off for raising children.
Many families are nuclear families and so quiet a few women make the hard choice of taking time off from work to raise their children. This choice becomes very difficult if the woman is the sole earning member or has a good source of regular income. They are constrained due to financial commitments. It would be helpful if proper financial planning is done inorder to save funds early in the “time off corpus”, which would make it easier for them.
- Women may have the responsibility of taking care of her parents and siblings.
Many women play the role of the “son” in the family. They are responsible for providing for the needs of their siblings and parents. It would be good to have a proper financial plan inorder to take care of these needs, even after marriage.
- Retirement Corpus
Women have a larger life expectancy then men. Hence it is advisable to take into consideration this aspect and work out a special retirement corpus well in advance to have a good retired life .