personal finance for women

Personal Finance Lessons for Women in Their 30s

By: admin
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Our grandmothers and mothers have always been known to the strike the right balance between saving and spending. They knew it all- ways to run the house efficiently, cutting out on unnecessary expenses, saving for emergencies and so on. Just like our mothers and grandmother, who could efficiently manage money matters (without any finance degree), women today need to manage their personal finance in a better way, especially those in their 3os.

Women today are no longer dependent on anyone for money because they are educated and have a job that pays them well. Which means they are leading a completely financially independent life, where they make their own dreams and wishes come true.

However, some women spend more out of their income than they should. They need to curb this habit in order to secure their own financial future. Well, here’s what women need to learn and know about managing their finances, and actually turning financially secure and not just independent.

 

1. Follow The 50/30/20 Rule When It Comes to Spending

The Thirties is the time to grow and mature out of the impulse-spending phase. It is the time to turn completely money-wise. This means women need to know how to prioritise their expenditure from their income after taxes and spend according to a systematic budget they lay out.

Ideally, fifty percent of the earnings should go towards maintaining their life, meaning rent, grocery, utilities and conveyance. Twenty percent should straight be directed towards saving for future. That should leave out thirty percent, which is the maximum any woman should be spending on shopping, travel, eating out or other fun activities.

 

2. Invest To Grow Your Money

Saving is not enough. It’s investing that can make your money grow. Ideally, thirties is the best time to make long-term investments, for women are now in a stage to comfortably at least meet their basic needs if not lead a lavish lifestyle.

One can invest in mixed portfolio of short-term and long-term financial assets that can give a good return for the rest of their life. Women could look at mutual funds, bonds, ULIPs and Government investments. Buying a house is also something that women can give a serious thought, as against losing out a good fraction from the salary every month on rent.

 

3. Give Importance to Building Financial Security

As much as investments are important to make your money grow, so is financial security. At this stage of life, a woman needs to build for herself that peace of mind that she has something to take care of herself and her family in the wake of any adverse situation.

In that regard, insurance is a pertinent investment any women must make at this stage, given the uncertainties of life. It’s natural to feel that death or disease is something far off. However, given the risks, and the lifestyle led alarming rate of diseases, insurance is very important and something women can afford at this age and shouldn’t defer further.

Moreover, in addition to providing security, insurance comes with tax saving benefits that could actually increase the disposable income.

Now, in terms of buying insurance policies, a woman in her 30’s could look at both health insurance, and life insurance online; there are varied types of life insurance plans available online today. In terms of life insurance, one could consider endowment plans that offer a return after the due period, in addition to life cover. If you’re on a tight budget constraint, term plans are also an excellent alternative to pick to get the benefits of life cover without hefty premium costs. Insurers like Max Life insurance and others offer diverse term insurance benefits including larger sum assured, availability of riders, flexible premium payment terms, tax savings and so on.

 

4. Ask for That Raise You Deserve

It’s quite common among women to shy away from asking for a raise that they actually deserve. As a fact, it has been noticed worldwide that even if women do negotiate, they commonly don’t ask for much.

However, a strong woman who knows her worth at the workplace should make it a point to highlight her contributions and commitment and ask for that raise when it’s the right time. After all, your contribution at the workplace does deserve its true financial price, and it is your own duty to ask for it.

Follow these personal finance tips and lead a financially secure and not just independent life.

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