" Most women feel that taking care of financial matters is the job and responsibility of men. However, a sudden crisis can throw a woman into the deep end of money management and it is therefore advisable to not only be aware of investments and savings but also be prepared for any kind of emergency. "
Neha Chhaochharia

Women face different challenges to men. Whether in the workforce, within the family or in a marriage, women have different priorities, which must be addressed appropriately. One of these priorities relates to their financial matters.

For the following reasons, women need to plan their finances individually.

1. Higher Life Expectancy: Women typically live longer than men. Therefore, they need to be prepared for retired life if they were to outlive their spouse
2. Change in Marital Status: Women need to be financially independent in the eventuality they go through a divorce or if their parents cannot support them
3. Mental Block or Fear against Finance: Women often tend to be more intimidated by financial matters than men. Smooth talking sales people often exploit this. Therefore, it is important that women actively think about their own financial planning so that they can overcome their fears, as well as be savvy about making the right decisions

Other factors that impact women for which they need to do careful planning are:

• Financial Independence: Our society continues to be a male dominated one. It makes it all the more critical for women to become financially secure and independent so that they are less reliant on others
• Care/Support for Parents: Women might need to take care of their parents for which their husbands might be reluctant to spend money
• Job Transfers: Occasionally, a job transfer for the spouse might impact a woman's financial situation and career prospects. Accordingly, women need to be aware of how such moves impact their long term financial security and independence
• Care for Children: In our society, the responsibility for day-to-day care for the children falls on women. This often requires that women need to take time-off from work, and as a result they might limit their career prospects and financial independence.

Given the above unique needs and challenges, women must plan individually from their parents or husbands because for generations, Indian women, through their savings, have created assets and helped male family members at the time of crisis.

So WOMEN'S if you have not started planning your and your family's finances yet, you need to think again. Be an active participant in all family matters including the finances. Even if you are not earning, just by having a proper idea of your family income and by keeping track of where your family money is going you can be financially secure. This will make you capable of taking on all the responsibilities of your family when in need. The more active you are the more financial support you can provide to your family. Hence, it's a good thought to prepare your self now rather then feeling lost later.

Investment Tips

• Start the savings and investment habits, if you are not already doing so. You cannot assume that all your future needs will be looked after by an inheritance, a spouse or a windfall.
• You cannot possibly invest everything. Make sure you have enough liquidity in the short term and the medium term. Do not over invest in your haste to look after your money.
• Look at safe investment options other then merely Bank and Post Office deposits.
• If you are working, remember that the basic purpose of investing is to provide for the future and not merely to save tax.
• Ensure adequate insurance cover for self and earning family members.
• Continue investing in Gold, but may be not only in or through Jewellery [making charge is around 20%, which is a complete waste].
• Do not spend unnecessarily – nothing lasts forever, especially Money.