Financial Advice for Working Mothers, This Women’s Day

Mar 12, 2018 | 8 months ago | Read Time: 2 minutes | By iKnowledge Team

It’s time as a working woman, you empower yourself with financial and investment planning tips.

In the present world, the role of a woman is no longer relegated to just being a home-maker. Across the world, women gain recognition for their talent to become financially independent. This has enabled partners to share time and resources between themselves. With higher incomes and a zest to live a better lifestyle, the need to save and manage money has become imperative more than ever. And, being a woman shouldn’t stop you from taking important financial decisions, because learning about finance and investment is easy.

Design A Budget for Yourself

Your monthly expenses must be determined basis your income; you need to avoid unnecessary expenses. The best way to avoid redundant spending is to create a monthly budget. It is a good habit to pay all bills and payments first, followed by household expenses, groceries, children’s school fees, etc. Don’t forget to save a certain amount too. The amount left after paying and investing could be used to spend on lifestyle purchases.

  1. Get Insurance

Accidents don’t come with a warning. But they do come with elaborate medical bills. An insurance policy is your safety net to help curb costs that could result from an unpleasant event. Look into a policy that comes with additional riders like critical illness rider, medical benefits, accidental death benefits and so on. A policy like Aegon Life’s iTerm Plus with Life and Health Plus option will offer you financial protection against 36 critical illnesses. It will also provide coverage up to 80 years, protection against terminal illness, accidental death benefit and so on. Such a term plan will be beneficial to your family or nominees in your absence.

  1. Remember to invest that extra income

If you receive a lump sum amount, use it to invest in an asset that can generate income for you. Balancing dual roles at home and work can sometimes be an arduous task coupled with additional expenses. Investing your extra income in a financial instrument can help in lightening the financial burden on you.

  1. Let Your Money Work for You

As a working mother, you want to build a future for your child. Savings from your job can only go so far. Consider investing your money that can get you solid returns to help you achieve your long-term goals. If the financial world intimidates you with its jargons and terms, seek help our Insurance and Investment Knowledge Centre. This will help you chart an effective investment plan while staying informed.

Conclusion

Managing finances, especially for working mothers, can appear daunting, but it doesn’t have to be so. As you balance all other aspects of your life, you will discover that with a bit of financial practice and knowledge, handling financial matters can be a breeze too.


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