Steps towards financial literacy for Women
Women are empowering themselves by working in different fields. However, when it comes to making financial decisions, they find the term financial to be quite complex. Therefore, despite being capable, women prefer to stay away from matters related to financial goals and achievements and become dependent on husband or any family member for decisions related to these.
The biggest obstacle in the way of women's progress is the idea that you do not need to be mindful in matters related to money. Here are some tips to secure financial stability for them
1. Open a savings account in a good bank
Open a savings account in a good bank and deposit the savings in it. Check the minimum balance requirement before opening the account to avoid unnecessary bank expenses. Get an ATM card issued as well.
2. SIP in Mutual Fund
The most convenient way to invest in a mutual fund scheme is through a Systematic Investment Plan or SIP. It is open ended, which means you can start or end a SIP at any time. After opening the account, invest in any good mutual fund through SIP according to the savings.
3. Open Public Provident Fund Account
You can invest up to 1.5 lakh rupees in a financial year in Public Provident Fund or PPF. On this, you get income tax relief up to 1.5 lakh annually. There is no tax on the interest earned by you and the maturity amount after 15 years is also tax free. You can withdraw money after five years.
4. Make regular investments in gold funds
A gold fund is also an open-ended fund that invests in units of gold exchange traded funds (ETFs). Gold stocks usually rise and fall with the price of gold, but there are many well-managed mining companies that make profits even when the price of gold is low.
We hope that, these tips will help you!