It is immaterial whether you are working woman or not ‘but it’s a fact that all women save money which they get from their husbands as household expenses or earning on their own. The habit of savings is an integral part of our character since time immemorial. Remember even our granny’s used to do lot of savings while sitting at home. They used to hide cash in kitchen jars, piles of clothes or other secret places you can’t even think of. It was difficult to find where they have saved but the moment family needs money they are bang on with their huge personal savings.
Even today many of us still follow this age-old practice of saving money just that along with kitchen jars today’s women are saving through kitties and lotteries as well. But after demonization in 2016 there was no option left than to choose to Go Digital and Save digitally!
We know for some it is a big task but don’t worry it’s not that big a task actually.
Ultimately, this is all about changing a mindset and creating more awareness that will help you to take charge of your finances like before.
So all ladies, today on Women Savings Day , take a pledge to stay up to date at financial front, and start putting your savings in much safer places. To keep in pace with today’s economics, you also need to think of how to grow your money. Never let your money to remain idle in your bank account or elsewhere. Invest your money and even if your investments grow from Rs. 10,000 to Rs. 11,000, it’s good. Something is always better than nothing 🙂
Jaipur Beat talked to the women financial advisor of the city and here are some tips for you which can be opted as present day investment options-
- SIP- Systematic investment Planning
It’s the key to investing success. With Systematic Investment Plan you commit an amount of your choice (minimum of Rs. 500 and in multiples of Rs. 100 thereof*) to be invested every month. Think of each SIP payment as laying a brick. One by one, you’ll see them transform into a building. It’s simple and a good investment option for small amounts. This is one of the most preferred as of now.
2. Fixed Deposits-
Fixed deposits (FDs) are a low risk investment that can help grow money over time. Investors can choose from bank FDs or company FDs. Certain FDs also offer tax benefits. An option which is safe and secure.
3. Post-office schemes- These are ever green and offer investors low risk, good returns and assured fixed income. If you are a conservative investor NSC (National Saving Certificate), PPF (Public Provident Fund), POMIS (Post office monthly income scheme), POTD (Post-office time deposit), KVP (Kisan Vikas Patra) SCCS are ideal for you to invest.
4. Recurring Deposits- Customers can open an RD Account with a minimum of Rs 10/- per month or any amount in multiples of Rs 5/-. There is no maximum limit on the amount one may wish to invest each month. The schemes are ideal for individuals with long term investment option. They have varying tenures, interest rates and tax implications. Your best investment option/plan depends on your specific needs and financial goals.
5. PPF (Public Provident Fund)- It is one of the best instruments for retirement planning savings. The contribution, interest and the maturity amount are tax-free. PPF makes one of the most tax-efficient investments in the market today and ideal for to save money over the long term for retirement financial goals.
6. Bonds Deposits- If you find investing in stocks risky then bonds provide a safer option. A 10 year government bond gives an interest rate of 7.70 percent,(the interest rates are based on the inflation). You can also opt for inflation indexed bonds, here the interest rates are based on the inflation. Comes under Section 80 C. Again a less risky investment option.
7. Gold- An all-time favorite investment product, you can invest in gold in any format – Gold bar, Gold ETF, gold mutual fund, gold deposit scheme etc. The bond will have a tariff free interest rate of 4% with a lock in period of 3-7 years.
8. Liquid fund- If you have enough Liquid funds then money market funds can help you earn a much higher interest rate compared to the savings bank accounts without compromising on how quickly we can get real access to the cash. One can choose from SBI, HDFC, JP MORGAN , ICICI. These have a lower maturity period (usually less than 91 days) and impose no entry and exit loads for liquid mutual funds. Nowadays the majority of the liquid mutual funds have no lock-in period. Moreover, The withdrawals from these funds are processed within 24 hours (business days). The good news is that in the past one year, some of the liquid funds have managed to offer equal or higher returns than the bank fixed deposits.
For women who want to invest, but don’t know how to get started can get in touch with the Financial Advisor cause at the end of the day it’s all the money , isn’t it ?
The opinions expressed here is of Lalita Jain-. A mutual fund advisor, she has over 15 years of experience as Financial Consultant in Jaipur.
Lalita Jain
5-KA-9 Jawahar Nagar,
Jawahar Nagar,
Jaipur, Rajasthan
Email- lalita024@gmail.com , Mob- 9314462508
Disclaimer- Jaipur Beat is not responsible for the accuracy, completeness, suitability or validity of any information given here. All information is provided on an as-is basis. Investors are advised to make their own assessment before acting on the information.
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