Financial Planning for the multi-role woman!

Posted On Monday, Mar 05, 2012

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Financial Planning for the multi role woman

Women don multiple roles - daughters, wives, mothers, homemakers, friends, skilled professionals etc. A single woman who is just starting out in life has very different financial priorities compared to an employed professional or a married woman with children.


The woman of the house plays an important role while taking financial decisions such as handling household expenses, planning for her child's education, saving for emergencies etc. If she can arrive at such financial decisions, she also has the capability to save and invest some money at each stage of her life.


As she passes through different stages, be the supportive father, husband or relative who helps her handle money better.


The Student


SIP in mutual funds

You'd agree that as a kid, the distraction by friends, exploring new hangouts, watching the latest movies etc. played a significant role in your life. And saving pocket money was probably the last thing on your mind - forget investing!


Warren Buffett, one of the world's greatest investors started saving from a very young age. Sure, you don't want the little princess in your life to go around delivering newspapers and selling magazines. But you can certainly help her become a disciplined investor by making a small cut from her pocket money to save. Gift her a piggy bank on right at the start and with every passing year, make her value her savings more.


As she grows older and starts understanding EMIs, drag her attention away towards SIPs. Help her start her own SIP in mutual funds so that her savings have the chance to grow along with her dreams and ambitions.


As the years pass, she will thank you for helping her respect money and understand the essence of saving since she will then be independent to make her own decisions be it higher education or a business opportunity!


The Homemaker


Financial Planning for the Homemaker

The life of a homemaker is more than that just managing a home. It has an endless amount of demands and to-dos, multi-tasking at its most, hours that don't adhere to any set timing, and no off-days!


To all the homemakers who have ever doubted their actual worth, here are a few steps to transform a regular stay-at-home Mom to Super-mom.


Help her make a list of household expenses that are essential for the house to run.


If the family cuts down on restaurant dining, saves electricity wastage and cuts back on magazine subscriptions etc., the money saved can be used for investment purposes.


If you have a caretaker, try to evaluate their requirement or even do away with them by prioritizing your own time and delegating tasks to even children – say taking the garbage out or wiping the utensils.


Help you wife learn new skills that interest her, or if she is already a qualified professional, help her network with like-minded people. This could help her grab some earn-from-home opportunities to make extra money, while also taking care of the house.


Make this a habit and in a few months, you both would've saved a sizeable amount. You can invest this amount in areas she wants – be it gold, mutual funds, the stock market or in a fixed deposit.


Not only will she become a confident homemaker, she will also learn to prioritize her money, time and family while also achieving her financial goals.


The Career Woman


Working professionals, have financial goals and aspirations - maybe a second house or saving for marriage. Hence, working women have their work cut down (pretty much). Their main aim as an earning member is to plan their finances. This should be done firstly through tax planning and then through diversified investments. Here's how you can help them make a financial plan for their money:


Financial Planning for the Career Woman

Design a plan. Calculate the amount they should save to achieve their goals. This could be a long-term plan for your daughter or a comparatively shorter working period for your wife.


As soon as they receive the salary, ensure that a large percentage of it is invested in tax-saving instruments (home loans, life and health covers too). Don't forget, women tend to get more tax benefits. So utilize it to the best ability!


Help them diversify across various avenues such as gold, equities and fixed deposits depending on their age and risk capacity.


The investments made should be seen as a stepping-stone to bigger financial goals.


Stand by her side, support her financial dreams and you will see her bloom as a confident, independent financial pro who can make choices beyond grocery lists, handbags and beauty products. Who knows, she may even show her gratitude by helping you meet your financial dreams too!



Risk Factors: Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Please visit – www.quantumamc.com/disclaimer to read scheme specific risk factors. Investors in the Scheme(s) are not being offered a guaranteed or assured rate of return and there can be no assurance that the scheme's objective will be achieved and the NAV of the scheme(s) may go up or down depending upon the factors and forces affecting securities markets. Investment in mutual fund units involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including possible loss of capital. Past performance of the Sponsor / AMC/ Mutual Fund does not indicate the future performance of the Scheme(s). Statutory Details: Quantum Mutual Fund (the Fund) has been constituted as a Trust under the Indian Trusts Act, 1882. Sponsor: Quantum Advisors Private Limited. (liability of Sponsor limited to Rs. 1,00,000/-) Trustee: Quantum Trustee Company Private Limited. Investment Manager: Quantum Asset Management Company Private Limited (AMC). The Sponsor, Trustee and Investment Manager are incorporated under the Companies Act, 1956.

Above article is authored by Quantum.

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