Saving a day helps paving your way for future
Are women really risk-takers, especially, when it comes to their hard-earned money? Well the truth is “NO”; women are not because they are conservative where money is concerned. The bigger truth is that they don't really have the money to spare for something which has no assured returns. But they are good at handling money they have in hand. They shop, they spend, yet, they will also save. On average women possess some exceptional skills to save money in day-to-day life which can often be drawn as an inspiration for you in your efforts for long-term saving plans.
Research has found that women in general are not keen in investing as they find the job very stressful and time consuming. They have an inherent fear about investing, and hence a knee-jerk reaction to this fear is to avoid investing completely. They would rather save the old-fashioned way such as gold than invest like stocks or government bonds. Yet, with the way the inflation is raising, with the old-fashioned way of saving they still manage to build a corpus which will still be able to buy products if not the beloved brands. This shows a penny saved is a penny gained. Similarly, a penny invested is an income gained when it comes to investment strategies.
The article guides through some of the brilliant tips women can offer when it comes to contribute towards the savings plan.
The fact that women are conservative and cautious by nature is actually their strength. They don't get swayed by quick rich schemes and tend to evaluate an investment opportunity thoroughly before taking the plunge. So, the chances losing money in an investment are minuscule. It is advisable to follow this beautiful tip of thorough checks and never make hasty decision when it comes to your saving plans.
Women are blessed with intuitive approach towards seeking solutions – they spend! Whether happy or sad you have to spend in daily livelihood. Hence it is essential to keep separate the amount to be saved and spent. This should inspire you to keep your monthly installments aside for your savings plan irrelevant of your happy or sad phase and also before you indulge in any activity of splurging money around.
Women stick to routine when it comes to investing. They usually save or invest a fixed sum month after month. As compared to men, fewer women end up bringing any changes in the saving amounts or savings plan to change their asset allocation in near future. Irrespective of the market scenario, women always end up following a fixed investment routine.
Women believe in savings right from childhood. Usually, they decide to save or invest when they get responsible enough and they do it for everyone. Be it their children's education or helping parents they will stick to an investment routine – say, bank FD returns or buying Postal certificates every month or contributing to a chit fund regularly.
Many women still prefer the help of advisers – be it a consultant, husband or a friend. They want their financial adviser to have all the qualities of a 'Mr or Ms Right'. He or she should be smart, sensitive to their needs and decisions maker to prove them right. So, it is advisable to consultant the financial gurus, understand what’s suitable for the family and mostly importantly your pocket before you draw a savings plan.
"A charming woman doesn't follow the crowd. She is herself". Women often love to work out of the box saving strategies that will give stable and sure shot returns. So don’t just follow like a herd of cattle, understand what will cater your needs and requirement, strategize well and then choose your long-term savings plan.