Women should know how to prepare a budget, save and invest in places where they could liquidate it when they want.
Past News ReleasesRSS
(PRWEB) July 09, 2012
If you are a woman and you are about to touch the age of thirty there are a few points which we believe you should be aware of to take the best steps towards getting the best financial security for your future.
Tip 1: Invest in stocks or other investment options so that you could liquidate at times of emergencies:
Even if there is no need, a woman can still be capable financially and take the important decisions. You need to check your finances even though it might happen that the finance is taken care of by somebody else. Sometimes you may have to go through a financial crisis where suddenly you lose your job, and then you should be aware of how to deal with such situations. You should know how to prepare a budget, save and invest in places where you could liquidate it when you want.
Tip 2: Saving Surplus funds and keeping them secured:
For emergencies you should know the process of setting up an emergency fund and how to keep a sufficient fund in it. Understanding a bank statement is quite important and you must be aware of that and know the process of complaining when there is some problem with the statement. Irrespective of your financial position, you should have sufficient knowledge about how bankruptcy and debt collection works. Fixed Deposits are one of the best options where your fund remains intact and you are provided interest on the amount you deposit.
Tip 3: Plan your taxes well and make the right investments to save your taxes
As a woman of the house you should also have the basic knowledge of how to pay out the taxes in a smooth manner every year without getting panicked. Establishing credit in your own name is very important to know even when you are sharing the credit cards with your spouse. You should be aware of the risks that you are prepared to handle when it comes to investments. Retirement is an inevitable fact and for that you should know how to save money for a future purpose. You need to assess the cost of having a family even if kids are not there in your list. There are numerous options to invest in and claim deductions in your taxes so you could help in claiming the available deductions by investing more.
Tip 4: Being vigilant for the financial liabilities you may get involved in
You should know what is meant by cosigning a loan and aware of when to refuse it. Recognizing identity theft signs and addressing them in a proper manner. You must also know the benefits and disadvantages between renting and owning a house. Information about the retirement plans of your parents and whether they need your help. You should make necessary arrangements for your finances and know who would be responsible for you in case something happens to you.
All the above things when kept in mind should be backed up by intelligent decision making. You should also be aware of investing in the right areas which could be equities, mutual funds, ETFs, commodities or any other instruments. Moreover it’s all about intelligent investing where the woman of the house could play a vital role. Saving money and distributing the savings in different asset classes can really secure a family financially.
Tip 5: Planning for Children’s future expenses
Planning for children’s education and marriage from early stage would yield better results. The earlier you start the longer your investments have time to grow. If you are a frequent follower of financial markets you can allocate funds in different asset classes like equity, fixed income and Gold. We have a wide variety of mutual funds for children’s future with varying allocations across asset classes. Choose any of the funds suitable for your purpose.
LastBull.com is one of the popular sites devoted entirely to investing education.