It is quite surprising to know that working women have a lot more benefits than men do. But, it depends on every single individual and the kind of efforts that they put in to know everything about money and its management.
Some of the schemes by the government are exclusively given to women folks. Some of the benefits like reduction in the interest rates on home loans, higher interest rates in the bank on savings account, exclusive offers on credit card and explicit Health Insurance plans are given to women. Isn't it wise to know about all these facilities?
A lot of working women would be extremely good in financial management, but there are a few of them who are pretty ignorant about it. It certainly does not matter in what stage of life we are in, but it becomes pretty important to understand the finances in your life and manage them accordingly for a better living.
Since women have a lot of options to save money, isn't it a great idea to invest the money in the right place to reap the benefits later?
Mentioned below are some of the important things which working women should know about money:
The Interest on the Home Loan is Lesser
It is recommended that you apply for a home loan if you are a lady because in a lot of countries the rate of interest on the home loans are extremely lesser for women and buying a new home may be your dream. This can be one of those greatest opportunities to invest in home loans for making your dream come true.
However, you need to understand the eligibility criteria and you need to follow all the procedures that are laid by the government in order to avail the home loan. Once the eligibility criteria are met the loan would be disbursed.
Extra interest on your savings account
A lot of nationalized banks and private banks do offer an extra rate of interest on the savings account for women. This is done order to encourage them to make more savings. This is a special benefit which cannot be availed by anyone else. Hence, why don't you use it for your benefit?
The Premium on Term Insurance Plans is lesser
Well, isn't this good news to all the women out there? While men struggle quite a bit to pay the premium off women get to save a portion even on the premium on the term insurance plans which they buy and this again makes women a privileged class.
There are a lot of insurance companies that offer Term Insurance plans at a lesser premium to women as compared to men and there are a lot of studies that reveal that women have higher life expectancy than men do. Hence, it is quite logical for a life insurance company to give certain extra benefits to the women folks. This is another benefit which women get when it comes to savings.
Become an Entrepreneur
This is one of your greatest chances to become an entrepreneur and shine! A lot of schemes and policies from the government have been released only to encourage women entrepreneurs to start their own business. There are special loans which are given at lower interest rates to ladies which enables them to start their own businesses and become a successful business person.
Lesser Health Insurance Premiums
Like the life insurance companies, there are also a lot of health insurance companies which come forward to offer exclusive Health Insurances to women at a lesser premium interest. If you want to have health coverage for your health then, it is very much needed that you invest in the health insurances especially when you are getting it at a lesser interest it is recommended to utilize the facility.
Keep a Tab on the Expenses
If you want to know where you are spending your money it becomes very important that you keep a tab on the expenses. Until you know what kind of purchases you are making then you would never be able to understand where all your money is going.
If you want to become a good finance manager the first step to do is to write down all the expenses that occur on a daily basis in order to understand everything about money.
Make Mistakes and Learn From It
Unless and until a mistake is made there would be no learning. Therefore it is advisable that you make a mistake and learn from it and the same thing applies to financial management as well.
You know the kind of expenditures that is happening and once you have made an unnecessary investment it will give you the greatest learning of your life and then you will understand the importance of every single penny you are earning.
This would be the start of making the right investment at the right place. This is one of the important things that you should know when you are dealing with money.
Hire a Financial Expert and Have Your Own Financial Portfolio
This can be one of the greatest freedoms which you can get as a woman. If you are unable to understand everything about your money it is wise to hire a financial advisor who would be able to manage your money and help you better in the understanding of financial management.
A financial advisor would also help you to open a new portfolio of your own which can help you to become a better Money Manager and understand the concept of money in a much broader perspective. You would understand the share markets and the kind of investments that you should be making when you have your own financial portfolio.
Well, isn't it a great idea to have your own financial advisor and your own portfolio to manage your money instead of depending on others?
When you start paying interest in understanding things which you're unaware of, you are certainly going to become an expert, isn't it? It is your money, know it and manage it!
