Women work hard – be it in their homes or in their offices along with maintaining a home-office balance – but don’t get the due recognition. So, it’s time to give the due recognition to the women in your family during this Women’s Day for the responsibilities that they share with their male counterparts.

“A modern woman’s life is complicated, whether she is employed or unemployed – a mother, wife, or daughter – where she is sometimes disregarded and unaccounted for. Women have less time to work due to additional duties like home tasks and caring for their families and hence have fewer saving/investment years. For them to feel respected, appreciated, and secured, they must be insured and invested. It’s time for women to make the bold decision to be financially self-sufficient to live a secured and fulfilling life,” said Nitin Mathur, CEO, Tavaga Advisory Services.

Mathur prescribes the following five steps for the women to live a prosperous and wholesome life:

Create a Budget

It is critical to creating a budget for the future year to better understand where money is being spent and where savings will be made. Budgeting is the most crucial aspect of being financially successful and determining where one would spend and save, such as for a new home or automobile, a child’s education, or a dream vacation.

Invest your Savings

Saving money is a fine thing to do, but the best thing to do is let it grow through wise investment alternatives. Investing allows you to make the money exponentially grow. It is advisable to seek professional assistance from a registered financial adviser, create a separate savings account, participate in the stock market, or purchase an insurance plan.

Financial Planning

Good financial planning by the lady of the house will strengthen the family’s financial plan, allowing them to achieve significant life objectives such as purchasing a dream home, arranging for their children’s further education, and so on.

Set up an Emergency Fund

An emergency fund, which may be used to offset financial shortfalls on unexpected stormy days, is an important part of any effective strategy. Begin with a smaller emergency fund, based on your present income, the number of earning family members, and your assets.

Get Insured

Life is unpredictable. One may have various financial priorities in life, but one cannot neglect the necessity of safeguarding one’s own and loved ones’ futures. A term insurance policy is inexpensive yet offers full coverage for the insured and her family.

Expressing his views on the matter, Anil Pinapala, CEO & Co-Founder of Vivifi India Finance, said, “The first step to financial security is probably to ensure that the women you treasure are financially independent.”

Pinapala lists the factors that would help in making the women in your family financially secured:

Financial Education

Impart financial education by having discussions, sharing ideas and consulting experts will help understand the investments landscape basis immediate & future needs. Engage in discussions of how important it is to invest to make your money grow.

Empowerment

Encourage women to plan and manage their own finances, so they are as informed and keep themselves abreast with all the changes of the financial industry.

Financial Instruments

Educate her about investment schemes – like mutual funds SIP, recurring or fixed deposit, PPF, equity markets, gold bonds etc.

Health Insurance

Health insurances are a must – this goes without saying. As much as you would want to protect your loved ones, life is full of uncertainties. What’s in your hand is to be prepared, and by ensuring health insurances, life term plans, medical insurances are all up to date and taken care of for the women in your life, they will not have to worry about arranging funds, should a need arise.