Studies show that compared to men, women tend to have more inclination towards saving money. Whether they are working or not, it is an undeniable fact that every woman is the finance minister of their home. They analyze the income streams and plan all the expenses in a systematic way. They know when to pull the plug on the money outflow and when to let it go. They even have the capability of running the household on shoe string budgets.
When you look at the total process of financial planning , you actually need to save money before thinking about plans to increase money. As per behavioral study, starting to save is one of the most difficult habits to develop. Indian Women master this art of saving like no one else. But the irony is they manage the toughest part and give away the simpler things like financial planning. All women need to do is extend their day to day to activity of managing home budget to every other aspect of their family’s financial life. They can be the strong force who can help in bringing discipline to their family financials. We strongly feel women who master the toughest part just need to emphasize on other aspects of financial planning to keep it simple and productive at the same time. As a part of our women’s day series, we will be publishing a series of blogs on how personal finance for women. These blogs emphasize on how Indian women can take lessons from their daily routine and apply the same to managing their financial life.