Gone are the days when women depended on their fathers, brothers, and husbands for financial management. Nowadays, women manage their own finances, save for emergencies and also invest in various instruments depending on their risk appetite. Having said that, if you feel a bit overwhelmed by all the jargon and are confused about exactly where to put your hard-earned money, this thread might be of assistance.
Journalist Anoo Bhuyan invited everyone to share their tried and tested financial practices and the responses are a gold mine of information.
Tweeters under 35's and especially women: What practices do you have for your financial health? I'm very curious and also have many thoughts 😽
— Anoo Bhuyan (@AnooBhu) May 15, 2021
Recurring deposits (RDs) and Systematic Investment Plans (SIPs) seemed to be favourites among many. A few people also talked about paying Credit Card debts on time and buying insurance. Even cryptocurrency found a few takers, check it out:
1. Health Insurance for mom
2. Emergency fund covering 4 months exp
3. FD (liquidity funds only)
4. RD for annual expenses (HI premium, diwali purchases etc)
5. Mutual funds (major investments planned for next 20 yrs)
6. Equity (India & elsewhere)
7. Gold (purchased annually)— Sumirti (@sumirti) May 15, 2021
I am 33. RD, FD & life insurance from when I was 23. Mutual funds since I was 26. Current investments are 11 mutual funds some short term & some long, PPF, FD, life insurance, health insurance, term insurance & some small amount in crypto. Use credit card only for work, no EMIs.
— V (@Dhichkyaaon) May 15, 2021
Started out with some RDs & FDs when I was making pennies, mutual funds later on, plus some life insurance. I save everything i can, and set aside a budget for travel each year. Ever since the pandemic, that budget has been set aside for other things that can bring joy.
— Indrani Basu (@IndraniBasu88) May 15, 2021
Aiming to save 50% of my salary (as I’m staying home). They go into multiple mutual funds (some debt, some equity, some ELSS). Have put a teeny tiny amount in crypto couple of weeks ago, for fun. Might put some in PPF or NPS (still reading up and weighing options)
— Shreya Raman (@shreyaraman18) May 15, 2021
Saving as much as you can. Investing in MFs, FDs. Using a credit card regularly but paying bills on time to have a healthy credit score. Setting a goal so that you work towards it.. like buying a home, a holiday house or that solitaire. It keeps one motivated.
— Vishakha (@vishakhatalreja) May 15, 2021
SIP + RD.
For many years I was wary of having a credit card, given that I have a tendency to spend. But now that I've become better at saving I might apply for one. https://t.co/alKsriFuFV
— Ruchira Kondepudi (@Ruchtk) May 15, 2021
Start early in SIPs and enjoy compounding !!
Don't worry about the amount, time is more rewarding than the money you put in ✌ https://t.co/w09Q8fMXYa— Sasuke San (@Kartik_af) May 15, 2021
– Almost 25% of earnings go into investments (SIP + Debt fund)
– only use a debit card or cash, never a credit card
– most earnings are in cash, 10-15% goes into savings bank account
– keep 5-10% cash separate when in needThe 5-10% cash that remains every month goes into saving https://t.co/xY5DWYAFHt
— Pain Killer (@ThePulpDoc) May 15, 2021
15% RDs to plan for bigger expenses & savings
10% of salary in liquid savings
MF – ELSS
Long term not ELSS
FDs
Gold Bonds
PPF
Health Insurance
Don’t indulge in credit card
Need to pick a life insurance plan– I am a noob https://t.co/cY7nQ9vpph
— Phoenix 🐾 (@EsotericPhoenix) May 15, 2021
We millennials undermine Post Offices but I think they are so cool – TDs, RDs and NSCs. Plus their RoI is higher than commercial banks. Yes, their operating systems are a pain in the ass and are mostly manual than digital, but I love them!
— Karishma Shelar (@shelarkarishma) May 15, 2021
PPF, Fixed deposit & home loan. I think having your own place to stay is the most important security ever in life. It also gives tax rebate. Most important rule dnt spend on flimsy lifestyle items, they are costly, unnecessary and limitless.
— Shreyasi Kunwar (@KunwarShreyasi) May 16, 2021
Have been investing since I was 17
Active investment in PPF is good it’s compounded annually.
30% of earnings in SIPs , MFs and certain IPOs ( It funded my entrepreneurial venture at 31 )
Keep aside 10% in an alternate bank account and DO NOT withdraw it at all#money— Kavea (@KaveaRChavali) May 16, 2021
I have an upper limit in my mind for every item I buy(except food).PPF, few FDs, RDs. Recently have invested a small amount in mutual funds, trying to learn. Also, I stay as far as possible from credit card cycle. If I ever use CC to get a good offer, I immediately pay it out
— Sanjida Siddique (@SiddiqueSanjida) May 15, 2021
BRB, going to read up about Gold Bonds and National Savings Certificate (NSC). Did you pick up a few ideas from this discussion too?