Why Women Should Take Up Financial Planning?
In today’s scenario independent earning women have achieved excellence in various fields. The excellence has brought in good money flow too, but the management of her hard earn money and to channelize the income, she needs to start planning her own finances. Here are the reasons why she needs to plan her finances.
It has become very important for women to become financially free and just not simply be dependent on their parents or spouse to meet their financial needs
Emergencies and unplanned expenses
Financial planning helps in creating a financial safety during emergencies like a job loss, illness, or major unexpected expenses .Women should take up financial planning in order to support her family and herself during financial crisis
To look after her ageing parents
It is not just the responsibility of men but also the responsibility of women to look after the financial needs of her ageing parents. Women should consider this point while planning her finances.
Financial planning is required when she starts with her new career or during her pregnancy and motherhood at that time the income inflow reduces or stops and expenses increases. Financial planning helps her to maintain the financial balance and safeguard herself from any financial crunch
Higher life expectancy
Women live longer than men so they need to save more for their retirement. During her old age when she is alone and doesn’t want to be dependent on her children, she needs to have her own corpus.