Why do I need to plan?

As far as the role of a woman goes, India is changing rapidly. Women, especially those in urban areas have jobs and contribute financially to the household. They have a greater say in the decision making process at home. They are more informed, more aware and more independent than ever before. Yet when it comes to matters of finance, women tend to take a backseat. For some, it’s because of a lack of awareness of finance. For others, it’s the reluctance to take any kind of risk. As a result, most women are content to let their husband or father take decisions where finance is concerned. And interestingly enough, most Indian men prefer it this way.

So do you as a woman really need to get involved in financial planning?

The answer is an emphatic YES. Without a doubt, you must plan. If you are contributing to the household financially, why not go one step ahead and plan your finances? You need to plan not only for yourself, but for your loved ones – your husband, your children and your parents.

As a woman, you have numerous concerns with regard to the future. You would like to see your children get the best possible education. You would like to provide for your parents and make sure they are comfortable in their old age. You would also like to make sure your own retirement is a secure one. More importantly, you would like to free your mind from the constant tension of whether the future will turn out exactly the way you’d like it to.

With financial planning, you yourself can make all this possible. A little bit of disciplined savings and some smart planning is all that’s needed. And you can achieve your dreams yourself, without having to depend on others.

Today, the number of working women in urban India is increasing rapidly. With more and more women going in for higher education and professional qualifications, the earning capacity of women is also rising sharply. You are able to save more today than ever before. While it is true that your husband may also be earning, it is also a fact that the steady increase in prices every year is reducing the real value of his savings. To add to that, changing lifestyles are putting more and more pressure on savings. It is therefore imperative that you play your role and supplement your husband’s financial planning with your own.

So would things be any different if you are not earning? Would financial planning as a concept still be relevant to you? Well, even if you are a housewife, you still need to plan your finances. Every month you can put aside a part of your household allowance and invest it. In fact housewives are known to save money better than their working counterparts. This is because they not only understand the value of money, but also are better aware of the rising prices.