9 things every working woman should know about money

Did you know that as a woman, you are entitled to a number of financial benefits?

Partnered January 17, 2018 16:43:35 IST
9 things every working woman should know about money

Did you know that as a woman, you are entitled to a number of financial benefits? There are many schemes and perks that are exclusively available to women, including lower interest rates on home loans, exclusive credit card offers, special health insurance plans, and exclusive women-only debit cards, among others. While women are building their careers and juggling responsibilities at home, and work, personal finance management can often take a back seat. Be it single or married women, when it comes to the aspect of financial planning women tend to get overwhelmed. So, the bottom line is, regardless of what stage in life a woman is, it is important to have financial literacy and know what you are entitled to in order to manage money successfully.

9 things every working woman should know about money

But, is money management different for men and women?

The answer is yes!

This is simply because women and men tend to manage finances differently. Each of the sexes also have different spending behaviour, according to researchers. In this article, we explore how women can manage their money better and make the best use of the perks available to them.

Here is a list of must-know facts and money tips for women when it comes to personal finance management:

  1. Know that you can get cheaper home loans: Did you know that if you apply for a home loan, the interest rate will be lesser? There are many banks in India that offer cheaper interest rates on home loans for women. To avail this benefit, you should meet certain eligibility criteria. Firstly, the applicant should be above 18 years of age, should be either a co-applicant or sole applicant and should either be the owner or co-owner of the house.
  2. Know that you can get better benefits on savings accounts: There are many banks that offer special benefits on women’s savings accounts in order to encourage women to save and develop their skills. Customised women’s savings accounts offer discounts on professional certification programs, online courses, preventive healthcare packages, gym and yoga classes, and also offer discounts on various women-only tours, along with offers on beauty services.
  3. Know that your life insurance premium costs lesser: Yes, you heard that right! Women usually pay a lesser premium than men when they apply for a life insurance policy. This is because women have a higher life expectancy than men. Many insurance companies price their premiums lower for women precisely for this reason.
  4. Know that the government is encouraging women entrepreneurs: In an effort to promote more and more women entrepreneurs in the country, the government has launched a number of policies and schemes. Women entrepreneurs can avail loans to start businesses at low-interest rates.
  5. Know that there are special credit cards exclusively for women: The next time you apply for a credit card, think twice because there are exclusive credit cards that offer a number of perks and benefits. These types of credit cards help women take care of themselves as they come with wellness discounts and other lifestyle offers that help career women.
  6. Apply for a health insurance policy: While having a family health insurance policy will help, applying for a critical illness policy is wise. This type of policy gives cover to women-specific illness such as cervical cancer, breast cancer, uterus cancer, etc, at a lesser cost and with a higher coverage amount.
  7. Create a separate financial portfolio: It is very important for a woman to have her own financial portfolio. This will open doors to financial freedom. In other words, it  is wise to have a personal finance portfolio with your own savings and investments. This will come to your rescue in case of a personal crisis like a divorce or other uncertainties in life like losing a job, etc. This emergency fund can also help you during different stages of your life. For example, if you have some money saved up, you can take a career break when you have a child.
  8. Don't be afraid to learn from your money mistakes: It is okay to make mistakes. So do not be hard on yourself. Be wise to learn from your mistakes and mend your ways for a better financial future.
  9. Track your spending: Last but not the least, keep an eye on where your money is going. Studies indicate that women tend to make ‘emotional purchases’. So, take a look at what is really driving your purchase behaviour because your splurging is only coming in the way of your financial independence.

Even working women often tend to outsource financial planning to other members of their family such as their father or husband because of their lack of confidence when it comes to financial matters. As women step out and carve a niche for themselves at their workplaces, it is also equally important to get out the comfort zone and start making financial decisions confidently.

This is a partnered post. 

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