Financial Planning: First Step to Money management

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Financial Planning First Step to Money
management
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• Womens Financial Needs
• We are aware that men and women are different in
  many ways, but does that apply to financial
  planning too? The answer is yes.
• Longer life expectancy Women outlive men at an
  average of 4.9 years. And a longer life
  expectancy comes with several financial
  challenges such as healthcare. Women need to
  ensure that they have sufficient money to give
  themselves the best treatment possible. Plus
  retirement does come with its own baggage.

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• Pregnancy and motherhood Women are more likely
  to take time off from work during pregnancy and
  initial months once the baby is born. At times,
  women give up their work in order to direct all
  their attention towards the little ones at home.
  In the bargain, a significant amount of income is
  lost resulting into lesser savings. Other
  financial implications would include health
  insurance and retirement benefits offered by the
  company.
• Importance of financial planning
• Managing income Financial planning plays a very
  important role in managing income appropriately.
  This in turn helps in understanding monthly
  expenditure, tax payments and savings.
• Savings One important component of a financial
  plan would be savings, that will come to rescue
  in times of emergency. Savings are investments
  with higher liquidity.

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• Investments The next important factor of a
  financial plan is investments. These savings are
  subject to market risks, but if done smartly,
  will help money grow.
• Standard of living If your financial plan is
  healthy, the level of wealth and comfort is on
  the rise. In short, standard of living is closely
  related to quality of life.
• Retirement The most important outcome of a
  successful Investment Plans is a secured retired
  life.
• Tips to financial planning

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• Set an objective Unless and until an objective
  is set, we cant get started with a financial
  plan. Its also important to define the amount of
  money and the time horizon required to accomplish
  the objective.
• Prepare a plan Once the objective is set, its
  time to draw up a financial plan. For starters,
  make note of your income and expenditure.
  Remember, savings need to continue even during
  unforeseen circumstances.
• Invest Discipline investment is the key to a
  successful financial plan. Its critical to read
  and understand the nature and risks involved in
  each investment.
• Review/ realign your plan A financial plan is of
  no use if it is not reviewed regularly. Its
  important to review a plan to judge the
  performance of your investment. If the plan is
  performing poorly, its has to be realigned with
  the help of a financial advisor.

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