8 Things Every Woman Should Do To Realise Her Financial Goals

Women must take charge of their money whether they are single, married, working, not working, divorced or widowed. And make sure that the money grows and serves them as well their families. So, where should you begin from?

Analyse your money decisions

Where do you stand now with your assets, your savings, your income, your investments and your expenses? Neatly evaluate them and start building from there. What do you want to grow, your assets or investments? Or do you want to control your expenses to increase savings?

Set short-term goals

Along with your long-term goals, don't forget to list down your short-term goals. While saving for a longer life, do not forget to live and enjoy your present. Pamper yourself from time to time with the little indulgences, travels, technology toys, home improvements and so on.

Be disciplined and consistent

Automate your investments through SIPs or ULIPs, as it tailors your risk appetite. Let the experts take care of your money and help in making it grow. Adopt a structured and affordable approach, such as buying ten shares of an identified Blue Chip every month.

Diversify your investments

Ensure you have both liquid and illiquid assets or investments. This will secure you from the volatile market conditions. You can link real estate, bullion, equity, mutual funds, insurance, debtor bonds to your overall investment strategy.

Make your money work for you

Do not keep idle cash lying in a bank account or FD or in your cupboard locker. Paper doesn't grow, inflation ensures that it depreciates. Invest in instruments which will help your money to grow with time.

Do your own research

Review, research and read about your investments, go through your consolidated reports, ask questions to your advisor and keep your eyes and ears open for the opportunities that you may want to tap.

Know the risks

If you're making a risky investment, be mentally prepared to lose. "Is it worth it? Can I afford it?" - Are the questions you must ask yourself before making any investment decisions.

Evaluate your 'worth'

Once a year evaluate your investments and reflect on what you were worth five years ago and what you'll be worth five years later. Tweak them accordingly. To remain focused on where you want to go, you need to look back on the experiences and learnings of the past.