Tips for Tackling Financial Issues for Women
Women are no longer the weaker sex, as it used to be some decades ago. Today, the woman stands on the same footing along with their male counterparts. In fact, one can add that women are more resourceful than the men in many ways. They can handle a variety of responsibilities with ease. You have more women breadwinners today than ever before. Naturally, there will be challenges. Let us look at how to tackle them.
There are single woman breadwinners and married woman breadwinners. Each one has a different set of liabilities. Let us look at these individual issues and understand how to tackle them.
Single Woman Breadwinner
- Family Comes First – Women have a lot of attachment to their families. Single women breadwinners often tend to prioritise supporting their parents and siblings financially. They even go to the extent of delaying their marriage and education for the sake of helping their family.
How should they handle these issues? It is a great feeling to support their family. However, one should also save some money for their expenses. It is better to draw a budget and set aside a specific sum of money to take care of future costs such as marriage. Allocate the remaining amount towards the welfare of the family. Sticking to this budget can initially be difficult, but you will be able to manage them better with time.
Married Woman Breadwinner
- Juggling Between Responsibilities – You need special skills to manage your homes as well as your careers. If you have children, it becomes even more difficult. It is because motherhood comes before everything else in the world. It is a fantastic feeling to contribute towards the household responsibilities. You can share a portion of your income with your spouse’s contribution to take care of the household expenses. The double income advantage enables you to save for your children’s educational needs.
Allocate a part of your income towards investing for the future of your children. Families having double income have a higher capacity to save money. Draw a household plan in such a way that you use your husband’s income for running the household and your income for securing the future of your children.
- Tax Benefits – If you live in a rented house, split your rent to maximise the tax benefits. The same logic applies when you claim HRA (House Rent Allowance). Understand that women have additional tax benefits. Be aware of these concessions and take advantage. The double income allows you to opt for a joint Home Loan. The best aspect of the joint Home Loan concept is that both the husband and wife can claim separate tax concessions on the repayment of principal and interest amounts. Banks have Home Loan products for women at concessional interest rates provided she is the owner of the property.
- Invest in a Health Plan – Investing in individual health insurance plans can help you claim separate tax benefits. Opt for a family floater insurance plan and split the premium with your spouse to claim the maximum tax deduction.
- Investment is the Key – Usually, women do not work longer than the men do in their lives. They have household responsibilities to cater. Hence, you find that women tend to sacrifice their jobs for the sake of their families. Therefore, investment is the key. It is possible for double income earners to save more. Women should concentrate more on investment to ensure a better future.
Women Business Entrepreneurs
Today, you have women with excellent educational qualifications. Hence, the numbers of women entrepreneurs are also increasing. The Government of India has made it easier by introducing a slew of benefits. Banks have specific products where women can Apply for a Business Loan for New Business.
Women can avail Business Loan without collateral under CGTMSE. They have benefits in the form of a higher proportion of coverage while paying a lower premium. Many banks have a different interest rate structure when it comes to women beneficiaries. Usually, it is about 0.5% less than the standard rate for male recipients.
Today, you have more women professionals like doctors, chartered accountants, lawyers, and so on. The higher levels of education bring greater awareness about the importance of saving money for a better future. The enhanced level of income allows them to invest and save more.
One must concede that women exhibit a greater sense of responsibility when they are the breadwinners of their families. Traditionally, women display a greater understanding of empathy. Historically, you do not see women wasting their hard-earned money. Their family always comes before everything else in the world. Therefore, you find women as better equipped to tackle financial issues than men are.
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