Planning For It!

Financial Planning for Women


 Have you ever wondered, without having any formal knowledge of finance, how your mom used to plan monthly budget for your family. Whatever the husband earns, a housewife seems to manage with that, in most of the cases. Genius they are…..aren’t they!!!!


 Women have an inherent talent for management. And when it comes to managing money they are simply incomparable. With some awareness about scientific financial planning, every family in India can be financially well – managed and streamlined as an expert is already there in every family. 


Here are some tips for women, following which; they can secure their’s as well as their families’ financial future:


1)      Prepare a well – planned budget – Though you manage without one, however it always helps to have a pre planned budget in place. The major advantage it fetches is that, identifying investible surplus on a monthly basis becomes a much easier task. This is one of the most crucial and initial steps towards financial planning process.


2)      Identifying financial goals for family – When it comes to children, women try to cater to every need of theirs, since the day they come in this world. However, this gesture does not get optimum results as it is based on mere estimate. No doubt they plan for it, unconsciously, however lack of knowledge of typical financial calculation, leaves them in a state where they have to struggle when the actual event arises, Viz. a daughter’s wedding, higher education of children etc.


Ideal approach of financial planning is, once the goals are identified, it should be followed by measuring the cost to the each goal (with timeframe in mind) in monetary terms. A required investment need to be made so as to meet liabilities. This will not only enable you to enjoy the occasion without worrying about money but will also allow you to live tension free life. 


3)      Think and plan for retirement - Very truly it is said that females are the most selfless individual on this earth. Whatever they think or plan, its always for somebody else, maybe its parents, siblings, children or husband.

Among all these their financial future gets neglected. With the changing scenario our social system has also changed. Nuclear families have come into existence and for parents, expecting their children to bear their financial liability during their retirement years is not feasible anymore.

Its very much critical for every individual to start planning immediately for retirement. You wouldn’t want to spend your golden days of retirement worrying about meeting even your basic needs!


It’s very much true that in today’s changing scenario, woman can not afford to be financially dependant on her husband; rather she should intend to be an equal contributor. At the same time, the fact can’t be denied that sometime situations and some time our orthodox social system induces them to take many breaks (some with consent, some with force) in their careers. This very fact enhances criticality of financial planning for them to a great extent. 


Balancing family and career is a tough job and in that planning for future specially retirement always falls last in their priority list. Hence, the ideal thing for them to do is to ‘START NOW’ and allow your money as much time as you can to grow, to work for you and that too in a much planned and informed way.



Sapna Tiwari is a CERTIFIED FINANCIAL PLANNER and masters in Financial Management with over half a decade’s experience in the field of personal finance. The views expressed are personal. She can be reached at



Published Jan 22 2013



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