Manage your money: Dos & Don’ts for women

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By Renu Maheshwari


The diverging factors influencing a woman’s financial life creates uncertainty around her financial freedom. Lack of equality in inheritance laws, disruptions in career due to biological and social responsibilities, dual responsibilities of family and career and the cost of living longer…. The combination of contrasting factors makes financial planning for women not only imperative but peculiar too. If women want to reap the benefits of earning money, it is imperative that they start taking charge of wealth creation and management too. Or else it will be a double whammy of responsibilities of two jobs and benefits of none. True financial freedom empowerment doesn’t come when you work for money rather when money starts working for you. Careful planning, conscientious spending, reasonable savings and smart investing makes ‘making money work for you’ an effortless exercise.

Some simple dos and don’ts for young women wanting to cruise towards the blissful world of financial freedom:


1. Create an emergency fund to tide over sudden expenses. Do not fall into a debt trap by opting for personal loans.

2. Buy enough term life insurance if you have dependents. Do not buy endowment or money back insurance policies. If you do not have any financial dependents, do not waste any money on life insurance.

3. Buy health insurance if you do not have employer provided insurance.

4. Work towards investing for retirement and medical contingencies right from the beginning.

5. Secure a home for yourself or enough corpus to be able to pay rent for life, while you are in earning years. Take help of a fiduciary planner to ascertain the amounts.

6. Budget for your vacations. Enjoy but do not splurge. Remember you are responsible for taking care of your finances.

7. Buy yourself multiple small pleasures to feel good about your financial independence rather than splurging on one big liability.

8. Budget for all pleasure expenses and stay in the budget.

9. Needless to say, save the maximum till you are financially free.


1. Don’t take your personal finances casually.

2. Do not take any loan. Always stay away from personal loan and credit card loan. These high cost loans can suck your rest of the life into a whirlpool of financial misery.

3. Do not buy endowment, money back or whole life policies. Do not spend money on insurance that is not needed. Term insurance should be bought when there are liabilities and financial responsibility towards family. Any other life insurance product can be a drain on your wealth creation process.

4. Do not buy gold as investment. It does not create wealth in long term. Buy if you want to use it and stay in a budget.

5. Don’t buy real estate if you want to have the freedom of a world traveler. Real estate can tie you down to a place.

6. Do not invest in market assets on tips. It is no different than gambling.

Enjoy the financial freedom with responsible planning and investing. Remember money is a tool for making your life pleasant and happy. Do not become slave to money, learn to be its master and make it work for you!!

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About Author

Renu Maheshwari

Renu Maheshwari

Renu Maheshwari is a financial services veteran with over 20 years of experience. She co-founded Finscholarz in 2012 to promote commission free, holistic consulting practice, and was the first individual SEBI Registered Investment Adviser in Tamil Nadu. She excels in advising, coaching and consulting clients on personal finances. Her unique client-centric model has earned industry accolades like ‘Best Financial Advisor Award’ by APAC Insider, ‘Best Investment Advisor’ (Runners up) by Outlook Money and ‘Women Achiever Award' by Rajalakshmi Group of Institutes. View Profile

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