On this Women's Day let us ‘Financially Empower The Woman’
Woman is a beautiful creation of the God. When we look around, we see how a mother puts all her efforts in raising a child without worrying about her health and career. As a wife, her focal point is her husband even if she is herself working somewhere. The entire life of a woman is centered around her family even if she is employed.
Many a time it is seen that though the men work and earn money for their families, their loved ones are totally unaware of the money matters - savings and investments. The homemaker who toils at home, is rarely aware of what has been saved for her. Hence, a majority of nearly Rs 64,000 crore savings in public and private financial institutions lie unclaimed. Only 15% of women are reported to have financial plan for unexpected events. Inability to deal with these events can be devastating for widows and their children. Most women and children have been deprived of their rightful inheritances due to improper financial planning and unclear wills.
Let all of us take a small step on this women’s day to ‘Financially empower the woman’ who has been our strength across our lives in various roles; sometimes as a mother or sister or wife and some time as a great friend.
On this Women’s day do following activities ‘jointly’ with your partner which shall take only couple of hours. These few hours not only shall empower her financially but also strengthen the bonding with you as there are lot to discuss which you both could not thought due to busy lives:
1. Collate all your investment papers and segregate them, instrument wise like MFs, FDs, Bank accounts, Post office deposits, life insurance etc. In the process make her aware about the basic nomenclature, features of these investments and express your emotions that you have invested just for the family as you love them the most.
2. Make separate files for each investment like mutual fuds, DP/broking accounts, bank accounts, fixed deposits, PPF, post office etc. In the process see whether each investment has nominations of not. Where ever nomination is not there, note that and make agenda for next few days for completing the nominations.
3. Make a separate file for all your fixed and movable assets like properties, land, jewelry and so on
4. Make special awareness to her about your insurance policies with basics on sum assured, premium going on, premium due dates and nominations. Let her know the importance of buying right insurance policies.
5. Put in her diary the due dates of recurring deposits, mutual funds SIPs, EMIs and insurance premiums
6. Make her aware about all your loans, the EMIs and then the credit cards. Just check have you secured your loans with insurance cover or not . If not please do that.
7. When she is aware about all the above, now start talking about the financial goals which you have planned and make her part of your thought process on kids education, planning for holidays, buying a big car, retirement and so on
Above task shall bring both the partners closer. More than that she shall never say, tum badal gaye ho ( you have changed) but start saying, “thanks for loving me so much”.
The author is CEO and Co-Founder of Finpeace Technologies