Are you a homemaker starting to manage your finances? Get a Women's Savings Account

Whether homemakers, professionals, or both, women are taking charge of everything in their lives - even finance, which was traditionally considered a man’s domain. Post-marriage financial planning decisions – such as buying a house or children’s education – are made together, making it important for women to learn money management well. A good place to start would be opening a women's savings account.

If you want to start sorting your finances, here are some actionable steps to quickly get you started.

· Start small: Start by managing smaller amounts through a joint or women's savings account. Take charge of 20%-25% of your family’s investment portfolio and learn how to manage it efficiently.

· Keep learning: Stay updated about the latest financial news and read up on various financial topics. Use mobile apps and other tools to track your expenses and investments.

· Start investing: Get your money out of the secret box and park it in a savings account. The best savings account for women will offer the most benefits. Consider investing this money in safe avenues with maximum returns.

· Seek expert advice: Approach a financial advisor who can guide you in this process and suggest you a customised financial plan. Do not hesitate to ask questions.

Investment products to get you started
 

Here is a list of common investment options – FDs, RDs, mutual funds – that you can use to build a healthy portfolio.

· Fixed Deposit: An important financial instrument offered by banks; you can park a lump sum amount in a fixed deposit to earn higher interest than you would with a savings account. FDs are considered the safest investment avenue as they are unaffected by market volatility.

· Recurring Deposit: This is similar to a fixed deposit; the only difference is that you can choose to deposit the money in instalments and not in a lump sum. This makes RDs hugely flexible. Depending on the tenure of your RD, you can expect to earn decent returns. Many banks also offer RDs with monthly income schemes, wherein you get the returns as income each month after the deposit tenure.

· Mutual Funds: A mutual fund is a pool of money gathered from different investors, which is then invested in various securities. They are subject to market risk and movements. Do your research and select a mutual fund company that has shown a consistently good track record.

Conclusion

IDFC FIRST 3-in-1 account gives you the convenience to seamlessly operate your Demat, Trading and Bank Account. This is a joint offering from IDFC FIRST Bank and ICICI Securities. This offering will integrate your Trading account maintained by ICICI Securities Limited with the bank account maintained by IDFC FIRST Bank and Demat account maintained by IDFC FIRST Bank as a SEBI registered Depository Participant. You can hold all your investments (shares, bonds, debentures, mutual funds, etc.) in this account and monitor your investments on the go through netbanking or on the IDFC FIRST Bank mobile app.

IDFC FIRST Bank wants to partner with its women customers and help them achieve financial independence by providing tailored solutions for their investment goals. Reach out today and open a women’s bank account with us!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.