Explore the world of wealth creation beyond FDs

One of the key observations is that many women often do not actively participate in their financial decision-making. It is crucial for women to be part of these discussions and decisions. This active involvement can lead to a higher level of financial literacy and a sense of responsibility.

Women have been investing primarily in safer assets they understand, such as fixed deposits (FDs). While these options provide security, they may lead to diminished wealth accumulation over time or missed opportunities for wealth creation. It is essential for women to increase their financial awareness and actively engage in financial literacy programmes to address this. With the right knowledge, women can make informed investment decisions.

Here are some practical steps women can take to enhance their financial well-being:

· To understand where the money is going, begin by tracking all sources of income and documenting monthly expenses.

· Define short-term and long-term financial goals, such as saving for a vacation, buying a home, or retirement.

· Allocate funds to different categories based on priorities, ensuring that savings and discretionary spending are included.

· Familiarise yourself with interest rates, fees, and payment due dates to avoid surprises.

· Pay off the entire balance each month to avoid interest charges and improve your credit scores.

· Choose credit cards that offer rewards or cash back on purchases that match your spending habits, such as groceries or travel.

· Explore various asset classes, including stocks, bonds, and mutual funds, to mitigate risks and enhance potential returns.

· Make informed decisions by learning about equity markets, real estate, and other investment opportunities.

· If you are new to investing, consider investing a small amount in index funds or ETFs, which can provide diversification with lower risk.

By actively engaging in these strategies, women can empower themselves, make informed decisions, and ultimately enhance their financial independence and wealth over time.