What Women need: # 2 Knowing, Planning and Growing

The evening conversation with Sandhya lingered in Shiela’s head long after she had gone back home and tucked the kid into bed. She skipped her usual dinner-with-Netflix routine and decided instead to have a dining table conversation with her husband. “ I have been thinking”, she began, “that we should monitor our expenses and save more. What if we need money for emergencies?”, she paused, only to continue, “ You have already been talking about impending layoffs in your company. I shudder to think about a situation where we will find ourselves in a spot for a month or two if you have to find another job”, she said, finishing her bite.  They only investments for emergencies they had was some gold jewellery which Shiela ‘s mother had given for her wedding. Sentimental about it, Shiela didn’t want to part with it or pledge it for money. She had to find some other way to be prepared for life’s uncertainties.

Meanwhile, Sandhya’s mobile phone was buzzing again. And it was her financial advisor calling exactly at 8 pm as she had earlier agreed to. Sandhya was tempted to miss the call yet again, but she knew that her advisor would persist. Sooner she got done with the call, the better, she thought as she picked up the phone. When the call was done with, Sandhya understood that she could no longer postpone sat down to make up her mind on what had to be done. Yes, she had worked hard, earned and invested well to deserve that apartment upgrade. But what her advisor made her realise was that, after booking profits in her equity holdings for the same, her allocation to stocks and equity mutual funds vis-à-vis FDs had become lopsided. “Gosh!  I have lots of dreams to fund and this mean that my investments must grow at a faster clip. I need to plan how much I invest across products well, so that I can reach my goals”, she told herself.

After giving a patient ear to Shiela, her husband came up with an idea. “I agree we need to save more. This will come in handy not only for emergencies, but also for our daughter’s needs, as she grows up. Our parents knew gold jewellery and FDs as avenues for savings, and we have continued with that.  But there are plenty of other options these days. I don’t have the time to research financial products. Why don’t you find the best way to make our savings grow?”

Shiela’s mind went back to mutual funds and her half -hearted attempts to learn more about it. She recollected that Sandhya had told her that she could invest as little as Rs 1000 every month. She knew that Sandhya had even used some of these investments to renovate and modernize her apartment, without taking any loan. As she was thinking about all this, her husband took a sip of water as he finished his meal and then it flashed! “SIP”, she said aloud.

Sandhya and Shiela have postponed enough - Sandhya, her review and reset; and, Sheila, her start. This Women’s Day, they resolve to make a beginning.

What about you? Are you ready to understand, know, plan and grow your savings better?

 If yes, reach out to us today – the clarity you seek begins with one decision.