It is generally stereotyped that women are bad with finances. This Diwali, let’s break this false notion and hear some great paisa bachao tips.

Well, you can thank us later for this advice given by Nivedita Sarda who is a Chartered Accountant, a Corporate Advisor, and an Advocate. Remember her?

Me: How would you suggest women should use their poker money or any money earned this Diwali?

Nivedita: Poker money! Haha! Well, if her lady luck works for her and she is successful in making good money, investing in gold will be a good deal! Otherwise, if she has a small amount, say up to 10K, then she can keep the money safe in a Gold Bond. Through this bond, gold of an equivalent amount can be purchased whenever needed. So it’s quite a safe option, to keep money in this gold bond and liquidate it once you think the amount is big enough to buy jewelry.

Me: What investment tips would you like to give to women for the coming year?

Nivedita: I feel if a woman is comfortable investing in mutual funds, nothing can beat this method. For which she should begin with SIPs (Systematic Investment Plans) where she puts a particular amount of money every month which can be invested in the form of equity or in the form of debt. There are three kinds of mutual funds. One which has a major tilt towards equity, and the second tilted majorly towards debt and then balanced funds where there is equity and debt both. So, any one of these can be opted for investing in Mutual funds through systematic investment plan.

Also, I would like to suggest women invest in real estate. So let’s say if they have approximately 15-20 lakh, then they should look for small sized plots available. Hence, at this moment the real estate market is quite low and the deals are good. And for those who are not confident in buying properties, they should invest in close ended mutual funds. With these funds, you put in a specific amount of money and it stays in that fund for about three to five years. The fix is that you can’t withdraw the amount before that. So for all those looking for investment in real estate but not through purchase of property, they can invest in these close-ended mutual funds.

Me: What should women keep in mind while opening new ledgers this Diwali?

Nivedita: One rule everyone should follow while opening new accounts is to destroy the previous ledgers! Don’t keep on carrying them for life.

When we asked her but what about people learning from their past transactions gone out of budget?She suggested, for the self-analysis, one should keep balance sheets and not previous ledgers.

Me: One ideal Dhanteras plan for women, you would suggest.

Nivedita: I am a woman and I can never get over gold jewelry. So be selfish and buy small amounts of trinkets for yourself!

Also, women can buy home furnishing as it brings a lot of positivity in your house and makes you feel happy and vibrant.

Me: How do you think women can evolve their relationship with Laxmi?

Nivedita: To evolve the relationship with money start with the understanding of where the money is spent. I have often seen that women have money and they spend it without really understanding whether they are spending it in the right manner or not. So they should analyze what they have spent and then make a goal of how and what they have to spend on in the coming one year.

So what are you waiting for?

Hurry up and get cracking towards saving and making money!