To ensure that your finances are as strong as you are, investing a portion of your income is an absolute must. Be sure to actively scout the investment landscape for good investment options for women and take calculated decisions to make the most of your money.
For example, you can think of investing in fixed deposit for women, as you get risk-free, assured returns on your investment. You’ll be pleasantly surprised at how fixed deposits can enrich your portfolio.
NBFCs, for example, offers excellent Fixed Deposits for Women with FD interest rates that are extremely rewarding. You can use an FD calculator to ascertain the returns you will get for the tenor that you have in mind in under a minute.
If you are still on the fence about investing a portion of your pay cheque, take a look at why it pays to invest regularly.
- You will be able to maximize your money
If you want to supplement your income to better the quality of your life or simply prepare financially for the future on your own terms, you must consider investing your savings rather than keeping them in a savings account.
Among various instruments available, opening FD is an excellent option as it provides safety and stability to your principal amount and an interest rate of up to 8.75% if you choose NBFCs. This is much higher than what savings accounts offer. So, it makes better sense to invest your money rather than simply save it.
- You will always be ready for unforeseen expenses
There are various circumstances that you cannot foresee such as medical emergencies, urgent repairs, unplanned travel expenses, etc. All of these situations require making sizeable payments. So, in such cases, having money at your disposal will allow you to tackle your emergent situation in a timely manner, without affecting your monthly budget.
If you are considering a fixed deposit, for purposes where you are likely to require a lump sum amount, it is best that you invest in a cumulative FD. This is because your interest will be compounded and you will be able to create a substantial corpus over the course of the tenor.
On the other hand, if you want additional income to make loan payments or to pay for your child’s education, you can opt for a non-cumulative FD, with monthly, quarterly, semi-annual or annual payouts, depending on your needs.
What’s more, you can withdraw funds from your FD before maturity if you need to, or even take a loan by using it as collateral. In this manner, having an investment in your arsenal will help you tackle any situation that comes your way.
- You can become financially independent
Once you are able to take control of your own finances by way of making investments independently in a fixed deposit or another instrument, you will be able to achieve your goals and targets on your own terms.
For instance, if you invest in a long-term FD, you can use the resultant corpus to buy yourself a car, pay for your child’s overseas education, take care of your parents’ health care and lifestyle expenses or finance your own retirement.
On the other hand, if you choose a non-cumulative fixed deposit, the monthly returns will help you take care of utility bills, household expenses, rent payments, EMIs, etc. As a result, making wise investments will help you become 100% financially independent.
So, it is evident that investing early in life will help you transform your monthly savings into a sizeable corpus over time. Regardless of how much you can set aside from your income each month, consider investing regularly to maximize your wealth and strengthen your personal finances.