A majority of personal finance blogs talk about how to cut on one’s expenses but this Diwali, we’re discussing how to make sure you make all your dreams come true instead of learning to live without them. With stories of 4 Indian women who are on their journey to financial independence, our campaign Lakshmi’s Money Diary is set to illuminate your bank balance.

Finance Expert Priyanka Bhatia, co-founder Women on Wealth & WOW Money Gym, is helping us guide these women deal with their everyday money issues. Suggestions like how and where to invest are shared with these women but more on that later. For now, let’s pay attention to some fantastic tips from Priyanka that will enhance your financial education in a jiffy!

Since it’s a Diwali campaign, how can women manifest their inner Lakshmi?

By identifying their strengths and creating a market for the same. Every human being is blessed with some kind of talent, and the journey of turning that passion into a career can be fascinating. The idea is never to sit idle and keep working on oneself.

Is it that easy to become a wealth creator?

Unquestionably! There are three ways to be one – starting a business, investing in properties and advancing in stock markets. It’s about time women stop hiding and saving money under the mattresses and inside the sugar containers. India is the second largest country that believes in preserving cash for the future. Now imagine the potential we have to double our wealth.

But eventually, the question arises – how to set money saving goals after all?

I strongly feel that the Indian women must let go of the short-term saving habits and welcome some realistic long-term plans, just like I suggested.

Most of us prefer buying gold in the name of investment. What do you have to say about this tactic?

Indians like buying gold jewelry during significant festivities. Most of us do so after considering gold’s resale value, but I want to ask one thing – how can you trade something that’s of emotional worth to you? A woman buys a gold necklace that she plans to gift to her daughter, for example. Do you think she would appreciate reselling it?

Many of us are yet to learn money-management, and we believe, to begin with, letting women handle the monthly household finance can show positive results. Your take?

I agree. Working or not, women can start handling a small amount of capital in the first month. Make a list of all the essential items the family members need (food items, toiletries, etc.) in a month and then create a planner to understand how to use this allotted money in the best possible way. You must maintain a diary to mark all the expenses every day. Also, try saving some amount from the total cash and call it your savings! For starters, it can be as low as Rs. 1000 from a sum of Rs. 10,000!

So once the women have some money with them to invest, how should they go about it?

There are three easy ways to start investing your money.

1. Public Provident Fund (PPF): Its benefits include tax reduction, no tax on interest, no tax on early withdrawal, you can get a loan after four years of creating the account. It is one of the oldest and trusted ways to invest money.
2. Stocks: I absolutely love the stock market. It’s simple, and the only trick is to gain some knowledge about the evergreen companies with least chances of drowning in the market. It’s a myth that the stock market is one dangerous place. I remember this woman from Delhi who invested in stock market wisely and could earn about 7 cr. She later bought a huge bungalow at one of the city’s poshest locations.
3. Properties: This can only be executed once you’ve accumulated enough capital with you.

Suggest some post-retirement investment schemes for those with plenty of money to put in. 

Many schemes in the market can get you a brilliant monthly income post retirement. For example Senior Citizen Saving Scheme, Post Office Monthly Income Scheme, Fixed Deposits that will benefit their kids, etc.

Lastly, any tip for the single ladies reading this blog?

Challenge yourself to spend less every time you lay a hand on your money. Secondly, start building an Emergency Fund, already! The first step towards being financially independent is to take care of your being.

Are these tips helpful? Meanwhile, meet the four women who are a part of our Diwali campaign ‘ Lakshmi’s Money Diary’  here, here, here and here.

This article was first published on October 16, 2017.