26 October, 2023
Durga Puja is an auspicious occasion that celebrates the triumph of good over evil and the strength of women. Despite the progress made by women over the years, many women across India and the world, find themselves financially dependent on others. This Durga Puja, learn more about how to be financially independent and be empowered.
How to be financially independent this Durga Puja?
Here are financial tips for women who are striving for financial empowerment and independence. The below listed tips will be of great help to you:
Set a goal
You should make a list of the financial goals you want to achieve. Take stock of your income and personal finances. You should make sure to note down short and long-term goals. For instance, one of your short-term goals could be to save more money and reduce spending. On the other hand, in the long run, you might want to buy a home or grow your wealth. Knowing what you want financially will help you take the steps required to achieve your goals. If you are looking to buy a house, you can take advantage of HDFC Bank XPRESS Home Loans that come with an interest rate of 8.35% onwards and 50% off on processing fee (T&C apply).
Have a financial plan
Once you have a fair idea of your financial goals, you are ready to create a plan that helps you meet your needs. Financial planning entails having an estimated idea of your future earnings, expenses, investments, etc. Having an idea of your financial future allows you to take steps that will help you augment your earnings and fulfil your goals. Plus, you can also opt for family financial planning for a more holistic approach.Save and invest
The two cardinal rules of attaining financial independence are saving and investing. Firstly, you have to assess your monthly income and expenditure to see if there is any room to save money. You can set a budget and stick to it in order to save and avoid overspending. Once you begin saving, you can set aside a portion of your income for investment. You can create an investment portfolio as per your financial goals. Take your investment decisions with the help of a financial advisor.Emergency fund
A key element of money management is to prepare for the unforeseen. To do so, you have to set up an emergency fund. Try to set aside a portion of your monthly income through a Savings Account, and deposit it in this fund. Make sure that you do not use it otherwise. Over time you will have collected a nest egg that will come in handy when you most need it. For instance, if there is a financial crunch, a family emergency, or a medical crisis, you can dip into this fund and avoid added stress.Educate yourself
Keep in mind that your journey to financial independence and empowerment is one that is ongoing. You will have to keep educating yourself about new investment options, financial products and services, and techniques that will help you along. Thus, make sure to remain updated about financial affairs and developments. You can also use online tools to learn more about key financial concepts and strategies. All in all, keep an open mind and continue to learn as much as possible. The knowledge you gain will help you make wise financial decisions for your benefit.Keep An Eye on Offers During Festive Season
By keeping a watchful eye on offers and opportunities, you can make the most of this period to boost your financial standing. Being attuned to special deals and discounts by HDFC Bank can provide a significant advantage. Explore the following offers curated for you:Get 10% cashback on apparel shopping at top brands like U.S. Polo Assn., Calvin Klein, Tommy Hilfiger and more (T&C apply).
Instant 30% discount on Silver Jewellery at Kai Jewels with HDFC Bank Cards (T&C apply).
Buy wristwatch from Fastrack, Helios, and Titan World and get 10% instant discount with HDFC Bank Credit Cards and EasyEMI (T&C apply).
Get an instant 15% discount using HDFC Bank Cards on Skindulge products (T&C apply).
Make this Durga Puja more special with these offers while making significant strides in your journey to financial independence.
HDFC Bank supports women in their endeavour to aim for financial independence and thus offers a Women’s Savings Account. Use the account to park your funds and earn additional income via attractive interest rates. Plus, you can also enjoy special features like free insurance cover, charges waivers, preferential rates on various loans and financing options, Debit Card along with Cashbacks, discounts, and access to other HDFC Bank products and services.
Make the most of Durga Puja this year and click here to open your HDFC Bank Women’s Savings Account today!
Click here to read more on tips on financial planning for women.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.