InvestorQ : How can women save more even after earning less?
Kalyani Sundaram made post

How can women save more even after earning less?

Aastha Awasthi answered.
2 years ago
An important factor that decides your savings is how much you invest:

Speed up saving: Since women usually end up earning less due to the gender pay gap, they will have to strategize in order to save more. So she can increase the quantum of her monthly savings, if not a lot at a time, increasing a little every month. She can invest that money somewhere profitable, and if she finds it difficult, she can automate her investments or increase her EPF or VPF contribution with her employer, so that she could restrain herself from spending the money.

Invest smarter: There’s no difference or partiality in the way a man invests or a woman invests. The best alternative to fill the huge gap shall be to invest in equity with moderate risk if she has some long-term objectives to meet.

Protect investments: It is important to keep an emergency corpus and purchase the right insurance, as it would be the one to protect her against the life risks. If she’s single, she should stock up contingency funds for at least 8-9 months. It is also important to protect the entire family against medical problems, i.e. buy health insurance that covers the entire family.