Money Management for Rural Women Entrepreneurs

Money management is the key aspect of running any kind of business. If you're not careful, you can rapidly spend all your money and find yourself in a troublesome financial situation.

Money management is the key aspect of running any kind of business. If you're not careful, you can rapidly spend all your money and find yourself in a troublesome financial situation. There are multiple ways of dealing with your money successfully.

Here are a few tips : 

• Make a financial plan & stick to it 

• Plan your Expenses & Debt. 

• Save! Investment for Future. Small but consistent savings make huge Capital and tension free future. Investing allows you to grow your money over the long run and provides stability as well as security to your finances. There are various money savings tips, so figure out what turns out best for you. 

• Recurring deposits in Banks/NBFCs 

• Post Office Savings Scheme 

• NSC/KVP  SIPs (Mutual Funds) 

• ULIPs  Investment in Insurance Sector 

• Monitoring your Total Net worth (All your Assets- All your Liabilities).

• It's smart to track your total net worth routinely to perceive how your funds are changing over time 

• Diversify your income sources. Focus on active income but also plan for passive income 

• Must Purchase Term Insurance Poilicy & Mediclaim Insurance Policy to secure future of your dependents & safeguard monetary loss 

• Always pay Statutory dues on time to run your business smoothly and savings from huge burden of penalties 

• Always take experts consultancy because money matters!!

Conclusion: Staying disciplined and tracking your expenses is one of the most crucial aspects of managing your money. If you don't watch out, it won't take long to get yourself deep in debt and sometimes without a way out. By monitoring how much money you have left after each expense, staying on top of your budget, and investing for the future, you can be on course to keeping your finances in good shape

Shared By Tamasa Shome

Tamasa Shome is Fellow Member of Institute of Chartered Accountants of India || National Vice President-Funding & Investment- WICCI || Educator || Business & Investment Consultant || Women Entrepreneur having 12 years’ experience ||

Published By She Business Time