Financial stability is something that many women tend to aspire towards. Given the fact that there is a significant percentage of the population that is still under the poverty line, there is a growing need for women in the country to be financially stable.

Whether you are in a financial situation that you think is stable or not, it’s important to be aware of your financial health and have a plan in place to help improve your financial wellness. Women who are trying to manage their finances on their own are faced with extreme challenges. The top three include gender inequality, violence against women and the lack of financial education.

Financial wellness for women in India is more than just about the money - it is about managing one's finances in a way that allows for both the present and the future. The following financial wellness strategies will help you better understand your finances and help you feel financially empowered.

Saving regularly

An important part of improving our financial wellness is using the money we have wisely. There are many things that women can do to help themselves improve their financial wellness, but one of the most important is to save money. With a regular and committed savings plan, we can improve our financial wellness by being able to take advantage of opportunities, see a path towards achieving our personal and financial goals and pay for unexpected expenses.

Avoiding debt

Another important financial wellness strategy for women is to avoid debt as much as possible. This can be done by only spending money that they have already saved and by not borrowing money or taking on unnecessary credit.

In order to avoid debt while maintaining a strong financial wellness strategy, it is important to focus on the top line and bottom line, meaning both your income and expenses. This way, you can always strive to ensure that your income is higher than your expenses. Another tip is to put a buffer in your budget to account for financial emergencies. This way, you won't have to take out a high-interest loan to cover unexpected expenses.

Invest time and resources on you

One of the best ways to improve financial wellness is to invest in ourselves by means of education and training. In a world where women earn less than their male counterparts, it is more important than ever to invest in education and training. This can help women be more financially aware, help them understand the financial markets and their environment, which in turn may also help in securing positions with higher salaries. If anything, learning more about money, wealth management, financial planning and investing may even lead you into a career within wealth management and financial services. Just remember, it’s never too late to invest in your education and training.

Investing your money

Wealth is an important part of a woman's life, and investing is a great way to grow your wealth over time. Investing in stocks, mutual funds, and ETFs can help you reach your financial goals. While it can be fun to day trade, make risky bets, and try to predict the market, investing for the long-term with clear goals and objectives should be a part of your long-term financial plan.

Day trading and risky investing is too volatile to be a part of your overall plan – for those who invest in this manner should do so with the thought that they are okay to lose all that they have invested. However, in the realm of financial wellness, the goal is to grow your investments towards specified goals over a period of time – and this is your key focus.

Staying disciplined with your spending

With a global focus on income equality between men and women, a shift has begun where many women are now the main breadwinner in many households. However, that increase in income means more opportunity to spend money and that can lead to a lot of unnecessary purchases. Buying things you don’t need will only set you back financially. Remember, your income needs to be higher than your expenses, or else the possibility of achieving your financial goals becomes unlikely.