14 women over 60 share the financial advice they wish they'd taken seriously earlier

Advice from women and for women

Imagine if life had a financial Hogwarts. Would you sign up? Investment charms class with incantations will help you determine where you’d make the most money and lose the least. Negotiation potions is where you get the recipe for the best brew to gulp down before entering an appraisal meeting without your sponsor present to back you up (we all need one at the workplace).

You’d have the ability to throw an invisibility coat on your emergency fund to mitigate temptations to dip into it the next time a big sale hits your shopping apps.

Swiping that credit card may have felt like summoning a genie to grant you the wish to shop without really losing any money in that minute, but trust us, those wishes come with a hefty bill. Nobody wants the ‘debt dementors’ knocking on their door.

The general population of Indian women are late to the finance game, at least regarding their personal wealth management. However, they’ve always had their jugaads and saving tactics, even if it was stuffing ₹100 notes under the mattress every time Dad brought home his salary. That is until demonetisation killed the game. It’s not that women are beginners when it comes to money matters; in our traditional society, they’ve been the ones budgeting and running the house since time immemorial. Sadly, it’s only once you get older that you’re armed with hindsight goggles, looking back at all the financial advice and revelations you wish you’d listened to.

We asked women aged 60 and above for the financial advice they wish they had been given or taken seriously when they were younger, and here’s what they had to say.

Financial advice from women who now know better

Pick the right credit card

Indians aren’t big on credit cards, except when dad signs up for everyone in the family so you can get lounge access at airports with all-you-can-eat samosas and omelettes. One word looms over us like a dark cloud, quashing the thought of ever getting one – debt.

According to news reports, credit card usage is rising rapidly, but Dubai-based Priya Gupta, 60, warns us to be careful about which ones we pick.

For no other reason but to get the best benefits from it. If you’re a globetrotter, pick one whose points go towards getting coupons for flight tickets. Some banks offer wellness credit cards with benefits such as free fitness sessions and complimentary health checkups. Others will double up (if not triple) your reward points when you’re shopping online (we have a helpful guide to figure this out).

“Track your expenses and make sure you’re paying off the bill every month. At one point, I didn’t know I had so many credit card points and before I could use them, they expired! I could have saved so much money but it just got wasted.”

Owning property and cars isn’t everything

Gaadi and bungala have been markers of adulthood since we learned to walk upright. But Pune-based 63-year-old Neha Iyer’s financial advice is only to buy what you use regularly, but mostly, if you can afford it. “Loans and EMIs can drown you. We put all our money into properties as long-term investments, but didn’t think it through. The taxes, EMIs, maintenance and paperwork are a lot to deal with. We didn’t know enough and trusted the wrong people.”

Iyer recommends putting money into things that impact your daily life first, like insurance. “If you have a clear repayment plan in place for big purchases like property and cars, then go for it. Otherwise, the stress you put on yourself is not worth it. There’s nothing wrong with renting if that is what is within your budget,” says Iyer, sharing that it’s the financial advice she wishes she had listened to when her aunt mentioned it to her, but having grown up hearing about the importance of owning property, she paid it no mind. “Rather than an asset, it became a headache.”

Don’t miss out on ELSS

Mutual funds are subject to market risk, and this high-speed disclaimer after every advertisement has kept many people away from investing (have you tried slow investing?). Still, Delhi-based Aanasuya Reddy, 62, says every investment comes with risks. “Stock market risks are the worst; you can make lakhs and then lose it the next minute.”

No matter your apprehension, when it comes to saving, she says that if nothing else, look at ELSS options. ELSS or Equity Linked Savings Schemes are tax-saving mutual funds that combine equity investments’ benefits with tax deductions under Section 80C.

“Remember to get your certificates and file them with your taxes. It helps you get some money back that you could put into another investment,” she adds.

Don’t shop online and buy good quality

You’ve been waiting for the sales to hit as you continue to eye the shirt made of sustainable material that comes with a price tag of ₹5,000. You think to yourself, it’s too much. You could get two shirts for that price from everyone’s favourite fast-fashion label. But heed Delhi-based 60-year-old Shruti Sindhania’s financial advice and just spend the ₹5,000.

“If what you’re buying is good quality, then it will last you much longer than the cheaper options that start to fall apart after their third spin in the washing machine. Think about how many products you’ve bought to replace that first cheaper shirt. The money you’ve spent ever since. All that time, you would probably still have that ₹5,000 shirt in your cupboard in great condition.”

Of course, she adds, not all of these newer sustainable labels offer inclusive sizes, and a higher price tag doesn’t automatically mean better quality, so always check it in person before putting down your debit card and spending your hard-earned cash.

It is never too early to plan for retirement

“With the increasing cost of living, you should start putting away something for your retirement as soon as possible, even if you don’t plan on retiring for the next 40 years. What seems like a comfortable amount of money now may not stretch as much in the future,” says Goa-based Louisa Mascarenhas, 63.

Imagine retirement as a long vacation you’ve been looking forward to your whole life. You want it to be relaxing, stress-free, and filled with everything you love. To make that happen, you need a financial plan.

Starting early means taking advantage of compound interest. It’s like planting a money tree—the earlier you plant it, the more time it has to grow and flourish. Every rupee you put in now has more time to earn interest, which then earns more interest, and so on. It’s like a financial snowball that keeps growing.

Plus, the earlier you start, the more flexible you can be. You have time to ride out market fluctuations, adjust your strategy if needed, and maybe even take more of a risk for potentially higher returns.

The stock market isn’t for everyone

You will hear stories about people who made ₹20,000 on the stock market in one day. Others have portfolios in lakhs on a variety of brokerage apps. Your fingers itch to set up the KYC and start your journey, looking at what others are doing so you can make a quick buck (or few) for yourself.

64-year-old Mumbai native Deepika Patel’s son often urges her to jump on the bandwagon, but given how much money she has lost over the years in various schemes, she says she now knows better. “It’s a high-reward environment but also very high-risk. Invest only what you can afford to lose. The stock market isn’t for everyone.”

It takes diligent tracking of the ups and downs; sometimes, it’s sheer luck. Of course, you can learn it, but if you’re just starting out, Patel says don’t put all your investment chips into the stock market basket.

Time is a commodity, so start early

One of 68-year-old Pooja Das’s regrets is not taking savings seriously until later in life. “For a long time, we were living pay cheque to pay cheque, and nothing felt like enough when it came to saving,” says the Noida resident.

But no amount is too little, she adds. Whether you’re a college student getting pocket money from your parents, starting your first job or finally taking savings and investments seriously, start as early as you can. It can be ₹100, ₹1,000 or ₹10,000 per month, but set something aside. Try SIPs in mutual funds or a simple recurring deposit with your bank that will automatically deduct the amount before you even get a chance to spend it.

You can always pause it and then use that lump sum, however much it may be, to invest in something else later on.

Don’t keep up with the Kardashians

It’s that age-old temptation to keep up with what everyone else is doing or owning, says Delhi-based Diya Chauhan, 63. “Peer pressure sneaks into our financial lives more often than we think. It’s that feeling when your friend gets a flashy new gadget or your neighbour upgrades to a fancy car, and suddenly you feel the need to match up.”

We need to prioritise our financial independence and security over the pressure to keep pace with others’ spending habits. “Invest what you can, save what you can. If you don’t have money to recruit a financial advisor, investing in gold is the easiest thing you can do. It will always be trendy.”

Stay golden

Surat-based Nidhi Jain, 73, echoes Chauhan’s point about gold: “As women, first we weren’t allowed to work. Then, we aren’t allowed to ask or talk about money. Since I was young, gold was the easiest thing to buy for personal security. The men would brush it off as just jewellery and ‘womanly things’, but it was more than just that. It was a safety net or an escape plan.”

Gold prices will fluctuate, but it will always be in demand. Jain adds that if, as she did, you live in a traditional family set-up where you’re not allowed to work or save, then even if it’s a normal amount (the smallest stud earrings), go for gold and start collecting it in a safety deposit box. “When I had to leave my house and marriage, it is the gold jewellery I had collected and slowly bought over the years that helped set up my daughter and I in our own little flat.”

Have an emergency medical fund, even with insurance

“Having a medical fund, alongside insurance, is like having a financial safety net. This is a fund that you don’t touch unless it’s a medical emergency, no matter what,” says 61-year-old Charanjit Kaur from Chandigarh.

It’s not just about covering what insurance may miss; it’s about having the freedom to make healthcare decisions without financial stress. You’re giving yourself some peace of mind and control in a situation with little of it. In times of uncertainty, there are enough things to worry about. You wouldn’t need to worry about how many glove changes and needles the hospital will charge you for, or an alternative/unconventional treatment insurance won’t cover.

Keep working

People have often asked Kochi-based Meena Kumari Mohan, 63, when she will retire, but she has no plans of hitting the brakes any time soon. “I love working, and I’ll keep doing it in some way or the other. It’s important for women to have their own source of income, even if it’s minimal.”

She says that even if you get a small amount on a pay cheque, other than the sense of accomplishment, you have some independence and spending power. She also advises having a separate bank account for this money. “Keep a joint account with your spouse for house expenses, but what you then put into your personal account and what you do with it is nobody else’s business.”

Plan for your life changes

Whether you decide to have kids or not, want to drop everything and shift cities to start over, or have a huge wedding reception in Nainital, plan and save accordingly, says 69-year-old Zurekha Bano.

The Chandigarh resident adds that each of these life changes alters the rhythm of your financial life. Being adaptable and proactive in tweaking your financial plans allows you to navigate these changes smoothly. “Unless you have the money, don’t do it. People will say, ‘You can always figure it out later’, but you’re only going to add stress to life in a moment that should be joyous.”

The key is to stay in tune with your goals, adapt to the rhythm of change, and keep your financial footing steady as life pirouettes around you.

Invest in what you understand

The best financial advice Jaya Bannerjee, 72, says she received is investing only in things you understand, not trends. “Even if it’s just one investment, make sure you understand it fully. Ask questions. How do you track it? What’s the lock-in period? What are the risks?” says the Kolkata resident.

She says that managing various investments, and tracking the highs and lows of the stock market can become tedious and stressful for one person to handle. “If your spouse handles the investments, ask them questions. Know where your money is going.” It’s as much your money as theirs, and you have a right to know that your future and retirement fund is secure.

Be careful who you take advice from

Vaishakapatnam-based Vasundhara Jayakishan, 67, has watched her son obsessively watch “so-called finance experts and influencers online claiming they’ve made 1 crore in 1 year, and they’ll tell you how to do it, but only if you buy their course. That’s probably how they’re making that money!”

Find a trusted financial advisor with real training you can depend on. They can sit with you on your finances, help you set your goals, tell you what kind of investments you should make, and tell you what to avoid. Jayakishan says it’s best to get someone through recommendations that someone you trust can vouch for. “I’ve heard horror stories of people running away with others’ money.”