Build an emergency fund
Goel recommends keeping an emergency reserve that can cover around six months of essential expenses and making sure the money is easily accessible.
She also suggests maintaining an amount equivalent to six months of salary in a bank account operated only by the woman. Such a personal reserve can act as a financial cushion during unexpected situations and reduce dependence on others.
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Consider PPF for long-term savings
The Public Provident Fund (PPF) is a government-backed long-term savings option that offers tax benefits along with relatively high and safe returns.
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An account can be opened with a minimum deposit of ₹500, making it accessible even for those starting their investment journey. The corpus built over time can be used towards major financial goals such as retirement, marriage or starting a family.
Sukanya Samriddhi for a daughter’s future
For parents saving for a daughter’s future, Goel recommends the Sukanya Samriddhi Yojana. The scheme offers an 8.2 per cent return, which she describes as the highest government-offered rate.
The account can be opened with a minimum deposit of ₹250. With a 21-year maturity period, the savings can be used to meet major expenses such as college education and wedding costs.
Don’t overlook life and accident cover
Goel also recommends basic financial protection through the government’s Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
For an annual premium of ₹456, these schemes provide ₹2 lakh in life cover and ₹2 lakh in accident cover. Applicants also do not need to undergo a medical examination, making the schemes relatively easy to access for basic insurance protection.
Know your legal rights
Financial independence also involves knowing the legal protections available in different situations, Goel said.
For example, she points to the legal safeguard that a police officer cannot take a woman away between sunset and sunrise without written permission from a magistrate. Understanding such rights can help women recognise the protections available to them when dealing with difficult or unexpected situations.
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Invest and build assets in your own name
Goel’s final recommendation is to ensure that savings, investments and assets are held in a woman’s own name.
Whether it is a savings account, an investment or an asset, having financial resources that she can independently access and manage can strengthen her financial security.
The broader message, according to Goel, is that financial independence goes beyond having an income. Personal assets, an emergency fund and adequate financial and legal protection can give women greater control over their financial lives and ensure they have resources they can rely on when they need them.