Sushma Gupta, a 32-year-old mom has been managing the household finances since the last 12 years. Her husband gives her a fixed percentage of his salary every month for running the household.

As you would know this task is not easy. It includes everything from buying groceries/ everyday consumption items to things that the kids might need.

Sushma seems to be doing a remarkable job and manages to save a few thousands each month. One of her neighbours, Anita works for a mutual fund house and gave her an idea- to invest the amount she saves each month in an equity fund.

She has started a systematic investment plan and keeps aside Rs 3,000 every month for the same. The amount is not much but what matters is the investing habit. Remember that each brick helps in building a house.

Traditionally a woman's role has been to manage and run the household while the man looks after all the money matters. But times are changing now. More and more women are getting involved in their financial matters.and rightly so. Like Sushma you can also help in growing your family income.

Managing finances is no rocket science. It is simply about being in control of your money and building your wealth overtime. It's about knowing what options are available to make your money grow and choosing the most suitable ones.

So how do you take charge of your financial future?

To begin with, you must have a financial plan. It is really very simple and you don't need a professional. It just takes some time to think about what's important to you.

The suggestions in the box below will help you get started with a financial plan. Based on the information you can work out a monthly budget.

While budgets should be somewhat flexible, they should also be a little restrictive on your spending. Include in the budget an amount to set aside in a bank account or money market fund as a reserve for emergencies and short-term goals (1-3 years).

Aim to put aside 10 per cent of your gross income. If this is too much for you to manage, start with a smaller percentage and work your way up to 10 per cent as you pay down your credit cards and other debts.

One of the best ways to ensure that you set aside some money each month is to pay yourself first. By investing a small amount every month you can build significant assets over time.

The ideal thing to do is to start a systematic investment plan with any good mutual fund. You can instruct them to electronically transfer money (on a given day each month) from your bank account into your scheme.

This type of disciplined investing is one of the best ways to invest in a Mutual Fund. Most systematic plans don't have an entry cost and you invest without worrying about whether the market is high or low. Even if you start with as low as Rs 500, the benefit of compounded growth over time will build a sizeable portfolio over time.

Make sure you invest for your retirement. Younger women are often indifferent to saving for retirement, because they cannot even imagine what life will be like after a few years. According to a recent study, women are out of the work force for at least 10 years on an average.

The author is MD & CEO of IDBI Capital Market Services.