With the rising costs and a steadily increasing rate of inflation, it is increasingly becoming difficult for people to maintain the kind of lifestyle that they want. The difficulties become even more pronounced after retirement, or after the death of a spouse. This is where a steady 'saving and investment' policy comes to immediate rescue. How you save and invest today, decides how you will spend tomorrow.

Unfortunately, women in India completely hand over the financial planning responsibility to their husbands. But this is not how things you should be. You should be as involved in the family financial decisions as your husband. It is important that you learn to make sound investment decisions at an early age. Memsaab brings you five basic investment pointers that everyone should know. No matter what your age or family situation is, these will help you in safeguarding your financial future.

* There is no 'right age' for investing: Please do not believe that you can blow up all your money just because you are single or have no kids. Saving and investing should begin as soon as you start earning. Remember, the longer you wait to start investing, smaller will be your monthly budget after retirement.

*Speculating Vs. Investing: Most people think that making a quick buck in the stock market is all that investing is about. But that's not investing, that's called 'speculating'. Investment decisions are essentially 'long-term'. The growth of your investments should be fueled by the growth of economy as well as the performance of the company you invest in.

*Diverse investments: Putting all your eggs in one basket can never be a good idea. Similarly, putting all your money in one form of investment can be quite risky. Invest in varied options like stocks, mutual funds, debentures, realty, government securities, insurance etc.

*Age based portfolio: How much of your money goes into stocks and how much should you invest in debt based funds? How much insurance cover do you require? All these decisions should be based on your age and situation in life. The younger you are, more the risks you can take. But as you get older, more of your money should go into risk-free debt based options. Seek the help of a professional to draw up your portfolio, if you feel the need.

*Compulsory investing: This is really helpful if you have a tendency to cross over your monthly budget. Invest in options that have a monthly auto-debit facility. So as soon as you get your paycheck, your investments are taken care of automatically. Most mutual funds offer such a scheme by the name of "Systematic Investment Plan". This does not leave any scope for you to mess with the saving/investment plan, right?