While going with several studies and survey, women turned out to be the strongest part of any family when it comes to winning bread and thus, have better finance management skills than men. Whether a lady is hitched into private sector job or runs her own business, she knew how to keep a balance between personal and professional life.
However, when it comes to financial matters, they have different set of responsibilities than men and often can be seen making the mistake of ceding control of their money to the men in their lives. Financial planning is essential especially for a woman who has to take multiple breaks from her career post her marriage and during pregnancy. Hence, it becomes more important for women to follow some financial tips for whatever they earn. This habit will keep them financially secured even at tough times when they might won’t be having any steady income source in hands such as paternity leave.
Educate yourself – Here education doesn’t mean getting a graduation degree, but, having a good knowledge of the financial background. A journey begins with basic steps like reading and learning financial journals in order to know the investment instruments and schemes available in the market. Also, there are various finance management apps available both online and offline that can help you manage the finances in an efficient way.
Set financial goals – Setting up realistic financial goals is an important thing. Pen down the essential expenses and specify budget for each and make sure you stick to it. Your long-term financial goals should start with strategic short-term financial planning.
Get your investment plan – Once you have enough knowledge regarding the investment tools, it’s time to put your money into some short-term investment plan. Set your monthly budget, keep some emergency funds aside, and then choose the right low-risk investment plan.
Get insurance scheme – While keeping the financial goals, one thing that most women make is ignoring an insurance plan. Even though a woman tends to have higher life expectancy and greater incidence of lifestyle diseases, they usually avoid getting a personal insurance policy. As far as life insurance in India is concerned, the stereotype mentality has left its footmark here as well, where a husband usually buys an insurance policy to ensure better financial stability of his dependent family post his demise and the need of woman buying insurance is brushed under the carpet. Our society needs to get over this stereotype mentality and the change should start within ourselves.