Its about “HER” Finance
April 2, 2022‘Handling finance is man’s forte!’ – This has been one of the numerous taboos that had existed in this society of ours for a long time. We have been raised in a society where it is considered that investments and financial decisions are complicated and men are supposed to handle the same in a family. Also, in many cases, women had chosen to stay away from financial decisions. But is this the case now? In the current society, where women are breaking all sorts of old age traditional perceptions and excelling in all fields; does the above question even hold prominence?
Financial Planning is more important to women than men. Planning the financial part helps a woman live life on her own terms. A financially secure woman has a higher sense of self-esteem and self-respect. Good education and a solid career, which ensures a steady income, are two important pillars in everyone’s life. But nowadays, a lot of women are stepping out of the comfort of a safe job to pursue higher education, either out of interest or for the purpose of career growth. Such a decision needs a proper financial backup as the steady flow of income is going to be disrupted in addition to the expenses incurred during studies. Planning the finances and making wise investments help in preparing for the expenses that are going to be incurred over the course of studies.
Marriage and motherhood are two very important turning points in every woman’s life. In this century, there is a steady rise in dual-income where both parents are working. Women can actively contribute financially to their kids and provide effective support in running the family smoothly. But this should not be at the expense of investments themselves. Also, since the life expectancy of women is considerably higher than men, investment towards retirement should be another important factor for women.
In a patriarchal society, women need to have a strong financial awareness. She should be aware of the financial condition of herself and her family. A certain part of the money should be saved or invested for her own interests. Also, women should be a part of all the financial decisions being taken as a family and should have their say in it. Women should also be cautious before getting entangled in liabilities like loans etc and should ensure that she is aware of all the financial investments and dealings within the home. Likewise, she should be alert while spending on household expenses and making investments in her spouse’s name. It will be wise to make investments in her own name if it is her money that is being used and be wary enough not to spend all the money on household expenses, rather, a shared contribution towards it. Above all, investing wisely keeps her safe from the financial crisis in case of any unforeseeable emergencies. In short, financial planning is important irrespective of gender. The fact that women should be more financially literate and independent should be embraced by all. They can read more about finance or speak to family, friends and consultants and invest wisely at an earlier age instead of procrastinating. Working women or a homemaker, having financial strength in their hands gives a sense of empowerment and independence.