‘A Woman’s Biggest Protection is Her Financial Independence’.
To support the above statement the best example can be our earlier generation Indian moms, who kept little amount aside from their monthly allowances to save up. Later they would invest it in gold for their safety. This method might be traditional but it speaks of the deep desire towards saving that women have inculcated over centuries. The new age women want to save, spend and invest smartly so that they can have more direct control towards their finances which are aligned to their ambitions.
Women (homemakers and working) should know how to manage their finances on their own, as young women, they still often hear the message that money is a man’s responsibility. That idea paves the way for women not to worry about finances. What would happen if they needed to take on multiple caregiver roles and/or be financially independent? Women must learn to budget, prioritize, save for retirement, protect themselves and their families and get financial literacy.
To be financially independent the 1st and most important step is, to be honest with your finances may how hard it’d be, and for that, you will have to examine your finances very closely. The following steps will help you in saving, budgeting, and investing.
1. Creating a financial flowchart: – a simple visual guide to help you remember your financial priorities and your goals. It’s designed to help you maximize your money by prioritizing short-term goals with longer-term goals in mind.
2. Write down your goals: – the goals should be short-term (near future goal), midterm, and long-term (future goal). Your goal can be anything that you imagine having for yourself and your family. Talk it through your significant other, parents, or financial advisor. Having goals gives your money a purpose and helps in prioritizing your finances.
3. Income and expenses: – to know where you stand financially write down all your income resources and what amount each source brings in, then make a list of all your expenses for each month. You can use any method you like to track your expenses. An easy and new method of saving is the Dave Ramsey cash stuffing method. Split your money into your basic expenses, make an envelope of each expense, and add the exact amount of money that is required in each expense envelope.
4. Get help from a financial advisor: – The major help you’ll get for your financial planning is from a financial advisor who will educate you regarding your finances and then later you can do your research by reading about budgeting, finance blogs, article, and videos.
Investing in your financial well-being can benefit your life in numerous ways. We all love checking off the finished tasks from the ‘financial checklist’ and smooth flowing life. Get yourself a financial advisor NOW!