Centuries have passed fighting for rights and decades have passed fighting for equality. Now even after the glass ceilings have been crashed, financial planning is generally directed towards the male head of the family.
Women are great with money and as observed usually they are better than men when it comes to managing the home within a budget. It has been ages now that women have been the ministers of finance at their households but when it comes to investments or financial planning they are pushed back though they are the ones who exactly know what is needed.
Sad that a woman has to save from the monthly budgets, invest in gold or chit funds and struggle so much for minimal returns even in this age of development and times when terms like “empowerment”and “liberty” are freely thrown around. We have heard of analogies like “he is the head and you are the supporting neck” which means nothing but telling you are not capable of it. Until now our mothers and grandmothers have left the financial control to the head of the family and now times have changed. Whether or not there is a husband or father, it is time to plan, take charge of your finances and truly feel liberated.
Here on we will be posting some exclusive articles for women in the women’s corner section to educate, empower and conquer all insecurities.
First up WHY?
Why do women need financial planning? Isn’t the family financial planning sufficient? Definitely sufficient provided all your needs are taken care of… but more often than not that is not the case and women end up being on the ignored side while the man’s retirement and children occupy the primary scope.
1. Financial Independence: Loved that ZARA jacket? or that GUCCI Dress? What is stopping you from buying them? Well that’s right! You! You do not have your financial freedom to shop and get everything you love. Being financially independent not only instills pride but also gives self-assurance about being able to meet all living expenses and boosts self-confidence.
2. Financial Security: On an average, women have smaller career spans, more rugged and unsettled jobs because of family commitments or children. This exactly is why being financially secured is much more important for a woman than for their male counterparts.
3. Financial Emergencies: TOUCH WOOD! Accidents and critical illness are things our society drills us into not talking about. We certainly don’t wish for them but when they happen, are you covered? Are you covered to fill in for the 6 months of unemployment or loss of job? These questions might seem leading but in a practical and dynamic world they are very much possible and it wouldn’t hurt as much then if they are planned for now.
4. Financial Goals: A woman may want to look after her own elderly parents, might want to buy her parents their first home, or surprise her husband with a car of his dreams or provide the best education for her kids and these acts are all money intensive and we are talking about lakhs and lakhs of rupees… Convincing enough to start planning, right?
5. Golden years are not far away: The golden years or twilight years whatever we call them, they are meant to give us peace. After all the roller coaster ride of being a daughter, wife, mother and even a grand-parent. It doesn’t make sense if the golden years are a life of struggle as well. With so many amenities available it is simple and easy to have your own identity and own a portfolio for all your dreams.
As Pamela Redmond Satran says:
A WOMAN SHOULD HAVE…Enough money within her control to move out and rent a place of her own even if she never wants to or needs to…
A WOMAN SHOULD HAVE… A feeling of control over her destiny…
EVERY WOMAN SHOULD KNOW…How to live alone…Even if she doesn’t like it…
I’m Convinced! What Do I Do?
If this is your answer, stay tuned for the next post where we discuss more about a woman’s approach and a checklist paving way towards a stress free future :)