Financial Independence for women- Don’t dream for it, Work for it.

Financial Independence for women- Don’t dream for it, Work for it.

The modern Indian woman today is breaking old barriers and meeting new challenges, both personally and professionally. More and more women are coming into the workforce and taking charge of their lives and careers. From excelling in areas like science, sports, governance to pursue the professions of their choice, from winning the country with beauty and grace to landing in space and beyond, women have come a long way in empowering themselves. Yet when it comes to handling their finances, a lot of women still leave it to the men (if not entirely, partially) in their lives.

Traditionally finances have been considered a man’s domain. But times have changed. Most of the women understand the importance of being financially independent but some lack the confidence in their own ability to manage finances well. However, women should know and believe the fact that they are equally good if not better at making sensible decisions pertaining to finance. It is extremely important for all women – be it married, single, separated, widowed, or divorced to be financially independent. A monthly pay cheque in your bank account alone cannot provide you with meeting all of your financial goals. It is how you plan and manage your finances that will result in the success of goals later in life.

First things first.

The first thing to do if one wants to be a financially independent woman is to have a clear sense of one’s income and expenses. Switch from spendings to savings. This is ultimate and irrespective of men or women, having a savings budget is an important step towards financial independence. The idea is to help you monitor whether expenses are overshooting in a particular month and to hopefully curb them in the following months. However, this doesn’t help your savings budget, for that you can follow the simple rule of 30:70. After you receive your pay-check for the month, save and invest 30% of it and the rest you can spend. You must not spend first and then save whatever remains.

The Role Model.

As a working woman, you contribute to the income stream of your family. A woman who can support the needs of the family financially, socially, emotionally is also a role model for her children and other younger generations to show them that gender bias is created by society and doesn’t mean anything when a woman is strong, confident, and sure of herself. Children learn from what they see. If kids see that their mothers are financially independent, they will also understand the value of money and be inspired to be self-sufficient in life when they grow up.

Being financially independent also boosts your self-esteem, morale and you feel more responsible. These people are capable of making their own decisions and don’t have to depend on anybody. This increases their self-respect and makes them more confident to face any kind of uncertainties in life. Many women from conservative backgrounds with dreams and aspirations depend on their partners or parents for their fulfillment. Being financially independent will enable them to fulfill their wishes on their own – enhance their skill-sets, or even buying things that they want and so on.

Financial Independence

Being financially independent does not mean that need to go to space or become the president or have extremely huge ambitions or get Nobel prizes, you just have to find your power, You don’t have to create this crazy opportunity to thrive but you can thrive anything you choose, you just have to find that confidence within yourself.

At Mahesh Pai’s Financial Hub

We advocate Financial Literacy and Financial Wellness in women, we believe a financially empowered woman is not just more confident but also more productive and creates a perfect work-life balance. We work on creating a financial pathway for you in order to reach your financial goals. Take a decision today, don’t procrastinate. The cost of postponement will weigh heavily on you in the later years when investing will become a compulsion rather than a choice.