In our patriarchal society, women have been put down for decades. However, the air is changing now. Women are coming out to earn their livelihood and sustain in the competition too. There are a few suggested tips to keep our financial management in control.
Women are breaking all shackles and doing their best out there. There is still a distinct section of women oppressed and pulled back.
They are still not allowed to take care of their money and spend as per their convenience.
So, the pointers below will help the newbies to eventually learn money management and keep up their tasks as a separate identity.
Establish a separate financial identity
Women today need to work on building a separate identity, without any financial dependency. This is the first step towards a constructive way of living.
Budget Your Expenses
It is a wonderful act to have the expenses planned whether spent for the essentials or fancy items. A fixed budget can fairly help to take note of events and their corresponding expenditure. Pen down all the possible expenses like monthly rentals, EMIs, recreational activities, etc.
Keep your monthly budget apportioned between fixed and variable expenses. You can easily use the 50:30:20 budgeting rule to predefine all expenses. According to the current financial status, changes can be incorporated into the financial plan. Track you spends and bill payments smartly, within the set budget.
Grow Your Money
Firstly, understand the basics of investing. Saving a considerable portion of money is as good as multiplying your money. This will help to grow money by investment in the best financial portfolio. Also, put an amount into the emergency fund.
Due to the long term and short term motives both, you can invest in mutual funds, FDs, insurance etc. It’s obviously good to have safe investments however this brings limited income. While risky instruments get a handsome return.
Do have Dependent at home? Get insurance for all
Today, women are financially free and pays up their utility bills. Hence, taking a good insurance is the need of the hour. This will substantially help your family and their needs in the future. Additionally, learn to file your income tax return on time.
The amount of insurance will majorly depend on various factors like income, loan repayments, regular expenses, etc. As a part of the major learning, the life insurance must be 10-15 times of the monthly payment.
Take Expert Opinion
Do not disconnect yourself your experts. A great deal of knowledge is required to take on big financial initiatives in life. A consultant can brilliantly to craft your financial sheet depending on your income, expenses, objectives, and more. This will be immensely helpful in making your future shine brighter.
Get yourself a personal loan, repay on time to build a good credit score.!