Finance For Women: 10 Tips That Will Help You Manage Your Money
Women have been known to move mountains when need be, but strangely enough, when it comes to finance, a lot of them still tend to shy away, leaving the male members of their families to take care of the moolah. But things have changed and a lot of women are now opting for jobs in the financial domain while home-makers also discuss investment options as easily as they discuss children, soap, and maid problems with their peers.
A woman can do many wonderful things if she wishes to and one of them is to grow her money. Here are 10 tips that every woman should bear in mind.
1. Stop avoiding money matters
If you haven't managed your money yourself till date, now is the time to start. Don't let the financial jargon scare you. Find a financial planner who can empathize with your needs and give you the right advice to make your money grow.
2. Don't depend on 'the man'
No, we are not advocating feminism here! Love and spoil your man by all means, but do not think of him as your financial safe haven. You are strong and capable enough to handle your money yourself. There is no need to feel bad in being vulnerable and asking for advice. So ask for it and get going yourself.
3. Avoid unsolicited advice
If you have earned or inherited your money, you should be able to take the best decisions about what to do with it. Do not depend on self-proclaimed financial pundits who could be too eager to give you advice regarding investments.
4. Devise your own methods of money management
You will need money for different things at different stages in your life; so learn how to budget accordingly. Foresight and a financial plan are essential for money management and chances are you already have a natural affinity towards it. So make use of your acumen and chalk out a financial plan for yourself.
5. Ask for more money when you deserve it
Working women continue to work hard year after year but when it comes to asking for a raise, they usually shy away. In fact, they are mostly scared to ask for a raise. If you are a diligent worker and truly believe you deserve a raise, do not shy away and ask for it.
6. Invest in yourself
A woman usually gets so caught up in balancing work and home that she often forgets that she needs to invest time and efforts in herself. So allow yourself some pampering once in a while. Take that long-pending beautician's appointment or go to the spa that has been so tempting. Do not feel guilty about spending money on yourself.
7. Don't get overwhelmed if you make mistakes
When you start managing your money for the first time, you may face some pitfalls and make financial mistakes. But don't feel overwhelmed and give up. Ask for advice and see what you can do to tide over the issues you might be facing.
8. Do not apologize for having debt
If you have ended up with a credit card debt or any other debt pile that might impact your CIBIL report negatively, do not panic. Expensive debt needs to be cleared off and all you need is a good financial plan to clear your dues. Do some research yourself, ask for advice from the people you trust, and clear off your debt as soon as you can. You may have to put in a little more effort or cut corners to do so, but have faith in yourself.
9. Let the girl gang help you out
A woman always has a close group of girlfriends she can depend on for just about everything. Discuss your money management successes and challenges with them and rest assured they will be as supportive of you as always.
10. Believe in yourself
This is perhaps the most important thing you need to bear in mind. If you meet faliures along the path, treat them as stepping stones. Tell yourself that you are a financially wise woman and you can do this as proficiently as you take care of the rest of your responsibilities.
So all the women out there, the time has come to believe that the world of finance is as easily decipherable as you can decipher the latest in the fashion industry.
About the author: Rajiv Raj is the director and co-founder of www.creditvidya.com.