In the current scenario of equality, every individual of working age needs to be financially independent. Though women are matching with men in every field, when it comes to being financially independent lots of women take a backseat which is not right. So, every woman young or old should be financially independent.
To start with, let me tell you what is financial independence?
It is having enough money in hand to cover up lifetime expenses. Or the ability of someone to spend money on living expenses throughout life. We should promote financial independence for everyone, the way education was promoted in past.
Why women should be financially independent
- Money gives you a sense of security and freedom – Lot of women go through bad phases of relationships as they are not financially independent. They put themselves up with a hard situation because they do not have the financial freedom to leave.
- To feel responsible– If you are financially independent, it makes you more responsible for your expenditure. You will count each money you will spend as you know the worth of it.
- To feel valued – If you are financially independent you and your family consider you as a valued member of the family. Why I am saying you consider yourself as a valued member because we know occurrences are very common where housewives go into depression as they think that they are not contributing financially, thus they are not valued. Being financially independent makes you self- confident.
- To be a role model – If you are financially independent, you act as a role model for next-generation, neighbours or extended family and you will be talked as a positive reference in family gatherings.
- Money help in an emergency – If you are financially independent, it gives you an ability to plan and manage your family finances very well in an emergency or maybe during extended break taken due to parenting or any other reason.
How to be financially independent
Keep some separate funds on your name – Even if you are not working, you can save something from monthly savings of family and keep some funds on your name and open an account in zero saving bank account.
Managing finances with family are important – Women should take an active role in the planning of Income and expenses of the house, setting budgets and saving plans of family.
Learn basic finance knowledge – Reason for less of women involvement in finances is mostly agreed on lower knowledge of women in the financial area. Well, you can broaden your financial knowledge by studying a little bit about it. Learn basic about paperwork, various investment options, type of bank accounts. All these are easily available on the internet and also more you talk with relatives/friends about certain topics, it will increase your knowledge on the same.
Suggest family money-saving ideas – Be actively involved in searching deals on dinner outing, fights and hotels bookings. After all, money saved is money earned.
In short to be happy and independent we women should be financially independent and invest in some money-saving schemes. 🙂