Money moves everything in this world on an everyday basis, for both men and women. So, why should we talk about women and finances? Why is money a different entity for men and women? The answer lies in the long-standing tradition of the man of the house earning money, while women typically managed money on a budget. This tradition continues in many places in India although we have come a long way from this gender dynamic.
Now, more women are earning and managing their finances. The decision-making on how and where to spend money is also being controlled by many women. For those who are still unsure on how to go about managing their finances, we have outlined some quick, useful tips to help you build a secure future with assured financial wellbeing.
Own your money
Your hard-earned money deserves your attention. Many women tend to outsource their financial planning thinking of money management as a complicated affair. It’s always a better idea to have an overview of your income and take control of cash flows so that you can plan ahead.
Plan for the future
The 50- 30- 20 rule works well for most of us. Spend up to 50% of your income on your needs, things like rent and groceries, for example. 30% is for things you want to get – like a new phone or a gift for your mother. At least 20% of your income should go into some sort of savings. Savings include mutual fund investments, gold and even tax-saving instruments.
Tracking your expenses and having a general idea of where the money is being spent is a good practice when you want to plan for the future. There are many online apps available to help you track spending and plan accordingly.
Celebrate the now
While planning for the future or for an emergency is the right thing to do, you don’t need to starve yourself in the present. It is necessary to follow your heart sometimes and go on that vacation or more importantly spend money on your wellbeing. If you were considering taking a course to improve your chances of getting your dream job – go ahead and treat the money spent as an investment.
In short, be wise but don’t let that stop you from being happy today. You are well on your way to having financial freedom. So don’t worry about finances and when you need money next, apply with MyShubhLife.
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