After realising that I needed to put it out there that women today need to be financially independent for various reasons, a beloved one reminded me that along with being independent, we needed to be financially smart too. Otherwise, being independent did not make much sense unless you’re earning just for the moment.
So, we curated a little list for moms, especially, who do not have the time to spend on asking Mr Google how they can be financially smart. By the way, this can also be followed by people who belong to the ‘cream crowd’ because financial tragedies can happen to anyone and being aware and ready is a good thing.
Pay bills yourself: We have seen so many women let their husbands handle all the finances and pay all the bills while the women have no clue how to even go about it. But, learning to pay your bills gives you the knowledge of how to make a transaction, request for a cheque book, open a Fixed Deposit, make a complaint and more.
Keep a credentials list: If you cannot remember so many usernames and passwords, make a list and keep it safe. I normally use Excel to do the needful. Being a freelancer, we have more than 100 usernames and passwords for various websites and applications too, so it helps when all credentials are in one place.
Invest your money: A woman should make it a point to learn various investment options. Fixed Deposits or buying gold bullions are not the only choices though they are the most common. You can hire an authorized financial planner to help you on the various ways to invest and save for retirement. Avoid chit-funds because it is extremely risky to trust other people with your money and without any legal proof. Also, keep the details of your investments in a safe place.
Keep track of your finances: Always keep a track of your income as well as expenditure, yourself, so you know exactly how much you have and how much you are spending. Try and save some money for a rainy day. Try not to dump all the tracking and debit cards on someone else.
Teach your children to save: Teaching your kids the value of money at a young age may or may not be possible but teaching them to save their pocket money is surely thinkable. Try and open a deposit in their name or ask them to save money in their piggy banks, but whichever method you use, make sure you continue to guide them all through their growing years. This will allow them to understand that financially smart and financially independent are both important.
You do not have to be a genius to be financially smart. I have seen smart people who do not know how to manage their finances and I have also seen not-so-smart people get richer by the day. So, basically what I am trying to say here is that we women have to try and be aware of what is going on around us, learn how to pay our own bills and make sure we save a fixed amount daily at the very least, just in case.
Cindy D'Silva, a belly dancer, writer and artist, besides being a mother of two. She loves partying, bowling and eating sushi. There is more about her on the ABOUT ME page. Do check it out! :)
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