Money Management is a very tricky subject, especially when it comes to Women.
Generally women depend on their spouse or father, brother or boyfriend…They often make mistakes ceding control of money in their hands and then if at all they end up being single due to any reason either divorce or death, they are not always in a good position to take care of finances.
I am a woman entrepreneur & give presentations on women empowerment & money around how to manage money and have personally met many women who are not aware of their own investments.
Even if one is a home maker one should invest.
Here are some of the tips on how should women manage money –
1. Don’t rely on someone else for your financial security. Be self sufficient and self dependent.
2. Create your own budget. It is very important to create a budget and stick to it. This will give balance to your financial life.
3. Spend less than you earn. It’s the biggest secret to create wealth.
4. Know your money priorities. Keep track of where you spend your money.
5. Let go of unnecessary expenses. Cut down or remove unnecessary expenses from daily routine and see the difference!
6. Start saving & investing at an early age. Time matters the most Compounding is considering to be one of the wonders of the world. It’s the ability of money to automatically earn money and can be leveraged best through Systematic Investment Plans (SIP). Make the most out of it.
7. Expect emergency…. So always keep some liquid funds accessible. Emergency funds are an important part of a healthy personal financial plan.
8. Save 10 to 15% of annual earnings for retirement. The sooner you start saving for retirement the better off you will be in your golden days.
9. Consolidate your debt. Keep your credit card balances low and work on paying off your debt instead of moving it from account to account.
10. Understand your credit report. Credit report serves to determine how credit worthy you is and this score has a direct impact on your future borrowing ability.
