Planning your FINANCES

Sep 19 2019. view 33


“I never dreamed about success. I worked for it” - Estée Lauder

 

  • Some 90% of women will be solely responsible for their finances at some point in their life.
  • By 2020, women are expected to control $72 trillion, or 32% of all wealth globally, up from $51 trillion in 2015.

 

LEARNING TO BECOME FINANCIALLY INDEPENDENT IS AN ESSENTIAL SKILL FOR WOMEN TO OBTAIN One key reason is that women live longer. Some 90% of women will be solely responsible for their finances at some point in their life. To be clear, financial independence is not about how much money someone has. It’s about making good decisions with the money they do have.There’s a big push in the financial planning industry to market toward women, and with good reason. With more women in the workforce, soaring careers and inheritance, women are in control of a growing amount of the wealth globally.By 2020, women are expected to control $72 trillion, or 32% of all wealth globally, up from $51 trillion in 2015. it makes sense that every working age member earn some part of it. More so, the women. In Sri lanka, many women are efficient home-makers and their careers take a back seat when they enter motherhood or when the domestic needs overcome their career goals. What starts as a maternity break for so many women stretch into a break in career itself. However, something to consider is that women outlive men in many cases and hence quite a few of them will have to live their retired lives alone.

 

It is extremely important for all women - be it married, single, separated, widowed or divorced to be financially independent. However, it is important not to confuse financial independence with financial security. A monthly pay cheque in your bank account alone cannot render you capable of meeting all of your financial goals. It is how you plan and manage your finances which will result in fruition of goals later in life.

 

1TO PRE-EMPT EMERGENCIES: Every family needs to be prepared for a contingency. Layoffs are more frequent, jobs aren’t super secure and neither is life. If the husband is the sole bread earner, with the wife and kids being dependent on him, then there is reason to worry for the family. Panic tends to ensue in the time the man finds a new job. With most families running the risk of multiple EMIs, it makes sense for the lady of the house to also hold down a job.

2TO MEET THE RISING COST OF LIVING: Inflation, as we all know, has risen noticeably in the last few decades. To own a decent home, send your kids to a good school and live an above average standard of living has become very high. Hence, 2-income households certainly fare better. Women who are financially independent can not only contribute to the everyday expenses of the household, but also help to meet the family’s financial goals.

3TO FEEL RESPONSIBLE AND BOOST MORALE: Financially independent people are capable of taking their own decisions and don’t have to depend on anybody. This increases their self-respect and makes them more confident to face any kind of situations in life. Many women from conservative backgrounds with dreams and aspirations depend on their partners or parents for their fulfilment. Being financially independent, will enable them to self-sufficiently fulfil their wishes - enhance their skill-sets, go for a trip with friends, or even buying things that they want and so on.

4TO STOP FEELING DEPENDENT: No one should have to tolerate domestic violence or abuse, much less because they’re financially dependent on their partners. Therefore, it is extremely important that every woman becomes financially independent so that they never have to feel helpless in life.

5TO BE A ROLE-MODEL: A woman who can support the needs of the family financially, socially, emotionally and so on is a role model for her children to show them that gender bias is created by the society and doesn’t mean anything when a woman is strong, confident and sure of herself. The children learn from what they see. If kids see that their mothers are financially independent, they will also understand the value of money and be inspired to be selfsufficient in life when they grow up. 000



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