scorecardresearchInternational Women’s Day: 4 underrated ways to empower yourself financially

International Women’s Day: 4 underrated ways to empower yourself financially

Updated: 08 Mar 2023, 12:20 PM IST

You have the confidence to multitask your way up in life. Why not use the same qualities to secure your financial future?

Financial independence is imperative to financial success for women.

Financial independence is imperative to financial success for women.

Imagine a world where we would be free of pronouns! Or imagine a world where we would be judged on our merits and not our chromosomal patterns! Biasness sounds good on paper but can be restrictive in real. 

How many times have you felt discriminated against, ignored and left out for being a woman by a society that looks upon men primarily for savings and investments? The sexist view of women spending money frivolously or being unable to decide how to invest their money has hit a roadblock with many of them occupying important positions in finance or displaying their business acumen as fund managers of some of the top financial companies.

As the world rises this International Women’s Day to celebrate diversity and value women, it also becomes imperative to talk about smart financial moves that every woman, both employed and homemaker, to secure her financial future.

Save regularly

It is not easy being a woman, especially, when you have to look at both fronts, be it personal or professional. Managing multiple responsibilities must not restrain you from saving regularly. You must save regularly to ensure enough money for a secure future. This is important as savings have become an underrated component of financial decisions. 

With so many sites talking about investments, retirement planning, financial goals and so on, many tend to undermine and overlook the importance of savings that is so needed to secure one’s financial future. Undoubtedly, big savings are a sure step towards a carefree future. This also ensures that women are no longer financially dependent on anyone, thus, allowing them to not only manage the present without fear but also think about their future.

Take necessary risks

No, we are not telling women to jump off a cliff but understanding that risk is inherent to rewards is important. The willingness to take risks may be different or non-existent in many, but in an economy marred with inflation, can we hope to make money with just some simple bank deposits and savings alone? Women like men must realize the need to take investment risks to ensure a post-retirement corpus amount. However, this is not possible without taking risks, so women must be willing to take small risks to build a financial cushion for the future.

Buy health insurance

How many women prioritize their health over others, leave alone buying a health insurance plan? In this age of extravagance where nothing is cheap and everything comes at a high cost, you cannot get away with being treated for a measly sum. Hospitalization and subsequent treatment costs are high, which means paying towards a sudden and unforeseen medical treatment can make a huge dent in your pocket. This can also affect your savings in the long run if you do not pay enough attention to making way for such possible expenses in the future. 

One easy way can be to buy a proper health insurance policy with an adequate coverage that can pay towards your treatment. Also, if you are prone to critical disorders or diseases due to complex inheritance patterns, you may as well buy a critical illness cover that the insurance company will pay you on being diagnosed with any one of them listed in its policy.

Treat yourself well

First, nurture yourself before you decide to take care of others. This you can do by setting aside enough money in an emergency fund. The emergency corpus must be big enough depending on your daily expenses, the value of your liabilities and the likelihood of a sudden emergency striking your place. You must realize your worth early in life so that you do not have to bow down or compromise your needs to others’ whims and fancies. Happiness starts with you as much as it ends for you, so it does make sense to pamper yourself financially.

Every woman is different, and so views life differently. Each woman relishes success but some feel afraid to put themselves before others. The need of the hour is to take the first step and then the next step and continue striving up the lane of success. It is legitimate to want success as much as it is legitimate to define success. But success comes with a plan, an earnest desire to succeed and a burning hope to be ahead even in the most conservative minds.

Money may not be everything but it definitely gives you a voice and the power to decide your life. As many people say, “It’s better to have a rich woman’s problems than be shackled and embittered by a poor woman’s problems”.

Don’t fall into the trap of age-old folklore stories of women choosing to follow men; choose your dreams instead.

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First Published: 08 Mar 2023, 12:20 PM IST