Being a woman comes with certain sets of advantages and disadvantages. While we are expected to single-handedly take care of the household and the family, there are things that are off-limits for us, such as a say in the financial decisions. Even as pampered daughters or wives or mothers, we are very often kept away from “complicated” matters such as handling money. While I believe in delegation of work for a household to run smoothly, I strongly believe that being clueless about something as important as finances puts us at grave risk. The risk increases manifold if the woman is not independent financially.
Women are inherently good at managing from dinner parties to vacations to an entire household, women do it better. So, why not money? A woman’s thought process and planning make her ideal for using the money for expenses and saving for the rainy day.
I strongly believe that being clueless about something as important as finances puts us at grave risk. The risk increases manifold if the woman is not independent financially.
Here are a few tips about what I learnt about managing finances as a woman:
Hum saath saath hai – but not the bank account
You should have an individual bank account in your name, other than the joint account with your husband. This may be a salary account or a savings bank account. This helps to keep a track of your liquidity and also makes you responsible for your money.
Yeh tera ghar yeh mera ghar – so let’s pitch in together
If you are earning, pitch in with your husband for the household expenses. A ratio of both the salaries should be used for expenses and the rest can be used for savings and leisure. Work out a formula that suits both of you. Spending a part of what you earn will make you judicious about how you manage your money.
Reduce your dependency on others and take charge of your finances.
Managing money is not rocket science
Really. It is way easier.