A lot of women across the world are taking up the gauntlet of becoming financially independent. They are proving their mettle in prefered fields, garnering appreciation and climbing the ladder of success. This power to steer one’s destiny in one’s chosen direction is empowering because financial independence is what they need to move ahead fearlessly.
A new research reveals that American women spend nearly a quarter of a million dollars on their appearance in their lifetime. Another study opines that women in the UK, aged 50-70 believe in living life to the full – spending money on looking great and hanging out with pals.
Talking about a developing country like India, where the financial independence among women is a relatively new concept, it is interesting to note how women spend their salaries.
SheThePeople.TV talks to 20 working women to get an insight into where they prefer spending their salaries. We found that shopping, food, rent, personal grooming and travelling were the five areas where most of the salaries were spent.
Preferences Change with Time
Abhidha Sharma, a photographer based in Mumbai, opines that a woman’s spending preferences change with time.
“I am young and a bit carefree right now and so, a major portion of my salary goes on gorging on food. I like trying out new delicacies. A lot of money is spent on shopping as well. You can’t repeat your dresses too often now. But I know this will change once in my late 20s.”
Imbibing Habit of Saving is Important
Manishree, who is working in Gurgaon, says,”There is no percentage wise break up but vacationing, entertainment and dining out are the three areas I shell out most of the money.” She further adds that she has imbibed the habit of saving as well. “It helps in the long run”, she admits.
Expenditure on Maintenance and Travelling
Bhawna, working as a Chartered Accountant in Delhi, is of the view that a major portion of her salary goes on her own maintenance.”As a working professional, I am very particular about how I carry myself. You can’t just wake up every morning and leave. Looking good every time requires expenditure.”
Shelly Goel, an alumna of Hansraj College says,”Travelling takes away a major portion of my salary and this is something I have no control over. My job involves taking an auto, a metro and even a cab on the same day and the remaining amount is spent on partying which is the norm these days.”
Sonali Kathuria, working with an Airlines company, complains that a major chunk of her salary goes in paying rent.
She says, “A lot of employees have started living near their workplaces to avoid the hassles of daily commute but the rent one has to pay is quite high. The electricity bills, hiring domestic help add to the expenditure.
The Road to Financial Freedom
While it is the woman’s own discretion how she should spend her money, the fact that they finally have a say in their financial matters is a big step. In fact, a lot of online and offline groups have emerged that share helpful tips to deal with your finances.
One such group that brings women a step closer to financial independence is Women On Wealth. The platform has, over the years, developed a powerful set of programs, events, eBooks and short courses to support women. SheThePeople.TV spoke to its co-founder Priyanka Bhatia about how women can manage their finances well.
Priyanka says, “It is about developing those healthy money habits, that way of thinking about money and the mindset that makes all the difference. If you are clear about the various habits that you form with regard to money, wealth follows automatically.”
- She added that having financial intelligence and consciousness is the key to financial freedom.
So, all you single ladies how did you spend your last salary?