Women are great multi-taskers, but they often come up with financial excuses to avoid planning for their financial life. Let’s understand different financial excuses which they make.
You are pro at bargaining, handle the household budget, watch your wallet and above all you are called ‘Lakshmi’ of your house. Doesn’t that sound like a person who is an avid money planner, right? But when it comes to prioritising your financial well-being, you succumbed and start making financial excuses.
But don’t worry ladies, you are not alone. There are thousands of women in our country who know how to run the house on a limited budget but don’t know how to run their own financial stability.
Let me throw light on some of the financial excuses which most of the women make:
Financial Excuse 1: I have limited knowledge about personal finance
Who says, men out there are born with financial knowledge? It is all about acknowledging the fact that you have limited financial knowledge and taking steps to overcome it. As a beginner, you can start with checking your financial statements. As your familiarity with the subject increases, you can always teach yourself by reading personal finance articles and blogs online.
You can always reach out to a reliable person who can help you with your money management. Once your basics are clear, understanding the intricacies of the financial world won’t take much time.
Financial Excuse 2: My earnings are meagre, so I don’t need to invest
Do you know, if you invest Rs 500 every month, you will get over Rs 35 lakh after 30 years if the rate of return is 15%?
Making an investment doesn’t mean to invest a huge chunk of money. You can always start by investing a small amount, monitor the performance and accordingly invest in those instruments which offer high security and returns.
Irrespective of the fact whether you are a working woman or a housewife, you are making a huge contribution towards your family’s finances, which can be valued both qualitatively and quantitatively. While by working, you are bringing money into the house; by staying at home, you are doing household chores, like cooking, washing, taking care of kids, helping them in studies, etc. In your absence, your family would have to keep a full-time maid. But by doing various household activities, you are helping your family towards saving.
It means, in your absence, your family’s finances would be disturbed, and therefore, it is essential to buy a term insurance policy as well. A term insurance policy would give financial stability to your family in case of your sudden demise.
Financial Excuse 3: With so many things to do— household, office, children— I have little time left to do other things.
It’s true you might have often come across to such situations where even 24 hours in a day might look less. Participating in financial matters initially will definitely take some time and effort. Therefore, you should start with small steps like maintaining a bank account, tax filing, etc. As you develop both confidence and financial knowledge, you can gradually move to read up on other investment options like mutual funds, stocks, etc.
Thanks to the internet, it is easy to manage your finances. A little effort now will make you confident and independent to handle financial problems of the future.
So, ladies, it’s time to dump financial mistakes and take charge of your money. View money as a powerful weapon that can help you lead the life you always dreamt of.
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