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Women, particularly housewives do not require much cash to run a family. If I?m not wrong, this is a common belief among many, particularly in rural areas just because of a silly reason that they stay at home. But the real fact is that a housewife also requires sufficient money to take care of the whole family when she becomes the sole family care-taker. Hence, it is necessary for her to understand thoroughly about finance management methods so that she can handle financial issues brilliantly.
But before we get in to the subject let us understand that finance management for women is totally different from that of men?s. Women handle finance totally in a different way as their priorities differ. Hence, this article has been designed exclusively for women?s community who wish to help themselves out of financial blues. However, it may be noted that this article might be useful for men?s community too.
Now, read through the following to discover more about Personal Finance Management techniques.
Save Money
Educate Yourself
Kind attention All Women! It is important for you to educate yourself about financial issues such as investment policies, pension schemes and retirement benefits. So, you can handle situations easily. Make the best use of online materials and also books in order to explore more on the subject.
Control Finances
Take control of your family?s finances when you start a family life. This will help you to manage finances even when you are forced to face situations like divorce or family break-ups.
Investment Plan
Try and invest more money based on your monthly earnings as it would help you manage the situation efficiently at the time of retirement. It is good to make equity investments to get higher returns than making small investments.
Retirement Benefits
Discuss with your employer about various retirement benefit plans and participate in the plans offered by them.
Retirement Account
Maintain your retirement account properly. Although it is important for you to save for retirement at an early age, many tend to start saving at a later stage only. Women must start saving for their retirement period at an early stage as they might require discontinuing their job in between due to several reasons.
Pay off Debt
Make ways to pay off your debt as early as possible so that you can invest more in other plans. To be clear of debts, make sure that you do not become a debtor at any cost. Such must be your finance management.
Budget Plan
Create a budget plan for yourself and see to that you follow it properly.
Financial Status
Make sure that you set your own financial status before and after marriage. As life is uncertain we are to face challenges and risks at anytime. However, it is also a known fact that women are more stable and capable during financial crisis.
Financial Products
Women can take up financial products that are specially created for them. These products benefit women, a lot than men. And the tax bar set for women is much lower compared to that of men.
Part Time Jobs
Women can plan for several ways of earning continuous income even when she is not working. She can think of doing some part time jobs or online jobs that are available in plenty these days.
Work Basis
Take up jobs that reward you based on your capabilities and work experience
Family Involvement
It is always better to make decisions with your family so as to determine monthly expenditure and savings. Also, involve yourself with your spouse in order to decide upon kid?s expenses including school and other activities.
Be Independent
Women must not depend wholly on someone for financial security. They must educate themselves about various financial management techniques. Also, it is not good to depend upon your partner?s decision regarding financial matters.
Set Goals
Setting goals helps one to overcome financial crisis easily.
Get a Degree
Get a degree from a college so that you will not find it difficult in getting a job with a decent salary.
Emergency Fund
Always plan for an emergency fund that will help you tackle tough financial constraints. Plan before any crisis overtakes you. This will be useful whenever you lose your job unexpectedly or when you are to face bad times.
Debts
It is advisable not to take the debt of your spouse before you get married. It is always better to wait until all yours and your spouse?s debts have been cleared. This will lead to a happy married life.
Build Your Home
It is not good to wait for somebody to build a home for you. Arrange for self finance and build a home for you.
Discuss Openly
If you are not sure about making any investments then it is better to seek the advice of any financial planner or agent. Discuss about your plans to them to get a clear idea about investment plans.
Invest Anytime
Never think that it is too late to start off with any investment plans when it is not at all. Investments can be made whenever you feel financially comfortable and stable.
Monitor Your Growth
Monitor your credit report as well as your credit score in order to ascertain your progress. You will also be able to manage debts better than before. Working women must always have financial goals in order to have control of their expenses and add to their earnings and investment.
Money Management
Create an Expenditure List
Make a spending plan in order to have control on your expenses rather than spending right from your pocket. Make a calendar plan too for all the routine monthly payments that are to be made.
Gift Cards
Make use of a gift card that you get from super markets, stores and try to spend only that much you plan for. Also, make use of club cards that are given by most of the shops and save money.
Open Salary Account
Demand wisely for direct deposit of your monthly salary with your employer. This will help you to manage your account safely.
Overdraft Protection
Choose for overdraft protection so that you can keep an eye on your account whenever you tend to spend more.
Check Online Account
Always keep an eye on your online account so as to be informed of your account balance.
Auto Payment Facility
Sign-up for auto payment of loans, mortgages, insurance premiums etc., as the amount will get deducted from your account automatically. This way, you will not be required to pay for postal charges and other duties. But remember, you might be charged for this facility.
One Debit/Credit Card
It is practically hard to maintain multiple credit / debit cards. Hence, it is advisable to carry just one card with you and keep the remaining safely.
Pay Tax in Advance
Make it a habit to pay your taxes well in advance rather than searching for ways at the end.
Dine Simple Foods
Whenever you think of dining out, think of simple foods rather than expensive ones. Although you might not find any difference each time, you would be really surprised when you find huge savings in a long run. Another good thought would be to have meals at home rather than going out.
Earn More and Spend Less
This should be your anthem if you really look forward to become a millionaire.
Self Satisfaction
It is the quality of a woman to always think of others needs rather than themselves. However, make sure that you pamper yourself and prioritise your needs as well.
Learn From Mistakes
Never be upset with the mistakes you have done. Instead, learn from them and move on further. However, it is important for every individual to investigate before making any investments.
Maintain Self Respect
Try to increase your self respect and creativity with the money you have earned rather than using it in a wrong sense.
Money is Not The Limit
Remember money has great tendency to take control of you. Hence, make sure you do not let your inner self lose way to money
Women in general find it difficult to continue with their career due to several reasons like marriage, pregnancy, delivery, transfers, family situation and others. During such situations, she tends to lose a huge amount of profit particularly by the way of increment, bonus, incentives etc. Hence, she must find ways to invest to the maximum from the above given steps or find her own ways. After all, it?s OUR life. So, invest wisely and stay safe. Happy Investing!
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Blogger Bini writes on latest market trends, technology, electronic gadgets, shopping, free vouchers, free samples, public services, public sector benefits, local authority benefits, health services, news and politics.
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