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The world rolls along on money, so it is critical for women to learn to handle it. Here are a few tips to become a Money Savvy woman.
Start implementing these today, if you haven’t yet begun!
“If you could kick the person in the pants responsible for most of your trouble, you wouldn’t sit for a month.” – Theodore Roosevelt
Do not leave the sole responsibility of financial decisions to your spouse. It is yours too. Participate actively in budget planning and financial activities. Get involved and don’t be an onlooker thinking, “Its a man’s business.” Volunteer to do some work related to money. If you think you are a novice, start with the basics like filling an online form or dropping a cheque at the bank. Nowadays, financial systems are largely digital and it takes very little time to get familiar with them. All the information you need is just a click away.
“It’s all a matter of paying attention, being awake in the present moment, and not expecting a huge payoff. The magic in this world seems to work in whispers and small kindnesses.” – Charles de Lint
Keep track of the Economic news. It makes you aware of the world of money we live in. Be it the share market, income tax news or even the price changes of petrol/diesel, you never know when it will come in handy. Over a period of time, you will relate your Mutual Fund NAVs to the Sensex fluctuations automatically. You will be surprised to see how quickly you do a ROI calculation when deciding on a petrol or diesel car. A good money sense is the result of gathering and processing financial information.
TIP: Download and track any financial news app on your mobile phone and keep the notifications on. Notifications itself serve a sufficient and compact dose of financial news for a day.
“There is no illusion greater than fear.” – Lao Tzu
Don’t let the Tax Monster scare you! Once you get to know it, you will realize that it is as tameable as a poodle. Numerous documents are available online which explain in details every aspect of Tax.
“It is a very sad thing that nowadays there is so little useless information.” – Oscar Wilde
If you do not know already, learn to know of your family members’ financials. Keep track of your savings, investments and insurances. You should be able to access the funds in case of an emergency. Make sure you are in the loop whenever there are any changes in the details.
“I’d learned that some things are best kept secret.” – Nicholas Sparks
How about having some secret stash of money of your own? Bit by bit, brick by brick, make your own stack of money, however small it is. You never know when it will come handy. Imagine being the knight in shining armour in the face of a financial crisis. Still confused? Ask any older women in the family about their secret savings and they will tell you stories about their cardamom and cookie smelling stashes!
“It’s not hard to make decisions when you know what your values are.” – Roy Disney
Some mothers have the tendency to trust little brothers or big brothers more than her dearest little princess. Let girls handle the money in the same way as their brothers do. The values of childhood stay with you forever.
“We cannot defend freedom abroad by deserting it at home.” – Edward R. Murrow
A woman has an equal right to her inheritance, just as her brothers (depending on the religion the percentage varies). When it comes to standing on your feet, do not leave any stone turned. Learn about your rights first – whether to claim it or not is a choice you need to make. Along with that, do not shy away from financial responsibility towards your parents.
Everything in life is a team effort, including money. Handling it alone will be tiresome for anyone, so share it. Women should be equally if not more responsible towards it. Be a Money Savvy woman and it brings in a lot of change in the way you do other things as well.
Saving money image via Shutterstock
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