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3 Financial Resolutions Women Should Make {And Keep} In 2019!

Posted: January 3, 2019

While juggling multiple roles, don’t forget you are important too.  Make yourself a priority because no one else will with #KhayaalRakhna

The author suggests that for their financial well-being, women should follow these three resolutions this new year and become independent and secure.

Dear Women,

A few days into the new year and I am sure you have (or have not) made resolutions. The array of goals from the women I know encompasses everything from losing weight, prioritizing themselves and travelling more.

One key aspect of our lives that we neglect as women is Financial Well-Being. 

So here’s a little cheat sheet for you to look at for greater financial security and independence:

Reclaim control

This year, instead of blindly trusting your father, husband, CA or friends – ditch your finance phobia and get an understanding of where your money is going. Many women are socially blindsided into being only concerned with spending/budgeting and not saving/investing. 2019 can be the year when you research, read and ask questions. You have the biggest right to your money and to ask any questions. So whether it is filing your ITR or trying your hand at Mutual Funds – Reclaiming financial control should be your theme. There are websites like Jaagoinvestor and freefincal that help you take baby steps. Try!

Add an alternate source of income

Already financially savvy? How about adding an added source of income? If you are a homemaker, student or a professional – the gig economy offers many, many alternatives. From freelance writing to transcription to translation or putting out your recipe on YouTube and Influencer – the world wide web gives us great opportunities. So earn something on the side as pin money that you can invest in – either on yourself or in a financial asset.

Invest In life Insurance

2019 can be the year of protection. Take time out this year to invest In life insurance (if you have children/dependents) for atleast 10 times your annual income. Only take term insurance and stay away from any market linked insurance scheme. You should also cross check health insurance that your employer provides and take a comprehensive health insurance policy – do read the fine print, ask questions and ensure everything is taken care of. Lastly, make sure that this year, everything from your savings account to your investments has a list of nominees.

Choose one or multiple of these three easily achievable tiny goals this year and take one step towards being financially knowledgeable, independent, and safe.

Image Source: Pexels

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