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Women are often told that the finances are not for them. But finance is for everyone. Here are a few ways to be a financially independent, empowered woman
Women are often told that the finances are not for them. But finance is for everyone. Here are a few ways to be a financially independent and empowered woman
As a woman in my early 20s, I strongly believe in women empowerment. Women should be independent in all the terms. And financial independence plays a very important role in a woman’s life.
What does financial independence mean to me?
For me, financial independence is like touching the sky without taking permission of the Earth! Yes, as an Indian woman, I’ve seen and experienced several restrictions in my life.
In most of the cases, Indian women need to take permissions to do anything. I have observed that a woman needs to take permission from her father before she starts working. Then, she needs permission from her brother about what she should wear to office. After this, she needs permission from her grandfather about her behaviour at work.
However, the society is changing, and I am also hoping for the best for women. I really feel women should take charge and move forward in life. Education and financial independence are their weapons. By using these weapons we can break the cage and fly high.
I’ve seen women in my life whose life became hell due to the lack of financial independence. So, it’s really important for young women to understand the importance of earning and saving money.
Few years ago, my parents were thinking about my marriage. But at that time, I thought, “I know, that the guy earns, but what about my financial independence? Okay, today, I’m not earning but he is, I can ask him for it whenever I want. But what if he says ‘no’ to fulfilling my demands?”
I am sure a lot of you go through similar thoughts. And I finally decided not to get into any relationship with such insecurities.
But when you start to earn money and save, you feel like your future is secure. You get the confidence to live your life. So it’s necessary for young women to figure out ways to be financially independent.
I personally feel financial independence is the key to opening doors to freedom. After graduation, if we start earning money then we can live life on our own terms.
I used to save 70-80 percent of my monthly income from my job. And I started to invest my money in mutual funds. Usually, Indian women don’t show interest in investment and personal finance. I feel the main reason is that they are not financially independent.
Since my college days, I was interested in investment. But as I was not earning at that time I could not take any financial risks. So with my experience, I can say that financial independence gives you the courage to take risks in life. You can live your life without being accountable to anyone.
When I got my first salary, I was on cloud nine! I felt proud and confident.
Well, with my first salary I bought a wristwatch.
I was proud to tie that wristwatch. You know why? When I was a child, I demanded that my father buy me a new watch and he refused. And I can proudly say that buying that watch was the best day of my life. It taught me the importance of financial independence.
And so when I tied the wristwatch, the one I bought with my own money, the moment was great for me!
Trust me, it doesn’t matter how much you earn, but getting your first salary will make you proud of yourself. It boosts your confidence. And why should women miss the opportunity to feel proud of themselves?
I believe that every woman should experience this moment by taking charge and stepping towards financial independence.
Financially independent women do not need to compromise on anything. I’ve seen several women compromise on many things just because they’ve not earned or saved money. When you have your own money, you can do things you like. You can travel, invest the money, start your own business ad what not!
Usually, men start earning money in their 20s. But when it comes to women, there are a lot of barriers to become financially independent. Gender inequality, lack of education, judgement by the society, under-confidence, marriage and family being the most important ones.
No matter how many barriers women face, they are strong enough to overcome them and achieve financial independence. You have the power to take charge and change your life.
Basically there are 4 ways to make money. They are- job, self-employment, business, and investment. There are so many streams to earn money. And even there are a lot of passive income ideas which are very helpful for women.
If you are a student or a housewife you can make money by working from home. There are several options for this is, such as data entry, content writing, and translation work.
There are some genuine online platforms where you can get all these. Sign up on these websites. There are various websites for this, but you need to be careful while choosing the right platform.
I’ve come across some genuine platforms like UpWork and Freelancer.
Part-time jobs are also good for women who can’t opt for a full-time jobs. So work for 4-5 hours a day and make money. Look for such part-time job options.
During my college days, my friend was working at a medical shop for a few hours. That was a part-time job. Another friend was going for a typing job, which was a part-time job too.
You can approach any company for internships. If you are in your early 20s and want to make money, you can try internships. You can also check some good websites for internship opportunities.
For example- Internshala, AngelList. Here you can register your name and get internship notifications.
I’ve seen young women who are interested in cooking, making money off it. And I’ve come across someone who bakes cake at home and makes money. So you can also try to start your small business like this.
I’ve heard a real-life story of a 19-year-old girl making money through selling home-made chocolates. And one of my friends is selling her own craftwork to do so.
Looking at these women, I feel like any hobby can be turned into a profession if one makes some smart moves. If you are someone who isn’t allowed to go out for a job, create your own job at home! Or at least give it a shot.
I feel women should start investing money to make more money. Early 20s are the best time to take risks because we don’t have too many responsibilities. One should learn the art of making money through money. This comes under passive income.
There are also so many passive income streams like earning royalties by publishing books, selling music, and through rental services. Analyse your strengths and start to make passive income.
For women saving money is as important as earning money. The future is uncertain so we should be financially independent. In our bad days, our savings will be our helpline.
Being frugal means utilising money wisely without wasting it. Don’t waste your money on unnecessary things like shopping, and eating outside, and the like.
I’m adopting frugality in my life. So I can say that frugal living is the first step to financial freedom.
I feel so sad when I see women who don’t have their own bank account. So I suggest, you at least have a bank account- whether you’re earning or not. And save money whenever you can.
Some women don’t think of savings and personal finances. They think the finance department is meant for men. But let me tell you, women can also be good at personal finance.
Gather your confidence and make the right decision for you. Don’t get trapped into the ‘dependent life.’ Every woman has the potential to be financially independent. Be that woman who inspires and empowers other women.
Picture credits: Pexels
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Hi there :) This is Ankita Kamat, the founder of Frugal Beat.
I left my job. My passion for writing and creative mindset didn't allow me to continue with my 9-5 job. I've read more...
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