Women & money are a combination that is not very often spoken about. Because of many reasons. One of them is the conception that women belong in the kitchen and money matters are not just for them. Many having a modern education also believe in this misconception. And for women to have a say in matters of money is a big taboo even in many well-to-do families. The conditioning is so strong that even many women struggle to believe that they are not good enough to understand, let alone apply their knowledge in this field.

And the real struggle starts when women consider themselves weak enough to let go of all their financial hassles and blindly trust others to take critical decisions in their life with respect to personal finance. While taking guidance is certainly welcome, letting others take decisions may seem worrisome and if there is a trust bond broken, the repercussions may be very scary. Many women close their fixed deposit funds or make their deposit schemes as joint account schemes while giving full authority to their husbands. While doing so is completely a personal choice and must not attract any bias, with time if a woman is totally left out of conversations with respect to finances owing to a family, her self-esteem goes for a toss. With time this can have a snowball effect and the outburst can be massive.

Even for a family to run effectively, the viewpoint of a woman plays a major role. Her focus and perspectives can always bring in a fresh outlook and are always needed in the proper functioning of a family. Having a say in financial matters makes her feel like a partner and helps in strengthening the bond between a husband & wife.

Having financial independence makes a woman feel more secure & respected despite any socioeconomic background. It might not seem to matter if a single woman is contributing but the compounding effect of the women in large contributions to society can make a huge impact on the sustenance of a family, society, and for that matter a whole country. More financially independent women mean a more progressive society that is healthier, safer, and less biased.

Women who take matters of money into their hands become role models in the eyes of the younger generation and this helps in breaking stereotypes that are deeply rooted in our culture. It goes without saying that a financially independent woman can support her family better in times of steep inflation. In today’s era, it is difficult to sustain a household with just one person earning.

This knowledge can help a woman to be better prepared for sudden and unfortunate situations like untimely death in a family or a divorce that can leave one shattered to pieces. Having financial security can help women tide through such tough times and maybe make them better equipped to deal with such uncertainties that life may throw at them. Not only this, this also gives them the courage to stand up for themselves, and raise their voice against atrocities like domestic violence and abuse.

To do so might seem tough for any beginner, but one can start educating oneself slowly and make progress. One can start with charting out a clear personal financial goal and then investing in SIPs can help one make investments on a regular basis.  A smart investor would always ensure that the risk is distributed over a variety of instruments. A high-risk instrument such as equity should ideally be balanced with a stable one such as bonds. Your investment portfolio should be a judicious mix of equity, debt, life insurance, real estate, etc. But these can seem daunting to anyone and only patience with oneself while working on gaining in-depth knowledge can lead to success.

Key takeaways :

1. Financial planning is essential for all including women.
2. Even if you are not interested in managing finance, take small steps to understand various financial instruments that can help grow the money.
3. Women feel more secure and respected when they have a say in matters of money.
4. It is important for women to understand the importance of having a personal financial security net to deal with any emergency in life.
5. A woman be it a housewife or a workingwoman can start investing in SIPs ( with her income or savings ) etc on a regular basis with whatever amount she can

“This post is part of Blogchatter’s CauseAChatter.” I shall be writing about topics related to women’s empowerment this quarter.

Love,

Chinmayee