Think about saving some money to get that desired watch or that designer dress. As a woman, you might have tried all the tricks in the books to save money for every little thing you have ever desired.
The comprehension of financial savings for women is deep-rooted and one cannot forelook the aspect of managing the professional world and adjacently immersing themselves in the household chores. In light of all this, it gets fairly difficult for women, even for the ones working in the same field, to handle their finances. Hence, they seek an easier approach, i.e., reach partners or parents for advice or ask them to do investment planning.
Investment decisions are never easy. Every decision where money is involved requires critical and strategic thinking, but the lack of knowledge among women and their fellow women peers creates a lack of awareness among them and disinterest towards the subject creeps in.
Women tend to excel at saving money, but when it comes to a financial decision involving a big chunk of money or a different avenue of investment, they jitter. Why do women fear or become anxious while making some independent investment decisions?
Before anyone gives you "healthy advice" and asks you to stay away from very important investment decisions that can shape your life and future, here's a list of things you can do to arm yourself with the investment weapons and suggest to your peers.
Yes, we do understand that kitty parties are more inclined to unleash your social self but having a financial kitty party could help you clear the reasonable doubt towards financial planning. Decisions on investments, savings, and future planning should deliberately be a part of women's discussion as it will empower you to make better decisions. Having no interest in the subject is a major cause of disdain toward finance, but love for your money should motivate you to know about it.
Just as consciously you count your calories, make a conscious decision to be involved in financial decisions. It is very crucial to understand your income and your expenses, based on which you can decide your investment capacity and take a call on the investment avenue. Maintain an Excel or track your expenses and set aside.
Women tend to have different financial needs as the career graph differs from men. So plan accordingly. Having well-defined goals gives direction to your investment strategy and helps you make informed decisions that align with your aspirations. In case you are thinking of saving up for that additional skilful course or that watch or even a car, think about how the returns on your investment will help you attain that goal.
No investments are deprived of risks. Hence the famous jargon is added to every piece of media investment information, Investments are subject to market risks. Please read all the schemes carefully. Being aware of your risk tolerance can guide your investments carefully and navigate through them without incurring much loss. Be mindful of your investment period, type and the level of risk you can handle under every investment avenue.
Once you have established your financial goals, contemplate if those goals can be achieved. Plan your exit from particular investments that you made to tick your goals. Short and long-term priorities influence your investment planning but having liquid cash to maintain your daily needs or sudden urges of short trips. Life is fluid, and so should your financial plan. Regularly review your goals and financial decisions. Adjustments may be necessary as circumstances evolve.
Once you are aware of your investments and expenses, create an emergency fund to meet your unforeseen expenses. Typically, it is suggested to save up to six months of your expenses to contain any financial crisis. Ensure that the funds are liquid and are easily available to counter the emergency. Keep your investments and the savings fund intact for greater financial stability.
In a world where women have conquered various domains, financial empowerment should be no exception. Embrace the world of investing armed with knowledge, awareness, and a well-defined strategy. Overcome the hesitation that may arise from unfamiliarity and transform it into a journey of growth, security, and empowerment. Remember, you have the capability to take charge of your financial future and make investment decisions that align with your goals and dreams.