With women’s day round the corner, one can’t feel overwhelmed with the fuss surrounding the day. With the social media and mainstream pouring tributes to the amazing women around us and the various offers and discounts for women on that day. But for most of us it’s just another busy day at work or home until next year when again another “women’s day” arrive in all its glory.
As a woman it makes me wonder if this is what we want? Are we really content with just a day of superficial celebration or rather a lifetime of dignified existence? Given a chance I’m certain that most of would happily choose the later.
To achieve that, as a modern woman financial independence is the key. Women juggles several roles throughout their life. Being a working professional, a caring mother, a fantastic cook; she manages all these roles fantastically day after day, year after year. Nevertheless, whether she’s married or single, working or homemaker; financial security would give her sense of stability and assurance.
Time and again statistically women are proved to be better savers than men. This can be seen from the older generations as well; our mothers or grandmothers would manage to save some money every month from household expenses and keep it aside for rainy day. While it’s common for families do consider making financially secure future, rarely do women plan their own retirement and sadly ends up being financially dependent in their sunset years even after working in their prime
Irrespective of whether you have an independent source of income or not, you should have a say and clear visibility in the financial decisions made in the household.
Where did all the money go?
This is a common query that even the most financially independent women would have. This cites the importance of having transparency in terms of the financial decisions. You must be aware of the various investments made and must have easy access to the same. If you’re not handling joint accounts, then you must at least get hold of the account/ portal passwords. Make sure you have records of all the FDs, Mutual Fund investments made, equity shares etc. Ensure that you’re the nominee for the same.
COVID-19 has already made the necessity transparency in investments with their family as also keeping the nominations updated. When you’re newly married don’t be in a hurry to change the nominations to that of a spouse as you’re too young and future is unpredictable instead keeping a will would make sense to avoid any future disputes.
Do not keep all your eggs in 1 basket!
Many times, even financially independent women make the mistake of dividing Household finances in such a way it’s detrimental to their interests.
For instance, typically a woman’s income would be significantly used for monthly expenses while husband’s salary would go for various investments of the couple and their children. This would be convenient for a short term but could lead future disputes. Hence, it’s better if both the partners contribute for household. Similarly hold individual investments along with joint investments.
Ladies , don’t leave financial decision making to your man alone. If you both differ in your investment ideologies and risk appetite, then it you could be better off with a separate financial plans too.
Have an adequate life and health insurance covers
Never put off buying term and health insurance policies just because you’re covered under your employers group cover. You must have a standalone health covers, if not at least family floaters. Age is always an added advantage here; if you’re between 25-30 years you can start with a base cover of 5lakhs and can add a super top up of Rs 10-15 lakhs as you grow older or in case new life events such as marriage or children.
