5 ways how women can be #FinanciallyHealthy
Women and finance are often taken as two poles apart. But what many conveniently forget is that women have historically been good cost checkers and prudent savers. This could be through sale-shopping for yearly essentials to recycling gifts or budgeting pocket money. So, if a woman takes a stride to become #FinanciallyHealthy, there is hardly anything that she cannot be the best in!
1) Make a Shopping LIST
Yes, you heard me right! The age old shopping list works miraculously to control budget and it isn’t a myth.
Window shopping is one of the most common routes to impulse shopping of items that you might never need. A survey by The National Endowment for Financial Education in the US has concluded that 70% of shoppers admitted to impulse shopping the previous month and about 70% of those shoppers also regretted for having bought stuff later!
Your 20 something daughter may actually do a justice as she will stick to the list alone and also make maximum usage of the coupons/offers available to reduce the expenditure.
2) Carry lunch from home
Not only moneywise but also healthwise. Carrying your lunch from home (even snacks) might save a few hundred bucks everyday along with giving a sense of being healthy and not cheating on your diet.
It takes a lot of self-control and discipline to not give in to binging be it shopping or dining out.
3) Take your own investment decision, confidently
A recent survey (in India) by Neilson in association with BlackRock, the world’s largest asset management company, showed that only 23% of the working women in India take their own investment decisions and that too they are not very confident of the same.
Confidence will come with knowledge and experience. Increasing number of women have started to work and contribute to the country’s GDP in terms of corporate and self-employment. With new laws related to women inheriting family wealth, higher life expectancy, etc, the need to manage your own wealth has become all the more important. If it sounds Greek, take help of a financial advisor.
4) Plan your retirement
Even though you might have a retirement plan with your partner or spouse, it makes a lot of sense to know the basics – what will fund the retirement years, the taxation, the liquidity aspect, the nomination, health coverage and the likes because whether you like it or not, women usually tend to outlive men.
So instead of groping in the dark when you are emotionally stressed, isn’t it better to know and do something about the same from the very beginning!
5) Keep an emergency fund
Last but not the least, maintain an emergency fund. Unexpected events such as a job loss or an unplanned expense, such as increase in household spending, monthly grocery bills or even an unexpected visit to doctor, can eat away into your savings. An emergency fund comes handy at such times.