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Women are active in every sphere of life. They are highly educated and are working at the top level in many government and private sectors. Nevertheless, a lot of successful women (professional and non-professional) allow the men in their family to make all the financial decisions.
It is challenging for them to stand up against such situations. But, women have to take a stand because financial independence has a lot of advantages.
A helping hand:
The cost of a comfortable life is increasing every day. Therefore, another earning can be useful. A financially independent woman can manage the finances of your household. In addition, she can earn and provide bread and shelter to her family.
Helpful in case of emergency:
Emergencies cannot be avoided. Accidents, diseases, deaths and similar unfortunate events demand multiple sources of income. If a woman is financially independent, her family can easily face temporary or permanent loss of a source of income.
Better mental health and self-confidence:
Financial independence gives you confidence, responsibility and a sense of security. Therefore, it improves your psychological health. If women are not financially independent, they have to depend on their parents, husband or any other man for their comfort. They can’t do anything without approval. On the other hand, if you are financially strong, then you can fulfill all your dreams without anyone’s permission. This freedom boosts your confidence.
Ability to cope with financial troubles:
A lot of women are in abusive relationships. They have to undergo low-grade behavior because they depend on abusers for money. They tolerate abuse because they cannot make a living on their own. On the other hand, a financially independent woman can leave toxic relationships as they can easily take care of themselves and their children.
Fund Management:
Once you become financially independent, you can spend money on your needs. You can buy the desired items from your school or college days. Plus, you can save money for future investments.
Chance to become a role model:
Working housewives or professional mothers are excellent role models in our society. Such women know how to manage their work and home. Therefore, they have remarkable management skills. Any of us would like to learn from and follow such skilled women. But, you can be an inspiration to others only when you have financial independence.
Tips that can help ensure your financial independence
1. Be financially aware:
Checking the bank statement is the best way to start your journey towards financial independence. Apart from bank statements, you can also check the transaction history of credit cards and e-wallets. These steps help you understand where the money is going. Also, checking bank records helps you understand how you can use credit/debit cards, e-wallets and other modes of payment.
2. Open a separate savings bank account:
A savings account is your first contact with the financial system. Usually housewives have a joint account with their husbands. However, if you want to be financially free then you need a separate savings account.
A savings account is not just a platform to add and withdraw money. It also gives you interest on your amount, lets you invest in stocks and mutual funds, allows you to open fixed or current deposits, opens doors for government-backed schemes, and many other ways to pave your way towards financial independence. Above all, a savings account helps you save some amount.
3. Save or invest for your financial goals:
We all have dreams and life goals. For example, if you are young, you want to pursue higher education or if you are married, you may need a house, vehicle, and similar property. Think about how you can achieve these goals, talk to your husband.
Fixed and current deposits are the ends of the iceberg. Once you have learnt some aspects of investing, try investing in mutual funds, systematic investment plans (SIPs), direct equity, government securities, gold and other such schemes. Seek the help of professionals if needed.
Thank you 🙏
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