Most women undervalue their worth, hence, lack confidence while discussing money-related matters like salary.
5 Ways for Women to Build a Healthy Relationship with Money.
Women empowerment, gender pay equity, professional opportunities, and whatnot, have been a topic of debate for years now. But women have moved on, focusing on their careers and making a place for themselves in this otherwise male dominant world. Despite comprising half of the global population and taking over almost every sector, women still feel restricted. One of the primary reasons for them to hold back is their relationship with money. Most women undervalue their worth, hence, lack confidence while discussing money-related matters like salary. Furthermore, although banks offer several options for a personal loan for women in India to encourage them, they often struggle with the process and policies. This often impacts their growth and success.
Well, it’s time to bid adieu to self-doubt. The following tips will help you understand your money better:
1. Create a Realistic Budget
The first step to leading a financially secure life is to have a clear and practical budget. Assess your monthly income, savings, utility bills, groceries, and other basic expenses. This will ensure you spend your money wisely without compromising your living standard. Use Excel sheet for better understanding and be realistic and reasonable, else it’s easy to get demotivated midway through the journey.
2. Define Success for Yourself
Success means different to each one of us. You need to define the true meaning of success for yourself because no one else would. Think with an open mind and focus on your goals and passion. Do you want to own a luxury bungalow one day or save enough to meet emergency expenses or create a separate fund to roam around the world after retirement? Note down your definition, set financial benchmarks to attain it, and make your best efforts to keep moving forward.
3. Live Within Your Means
We have been listening to this life lesson since childhood. We must know our financial limits and live within them. Spending more than what you earn will only put you in the quagmire of debt and financial stress. If you are using a credit card, treat it as a means to meet your needs and pay the amount within the given time. This will secure your life even after retirement. Also, a healthy financial habit makes you eligible for an instant and online small loan in case of any emergency.
4. Track Your Expenses
It’s your hard-earned money and you should track where it goes. You have worked day and night for it and squandering it doesn’t justify that hard work. So, learn to appreciate it and keep an eye on cash inflow and outflow. It may be daunting initially but gradually it will become a habit. This will help you evaluate where you spend excess money and what areas need financial attention. For example, if you are shelling out unnecessarily on shopping or eating out, then you can limit that expense. Similarly, if you have been avoiding something of utility like a washing machine or air conditioner, you can plan to buy it within a month or two. Tracking your money makes you accountable and confident while building a healthy relationship with money.
5. Create an Emergency fund
You can’t always rely on your partner or parents to help you during a financial crisis. Empower yourself to live a secure life by creating an emergency fund. Banks, financial institutions, and private lenders now offer flexible policies to encourage women to save more. You can start by investing in gold, which is a safer option and provides liquidity during urgent needs. Moreover, many banks offer instant personal loan for women with easy repayment terms and low interest. Taking a loan against gold as collateral can speed up the processing time with minimal documents. Investment in gold also offers a line of credit that works like a credit card, you can pledge the gold and avail of a credit line, which can be withdrawn anytime. You pay interest only on the amount you use.
Just a little more effort, smarter financial planning, and a lot more belief in your self-worth can transform your relationship with money. This can pave your way to success so you live a happier and more independent life.