By Devika Praveen

In today’s evolving economic landscape, it’s imperative for women to take control of their personal finances to secure their financial future.

Women face unique challenges when it comes to finances, such as gender pay gap, career breaks, and longer life expectancy. However, with the right knowledge and mindset, women can achieve financial independence and build a secure financial future.

First and foremost, let’s talk about saving. Saving money is like going to the gym. It’s painful at first, but after a while, you’ll see the benefits, and it’ll become a habit. So, start small, like skipping that latte at Starbucks or saying no to that online shopping cart. It may seem like small savings, but trust me, they add up over time.

  • Creating a budget is essential. Start by listing all your expenses, including your rent/mortgage, utilities, groceries, transportation, and any other recurring expenses. Once you have a good idea of your monthly expenses, you can create a budget that will help you stay on track.
  • Investing is critical to personal finance. Investing wisely can help you grow your wealth over time. It may seem intimidating, but there are plenty of resources available to help you learn about investing. You can start by exploring index funds or mutual funds, which offer diversification at a low fee.
  • Protecting your credit is crucial. Your credit score can affect your ability to get loans, credit cards, and even a job. Make sure you pay your bills on time and avoid carrying high balances on your cards. This will help keep your score in good shape.
  • Negotiating your salary is an empowering step towards financial independence. Women tend to be paid less than men for the same job, so it’s essential to know your worth and negotiate accordingly. Research the market for your job role and prepare your case before entering any negotiation.
  • Building an emergency fund is like preparing for the zombie apocalypse. You never know when it’s going to hit, but when it does, you’ll be glad you have a stash of cash to fall back on. Aim to save at least three to six months’ worth of expenses in case of any unexpected events, like a broken-down car or a sudden loss of income.
  • Seek advice from financial professionals or trusted friends and family. Learning from others can help you make informed decisions and stay on track towards your financial goals.
  • Plan for retirement – now! Take advantage of an employer-sponsored retirement plan or consider opening an Individual Retirement Account.
  • Lastly, don’t forget to prioritize long-term goals. Whether it’s buying a house, starting a business, or travelling the world, having a clear vision of your long-term goals can help you make better financial decisions.

Also Read: What should women do to retire rich with high pensions? Experts explain

In conclusion, as financial expert Suze Orman once said, “A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” By following essential personal finance tips, women can alleviate financial stress and ensure a secure financial future. It may take time and effort, but the benefits of financial independence and security are worth it. So, let’s take charge of our finances and pave the way towards a brighter financial future.

(The author is Chief Compliance Officer, Fincare Small Finance Bank. Views expressed are personal)