Money talks louder than anything else. Spending money is a power that makes you have the time of your life. It’s a big relief when you have a budget, even in times of need. Having this budget comes with money management and financial skills.
Financial management is imperative for a woman to know. Despite so many perils in her way to economic empowerment, she continues moving forward. The gender gap, financial illiteracy, and the cultural and social hurdles a woman faces should not stand in the way of her trying her best to earn more.
According to Bureau of Statistics data, 2020 reveals that women earn 85% of men’s earnings.
It’s no fact that women live longer than men and hence need more savings. Even if a woman earns, she contributes to her household, leaving her with fewer savings.
According to a survey, 1 in every 5 women has no savings after their retirement. CNBC
Gone are the days when women were just the caretakers of the household. You need to save for your retirement and shrug off the socio-cultural constricting thoughts and norms. Money talks and difficult times are awaiting.
For that, a woman must be aware of financial management and money-related things.
Keeping yourself educated, aware, updated about fintech, envisaging your financial goals, managing your money, and investing in yourself all contribute to financial management.
Align your Core Values with your Financial Goals
Aligning your core values comes out naturally. It is innate. Yet, when you are ready to keep yourself updated, aware, and educated, the core values change with the changing of times. The core values help us to achieve our goals because we naturally do what we think is right.
Keep the Trail of Money Because Money Talks!
Keeping a record of your money is one of the ways to save a lot. Does your money go into meeting the basic requirements, or do you spend it all on leisure activities? Where your money goes matters. The day you start keeping the account for it, you’ll save a lot and have a clear picture of expenses and savings. Therefore you’ll have an amount to invest to meet your financial goals.
There is no age for learning and keeping oneself informed. Financial literacy does not mean you will appear in exams to conquer the financial issues of the world. Keep yourself aware of the new fintech things happening around you . Learn other ways of earning passive income. The paradigm shift surges in different forms of making, such as cryptocurrencies, NFTS, etc., are the digital form of earning in which only 41% of the women are traders. You can take the help of fintech advisors.
Please talk about the money and ways to double it because it matters. Despite being underpaid, a disproportionate gender gap, and having no savings with a longer life than men, surprisingly, women do not talk about money.
61% of the women do not talk about money matters. Rather, they discuss death with their fellows. Report by Merrill Lynch and Age Wave.
Set Financial Goals
Keeping realistic goals, with efforts to fulfill these goals, pays off. Analyze your financial goals and divide them into yearly or short-term, midterm, and long-term goals. Make a plan to roadmap the journey to achieve your target monetary goal. Take professional help to ease and optimize your journey. It’s essential to keep the financial plan and focus your energies to work towards it.
Edwin Locke and Gary Latham found that keeping financial goals led to 90 percent of higher performance in difficult times.
Invest in Yourself
It is one of the ways to optimize your savings and income. It helps you analyze your financial goals and current situation. Another practical way to analyze the amount of money you can make is by the end of your goal. With knowledge of the above-given points, you can make a better decision. Invest in passive income risks, which enable you to learn the dos and don’ts. Do your research and invest in yourself.
Value Yourself: Money Talks and So Do You!
Women are constantly juggling to maintain the balance of family and career life. However, to achieve the family’s needs, they don’t make much effort to make a plan for the future.
Women need to value themselves. It’s in your utmost favor as a woman when your financial status speaks for you. To combat the hurdles, roadmap the plan and start investing in yourself to fulfill your financial dreams. Financial management and savings are a part of financial empowerment. Take it seriously.
You are already on the right track if you’ve been explicitly searching about this topic. If something excites you after reading this article, don’t wait to pursue it. You have started valuing yourself!
We are a team of women who value our dreams and want women around us to be empowered to value theirs.
Authored by Afsheen Khan
Edited by Yara Fakhoury
“Fujn fuses learning with earning in a fun way. Fujn is made by women for women. Ladies, dare to reimagine your possibilities! Check us out at www.Fujn.us, Fusion spelled F. U. J. N.”