Women usually have different priorities as compared to men. Their earning methods and size of income also usually differ. Sometimes women take a break from work during pregnancy or when their children are small. Their careers take second place at such times. Yet, it is always good for women to earn and save to lead a good life, save for emergencies and plan their retirement apart from the rest of the family. Here are some foolproof tips for women to manage their personal finances:
# 1: DIY – This is the best policy so that you are always in the loop where your money is concerned. Relying too much on a spouse or boyfriend to handle your money will not give you an in-depth knowledge of your financial status.
# 2: Set objectives – Are you interested in a higher paycheck? Do you require further educational qualifications to achieve it? You must budget for it. There are a number of distance learning courses that will help you earn more.
# 3: Discuss with family – Talking about your financial doubts with a family member or friend, especially one who is financially stable, can give you some insights into financial management.
# 4: Don’t shoulder spouse’s debt – When you marry, it is best not to take over the burden of your spouse’s debts. If you purchase a house on joint income with mortgage that’s a different matter, but old debts are a no-no.
# 5: Credit card red-alert fund – Keeping aside some money each month for emergencies is one of the oldest methods of saving. So stash away a small amount to be used only in emergencies so that you don’t spend heavily via credit cards.
# 6: Invest judiciously – An investment in equity is risky but may give higher returns. A debt fund is safer but gives fixed and limited returns. It is advisable to maintain a good balance between the two while investing.
# 7: Learn from others’ mistakes – Remembering other people’s financial errors seems heartless but is very sensible. That way you safeguard your limited income from sharks and smooth-talking con artists.
A separate financial plan is beneficial
One’s future is unpredictable. Too much financial dependence on parents, spouse or partner will leave you with little knowledge of your own money. A divorce will mean monetary losses besides the emotional trauma. Having to deal with increased financial burden along with sorrow will be stressful. A woman who has been handling her finances for many years during happier times will not find it difficult to continue doing so in difficult situations.
Making a contribution towards better living and shared activities with the family is fine. But women develop varied medical problems, especially as they grow older. Rather depend entirely on your spouse to provide for such expenses, a small amount kept aside every month will accumulate into a sufficient fund for medical emergencies. A recurring deposit with your regular bank will do very well.
Financial independence, knowledge of money matters and investments, and educated contribution towards family expenses will also have a great emotional and psychological effect on a woman. These are some foolproof personal money management tips for women that will ensure financial stability and security.
This guest post is brought to you by Sandy Coops of www.cabletimenc.com a site that offers savings and current information on time warner cable as well as timewarner.com services.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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