In these changing times and rise in inflation, every member of the family needs to be financially independent. So many women, especially in India, sacrifice their careers once they get married. Most of these women are educated and capable of earning well. However, due to the pressure from their families and society, they leave their jobs after marriage or after they become a mother.
Keep reading with Pritish Halder for more information.
Why is financial independence important for women?
Women in India face so many hurdles on their way to financial independence. Some of them do not get the opportunities to achieve, the ones who achieve financial independence at some point have to sacrifice their careers for family or to raise their children.
Here’s why women of the family should be financially independent.
Spending capacity of the family:
A financially self reliant woman can support her family in every way possible. With steep inflation, it is virtually impossible to lead a good life with only one person earning.
To pre-empt emergencies
Every family needs to be prepared for a contingency. Layoffs are more frequent; jobs aren’t super secure and neither is life. If the husband is the sole bread earner, with the wife and kids being dependent on him, then there is reason to worry for the family. Panic tends to ensue in the time the man finds a new job. With most families running the risk of multiple EMIs, it makes sense for the lady of the house to also hold down a job.
The self-respect of women is often ignored. When a woman earns, she doesn’t need to ask her husband for her expenses.
To meet the rising cost of living
Inflation, as we all know, has risen noticeably in the last few decades. To own a decent home, send your kids to a good school and live an above average standard of living has become very high. Hence, 2-income households certainly fare better. Women who are financially independent can not only contribute to the everyday expenses of the household, but also help to meet the family’s financial goals.
Command respect from the family members
Financially independent women command respect from every member of the family. Women, who are financially reliable on their families, often face disrespect. Even the relatives and neighbors respect a self sufficient woman.
Can stand up to atrocities and injustice
Women who are not economically independent, are not able to stand up for themselves or any other oppressed person in society. The husband or other family members may exploit the financial dependence of women to commit atrocities on them.
To be a role-model
A woman who can support the needs of the family financially, socially, emotionally and so on is a role model for her children to show them that gender bias is created by the society and doesn’t mean anything when a woman is strong, confident and sure of herself. The children learn from what they see. If kids see that their mothers are financially independent, they will also understand the value of money and be inspired to be self-sufficient in life when they grow up.
Increased Self Confidence
Financial Independence provides self-confidence. If the woman of a house has high morale, she can make better decisions for her family.
Invest to gain financial independence
Women have become more stable than ever before, and while they continue to shatter norms, it is essential they understand how to grow their wealth and ensure they are at par with men. Most women find it hard to manage their money, due to lack of guidance and scattered resources.
Plan for your finances for life
You are single or married or about to get married, all this shouldn’t come in your way of having a strong financial plan. If you are single, either by choice or by circumstance, you need to create a master plan that provides a sense of direction of how to steer finances. Married women too need to actively participate in any financial plan of the family, whether they are contributors or not, as they stand to be affected as beneficiaries.
Switch to savings from spending
This is ultimate and irrespective of men or women, having a savings budget is an important step towards economic independence. The idea is to help you monitor whether expenses are overshooting in a particular month and to hopefully curb them in the following months.
Not all of us are an expertise. Taking sound advice from time to time isn’t a bad thing after all. So, you can hire a good financial planner who can answer all your monetary queries and guide you on making a comprehensive financial plan.
Risk taking and planning
Beware of free advice from your bank Relationship Manager, or insurance agent who may not consider your goal in the first place. Always remember, a good planner will focus on your goals and risk behavior to make a goal-based financial plan, and help you stay focused to achieve those goals on time. That’s basic.