5 Financial Tips for Women
Men and women contribute equally to the workforce in various countries but financial education for women is still very poor.
So here are five financial tips you should follow if you are a woman:
(1) Create a budget
Whether you live alone or with your family; creating a weekly, biweekly or monthly budget for your expenses will help you have more control over them and may even help you make your fortnight last a little longer.
This will make you more aware of how much and on what you spend, prioritizing the really important things, thus avoiding unnecessary purchases.
(2) Start saving
This is one of the most complicated issues when you don’t have a proper management of your finances. But following our first tip, this can be much easier.
Your main objective should be to create a savings fund for emergencies, which should be at least three months of your salary. With this, you will be able to have financial freedom.
Remember that this will be much easier to accomplish, if you open a specific account, since you will be able to program your money to be automatically transferred to it.
You don’t need to be a millionaire for this. Since there are options that allow you to do it starting with small amounts and generating good returns.
In general, very few women invest, due to the lack of knowledge on the subject, so you could be one of the small percentage that does and, once you see results, encourage your friends and family to do it too.
Before you start, remember to learn as much as you can about the different options that exist and understand the product you choose.
(4) Start building your credit history
In case you have never done it before, apply for a credit or departmental card, in order to have a credit history that will help you get financing, in case you need it in the future.
Check out: How to develop financial education
Just keep in mind that this plastic is not an extension of your salary, but a credit. So use it responsibly and pay off the total of your debt or the minimum payment in order not to generate interest, each month, so you will avoid over-indebtedness.
Also, remember that your payments must be on time, in order to avoid affecting your credit history.
(5) Take out major medical insurance
This type of product will protect you from illnesses or accidents for which, otherwise, you would have to pay large amounts of money and may even end up losing your assets.
Check which one best suits your needs and if the coverage also applies to women’s diseases, such as breast, cervical or ovarian cancer.
I am Nikesh Mehta, owner and writer of this site.
I’m an analytics and digital marketing professional and also love writing on finance and technology industry during my spare time. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected] or LinkedIn profile.