4 Golden Personal Finance Tips every woman should commit to.
I recently (precisely yesterday) came across this video on an Instagram Channel – Mad Over Marketing (M.O.M). It was a social experiment where 30 people were invited to participate. The host made them stand side to side in a long line. The rule was to move one step forward if the answer to the question was a YES and one step back if the answer was a NO. The questions began very randomly and were relating to their childhood, schooling, sports, cooking, etc.
Then came a WAVE of money-related questions. A few were – Do you pay your household’s monthly bills? , Do you watch or follow the budget? , Do you know how to invest in Mutual Funds? , Do you make investments for your family? , Do you file your income taxes? Etc… People continually kept moving back and forth.
Here’s where I was shell-shocked. As the questions ended – there was a clear line of demarcation between two groups of people. The people in the front were all men and those in the back were all women. As questions of MONEY poured in, women answered NO and kept moving backward.
The demarcation at the end of the experiment :(
Isn’t this SAD to watch? With a heavy heart, I say, we women believe, managing money is the sole duty of men at home. And we as women, ignore even learning about finances and stay away from all financial obligations.
This Women’s day – let’s take an Oath to commit ourselves to study our finances and manage them even better than men. Yaay!! Are you ready??
Below, I’ve curated 4 tips to help you scale greater heights with your money. Let’s begin!!
1. Learn key aspects of Income Tax
As important as it sounds to earn money, it is indispensable to know how this money gets diverged as taxes. Get an overview of ‘How Income Tax works’, ‘Tax Bands\Slab Rates that apply’, ‘Exemptions from filing taxes’, and ‘How you can file your taxes’.
There are dozens of YouTube videos that teach the basics. Also, have a peep into the Income Tax Website of your country and glimpse through the options they provide. Make use of Google if you come across unfamiliar aspects.
2. Research different instruments to invest
Apart from the conventional FDs, RDs & Gold Investments, there are a bunch of options available out there. If I had to list a few – there are Mutual Funds, Index Funds, Real Estate Investment Trusts (REITs), Government Bonds, PPFs, etc…
Firstly understand what they are (we know, it could be a slow process) but then try and invest a minimum amount in each of these instruments.
3. Budget like a pro.
Start by tracking your inflows and outflows. PEN them down – don’t simply assume. Pre-plan your expenses before a month commences and ensure there aren’t any loopholes.
Ask for invoices for each penny you spend and pin them together. Start automating your bills, recharges, and monthly premiums.
"If you're struggling to know WHERE your money is going (we've all been there), then the TGI team would recommend using a prepaid card (e.g. Monzo, Starling, Revolut) or downloading a budgeting app (e.g. Yolt, Emma). There are plenty of fantastic tools out there - for FREE!"
4. Catch sight of Daily Financial Updates.
There is so much money shit happening out there!! Why not spend some time each day updating ourselves?? You could check the Gold prices, Banking updates, Market performance, New Launches, Government Projects\Schemes, etc…
There are unending resources available online from which we can learn and benefit. If you aren’t familiar with money terms, Google is nimble to your rescue. All you need to do is commit to learning and applying them to your lives.
“A Woman’s best protection is Well-managed money of her own or a big fortune – let’s get it, girls!!”
To continue your investment journey, join the Ladies Investing Club Facebook Group - our very own community of female investors (we just hit 100 members).
A free space to ask any questions you may have throughout your financial journey :)
See you on the other side:)
