Traditional settings have always prioritized men as the breadwinners, reducing roles of the women to the peripheries of their homes. This long-standing cultural norm has not only limited women’s financial agency but also perpetuated a regressive cycle of dependency which is difficult to break. While there are still some regressive views that continue to undermine women and their capabilities, recent years have seen women take financial responsibilities – whether as homemakers or working women.
As society evolves, a woman must take charge of their finances. No matter if you are a 20s girl starting your career, a housewife handling daily chores, a mother-to-be, or in your late 40s planning your retirement, financial autonomy will help you go a long way, opening doors to multiple opportunities in the future. It enables you to make informed choices, invest in personal growth, and create a better living standard for yourself and your loved ones.
The concept of financial independence goes beyond having enough money to pay bills, rather it is about having the independence to make choices without being constrained by financial limitations. But if you think finance is rocket science, here are 10 ways you can plan and kickstart your journey to achieve your financial goals and take control of your future
Set Your Financial Goals
The foremost and most important step is to set your goals and have a realistic ground check. Whether you want to save for your education, support your partner, retire early, or start a business, planning gives you a clear path and keeps you motivated. List down your short-term, mid-term, and long-term goals and prioritize them based on urgency, importance, and efforts you require to put in while completing them.
Create And Stick To A Budget
Once your goals are defined, creating a budget is the next step in taking control of your finances. Budgeting helps you measure your income and more importantly expenses. Tracking your spending will also help you to identify patterns, cut costs, and spend wisely. It is one powerful tool, which helps you prioritize your goals and spend on what truly matters while ensuring that you are saving.
Build Your Emergency Fund
Life is unpredictable and having a financial safety net can help you stay afloat during tough times. Each month you can start setting aside a small amount of your income or savings. This will help you create an emergency fund, protecting you from setbacks, especially medical emergencies. Having 3-6 months’ worth of living expenses saved up will ensure that you don’t rely on credit cards or loans for survival.
Learn Personal Finance
The financial world is constantly evolving, and financial literacy is important. In order to make smart decisions using the tools of finance, it is important to learn about personal finance. The internet is filled with free as well as paid resources, including books, podcasts, blogs, YouTube videos, and online courses, which can be easily used to understand basic financial concepts. The more you learn, the better you will be equipped to make decisions that align with your financial goals.
Make A Wise Use Of Credit Cards
Credit cards are powerful financial tools and bring a lot of convenience. Usually, a lot of us are afraid of the technicalities involved and hence maintain our distance. But, credit cards, when managed properly help you build a credit score, earn rewards, and even come in use during emergencies. However, it requires a great deal of control and maintenance. It is advised to use them in check, pay the balance in full interest, and never use them for purchases you can’t afford.
Start Your Business With Co-Operative Societies
While business requires considerable capital investment, cooperative societies are an amazing example of a supportive community coming together to help each other. Especially, for rural women and homemakers who have been restricted by their duties and lack of resources, cooperative societies give an opportunity to pool resources, save regularly, and even access small loans to fund personal or entrepreneurial projects. This is especially beneficial for those who don’t have access to formal banking sector/
Save, Invest, Repeat
Saving is a great step, but growing wealth requires regular investing. Even in short amounts. regularly putting savings into investment options can help them grow steadily. You can always invest in multiple schemes, including banks, post offices, NSSC, PPF, mutual funds, stocks, and gold. Certain options are subject to market risk and hence the risk associated should be well understood before investing. The only thing that matters is consistency and therefore, investing should be a habit instead of a one-time action.
Take Benefit From Government Schemes
The Government of India as well as state governments have launched multipole schemes that can help you in your financial journey. From entrepreneurial loans at low interest rates to vocational courses for underprivileged women, these resources can help you become self-sufficient. They also offer savings schemes for women and children where they can deposit savings at a higher rate of interest for a fixed tenure.
Start A Side Hustle With Alternate Side Incomes
With a skill that can be monetized, earning extra income is easier. The Internet has opened a plethora of job opportunities where you can work from anywhere, reaching clients all around the world. A great way to explore your passion, you can turn your ideas into a small business or part-time job, which helps you boost your income and helping you achieve financial autonomy
Invest In Yourself
Last but not least, personal growth is the supreme investment that will yield the best results in the long term. Financial independence is not just about money- it is continuously investing in yourself. For holistic personal and professional development, improve your skills, take courses, and adopt a healthy lifestyle. As you improve your skills, it increases your own value and opens up better opportunities in the market.
Financial independence is not a far-off dream- it’s something that every woman can achieve with the right strategy, consistency, and discipline. Every journey is personal and depends on the circumstances that one is surrounded with. It is important to remember that priorities can be different and hence, you should not compare your progress to someone else’s. Celebrate your milestones and keep your goals in focus. By taking steady and practical steps, you can surely make your dreams a reality.
