Irrespective of gender, class, your profession, this skill is crucial to every one of us.
Although this is gradually changing, but many times and not always, we find women particularly lacking here. Ladies, do you realize that knowing how to manage money and put it to good use is highly empowering! We have attained our degrees with good marks, we earn well and demand an equal pay – which is a good thing – but when it comes to managing that money, we rely on our husbands or fathers.
Put some time to learn the basics of the skill, it will give you long term returns.
Despite having done my MBA in Finance, I looked up to my father, for financial advice for a long time. Later, I relied on my husband to give the “right advise”, always afraid I might take a wrong call.
It wasn’t until I actively started trading in shares and derivatives, that I became comfortable with money matters. And I found it very empowering, and I enjoy doing it by myself. Of course, I still take advice from my husband, when needed, since he has more years of experience in these matters, but I discuss the pros and cons confidently.
Here are some tips you can follow to get better at managing money.
1. Make a budget—and stick to it.
2. Be a conscious consumer.
3. Track your expenses and balance it at the end of the month.
4. Have a plan and a vision. 5. Think like an investor. 6. Work together with your partner/spouse on the same financial goals. 7. Commit to saving money.
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