Decoding Money management and Investment decision making for the women of today

Decoding Money management

The learning curve for managing finances is typically characterised by a lot of hits and misses, with some mistakes resulting in considerable financial losses. Women have a more difficult road since gender stereotypes and patriarchal views make it arduous for them to master the ropes of personal finance.

Because of gendered norms, women often struggle to develop the habit of being vocal about money concerns and regulating their resources. While more and more women are being welcomed into the folds of financial inclusion, it is rarely acknowledged how difficult it is for many women to change their deeply ingrained patterns.

In several sectors, Indian women have made significant gains in breaking past the glass ceiling. The transition from managing households to managing businesses is significant. However, one subject that is still a manly realm is investment decision-making.

Women are often more knowledgeable about money management than they believe. The most effective way to gain confidence in your ability to manage finances and establish a financial strategy is to improve your financial literacy.

Learning to invest allows women to quickly cover their path to achieve financial independence. Let us see a few ways in which women can take a step towards achieving this.

Consider wealth creation from a comprehensive perspective

Investing in mutual funds isn’t the only way to build wealth. It’s about taking a holistic approach to investing and securing all aspects of our financial lives, whether it’s purchasing insurance to protect our future, building a retirement corpus to achieve financial independence, or putting together an emergency fund to deal with unforeseen events.

The first step is to educate yourself on the subject. You must understand how to save money intelligently and how this technique can help you expand your wealth. According to a 2015 Standard & Poor’s survey, nearly 80% of women in India are financially illiterate and only about 1% of Indian women invest in the stock market. According to research by Basis, based on 500 urban women aged 24-45, 70% of women have financial assets to invest, yet 60% of the cohort is still looking for better investment opportunities.

A comprehensive knowledge of how the markets work and how to take on the right opportunity is important for women to gain confidence while investing.

Know the facts that prove the importance of stock investing in our blog here.

Gain confidence in your financial management skills.

According to Santosh Joseph, Founder & Managing Partner of Germinate Wealth Solutions, many women are still reliant on their male family members to manage their finances. This could be attributed to a lack of self-assurance. Magic, on the other hand, begins when you take command. In his words, “It may be a difficult and a rocky ride at first, but with practice, one can learn and even succeed at it.”

Fill the knowledge gap

If a woman does not manage her own investment decisions, it is usually due to a lack of knowledge about how to go about it. The majority of women need to practise their financial decision-making skills. We’ve seen how adept women are at managing money in a variety of enterprises and households. The ability to earn and manage money is a prerequisite for investing decisions. It needs a leap of faith and then backed with knowledge about the products and markets, women may be able to forge ahead with smarter investing choices.

To enhance your knowledge, you must also learn from other’s mistakes. Read our blog to know the top 10 money mistakes to avoid.

Make a contingency plan

It’s always a good idea to prepare for a rainy day. In the event of an emergency, it is crucial to have a fund to fall back on. Planning methodically and by being prepared for any eventuality, such difficulties may be navigated through easily.

Women must work to secure their own financial future. Have an emergency fund to help you get through bad times without relying on others. Put money down for your retirement. For married women, this can be a joint account with their husband or even a separate account. If obtaining a higher education degree is a goal for you, go for it; begin saving immediately. Make an effort to invest in the best ways to attain all of your objectives.

Make a budget for savings

The classic method of budgeting entails keeping track of your expenditures. However, such a budget will neither motivate you or assist you in keeping track of your money. Thus, it is vital for you to create a savings plan. This will help you save and channelise these funds towards multiplying your wealth.

Seek help from a financial advisor

While one should be wary of unsolicited advice or advice from friends and family on investing, do not hesitate to seek help from professionals. Engage the services of a competent financial planner to assist you in developing a complete financial strategy. Women tend to leave the financial planning for the entire family to the male members who may or may not confide/involve their spouses in the discussions. It need not be so. Have open dialogues, or women may just go ahead and confidently engage with a financial advisor themselves to charter a suitable financial plan. This may help to stay on track with your plans and even explore new opportunities.

Experts at TejiMandi are trusted by thousands of investors, men and women alike. Reach out to us to get the financial advice tailored to your risk profile and requirements.

Don’t give up!

Financial freedom is no longer a luxury but a necessity. Initially, you may feel insecure, unsure, or concerned. In such a case, obtaining assistance from professionals can go a long way. Once you start and learn from your mistakes, progressing toward effective management will get easier. It is important to have patience and to believe in yourself. If today isn’t your lucky day, you will undoubtedly succeed tomorrow. Don’t lose focus ; it’s your right to be self-sufficient, and it’s within your power to do so!

The bottom line

Financial independence entails being able to support yourself financially. Financial independence is a valuable aim for people of all walks of life, but it is especially vital for women who have historically been excluded from financial decision-making.

Financial literacy and money management skills can provide women with a greater sense of security, making it simpler for them to save and invest for the future. Understanding the hurdles, as well as the right guidance and resources, can make the process much smoother.

Speak to the experts at Tejimandi to tailor-make your investment path in a way that it aligns with your financial goals and risk appetite.

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