Gone are the days when women were restricted to household activities and men were the bread earners of the family. Today, both of them play an equal role in managing the finances of the family. But still there are women who rely on their husband/father to manage their investments or financial plans.
But, the most important thing to become independent is to first become financially independent by managing your finances yourself.
Let’s talk about some easy ways to start the change:
MANAGE YOUR BANK ACCOUNT YOURSELF:
The most important thing to feel financially independent is to start managing your bank accounts yourself, don’t rely on your husband/father but take a charge in this direction. Every month transfer some amount in your account, update your mobile numbers in bank and keep your debit card with yourself. Every month keep a track of your account statement. Most of the banks have an E-Passbook which helps you save the account statement. Save it and compare it to your previous month’s statement. This will not only make you realize on much you are spending but will also be handy to detect any possible frauds in your account.
SAVE EVERY MONTH AND MAKE AN EMERGENCY FUND:
Remember when our mother gave us a piggy bank. That time we never realized that in the form of a play exercise, she was actually teaching us one of the most important financial lessons of our life- the habit of saving. So, have an account wherein start transferring money which you will not spend unless there is some emergency, plan it as a retirement fund. You can invest this money in Fixed Deposit or Mutual Funds. But remember to play safe with this one. But remember to invest it in an open ended scheme so that you can use it whenever the need arises. It is sensible to set aside atleats 3-6 months of the expenses in the bank account towards setting up an emergency fund.
CANCEL MONTHLY SUBSCRIPTIONS WHICH YOU DO NOT USE:
Automatically having things paid is very easy. Most of us have automatic subscriptions that is a deduction every month/year and most of the times we don’t even need it. So, check your account statement and see if you have any such subscription, check it and cancel it. It will help you save more money.
ADD PAYEE IN YOUR BANK ACCOUNT FOR CREDIT CARD PAYMENTS
Most of us are so engrossed in our daily lives that we miss out on due date for our credit card payment. SO, add your Credit Card Bank as payee in your E-banking/mobile banking for making payment every month. This will help you save the penalty amount every month.
DON’T WASTE MONEY ON BUYING THINGS WHICH YOU DON’T NEED:
Warren Buffet rightly said, “If you buy things you do not need, soon you will have to sell things that you need.” So, spend your money wisely. Always make a list of things that you need before you go for shopping so that you don’t end up buying things that you do not need. Be sensible when you go for shopping and don’t waste money on unnecessary things.
THESE LITTLE THINGS CAN HELP YOU SAVE MONEY WHICH YOU CAN USE TO INVEST OR TO BUILD YOUR EMERGENCY FUND.