The opportunity to make a living that helps you to pay your bills is financial independence in simple terms. It is necessary to be financially independent in the present age – whether men or women. A significant number of women in India are productive home maker, but many of them have a back seat when they reach maternity or when their household’s domestic needs are more pressing. Scroll down to know why financial independence for women is a must for all women.
How You Benefit From Financial Independence
- A woman’s financially sound enters into her psyche and makes her stand on herself without being a puppet on strings.
- This gives you the confidence to be a force to be reckoned with, whether it is handling any designation, prominent position, or even being a woman of new age.
- You expect more, live more, feel more, and strive more in every field as a woman of nowadays. You might have been a wife who has just begun to understand the vagaries of a matrimonial life, a new mother who’s still uncluttered about her new child, or someone who has suffered a crisis in the middle of life, or someone who hates an old home or who is only a grandma waiting for eternal love and affection for her grandchildren. A woman being financially independent at all these stages is something that you need to immerse in yourself.
Why Financial Independence For Women is a Must
It is important to understand that at present, many women have to live alone because of their longer life or separation. Therefore, at some point in their lives, women might have to manage their financial situation alone. The following points will be discussed as to why financial independence for women is important.
1. For raising self-morale
Financially independent women can take decisions themselves and must not rely on anyone. This increases self-respect and helps them to face all sorts of situations in their lives. Moreover, being individuals, a lot of women may have aspirations and dreams, but for the fulfilment of which they have to depend on their parents or spouses. Being financially independent will allow them to self-sufficiently fulfil their wishes, such as taking a course to improve their skills, going on a trip with friends, buying things they want, and so on.
2. Stop feeling helpless
It is a sad fact that many of the world’s women are victims of domestic violence or suppression by members of their families. But they continue to tolerate injustice and crime because of financial dependency. Therefore, every woman should become financially independent and never feel helpless in life. It is extremely important.
3. In emergency situations
Nothing is certain today, whether it’s work or life. There’s no reason to worry for your family. You must understand that if only the husband is the earner, and the wife and children depend on him. This is because the husband may have to take loan, or extinct the husband’s contingency reserves until a job is found, if he loses or cannot work for any reason. Similarly, other family members might have to suffer financial retroactions if the breadwinner dies unfortunately (assuming there is inadequate insurance). In all these instances, many situations can be managed, if the lady of the house was independent financially too, without too many financial stresses.
4. Tackling the rising living costs
Inflation has risen markedly over recent decades, as we all know. To own a decent home, it has been difficult to send your children to a good school and to live a higher living standard. Thus, if women are financially independent, they will not only contribute to regular household expenses, but also contribute to achieving the family’s financial objectives.
5. To become a role-model
A woman who can stand and think about herself is a role model and a source of inspiration for other women in society. It inspires others to be strong in dignity and to say no to violence. Moreover, children learn from what they see. If kids see that their mothers are financially stable, they will also understand the importance of money and be motivated to be self-sufficient in life as they grow up.
6. For benefitting the country
In our world, if most women start earning, they become customers and start spending money, boosting the country’s GDP. Also, in addition, taxes collected by the government would raise revenue that will be used for public health. In comparison, growing the working population would also lead to an increase in the funds allocated to charity, which will lead to welfare for society as a whole.
So, these are the points why financial independence for women is important.
How You Will Be Independent Financially
- Deposit savings on your bank account. Your savings may be minimal at first if you are a stay-at-home mum. Yet opening and keeping a savings bank account means that you have yourself a rainy-day fund. Based on your areas of interest, you may suggest doing a part time or work-from-home job. Often, deposit some gift cheques, allowances, etc. in this account.
- Get credit cards for you, exclusively. In moments of necessity and emergency, they can be a great aid.
- Keep tabs on spending for the household. This is the perfect way to watch where the money goes and save something that’s frivolously wasted.
- Understand your ability or latent talent and see how it can quickly develop into a full-fledged business. Also limited sources of revenue, such as school courses, music lessons, or home-made jewellery, have the potential to become a major money puller.
You see, it is also necessary for all women to be financially independent, whether married, unmarried, separated, widowed or divorced. Note, though, that financial freedom cannot be viewed as financial stability in the same manner. You cannot accomplish any of your financial targets with a monthly paycheck in your bank account alone. You prepare and control your money in order to reach your goals later in life.
Also Read: Ways to Save Money On Childcare