Can’t seem to be able to manage your finances no matter how hard you try? Here’s how Aditi got a hold of her financial life.
It is a common belief that our perception of money combined with our emotional connection to it has a strong influence on how we handle it. So, if you think you aren’t where you actually should be as far as finances are concerned, then it’s high time you take a look again at your emotional connect with money and strategise accordingly. Okay, don’t freak out now! We’ve got some sound advice from someone who’s been through her share of financial hiccups and finally found her way out.
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Aditi Sharma, a 30-year old software manager based out of Mumbai, has had her fair share of ups and downs with money. It wasn’t an easy ride for her but she somehow managed to sort her finances out in the end.
According to Aditi, men and women have totally different perceptions about money and that’s why their saving and spending habits are different from each other. She believes that a woman’s personality traits have a direct influence on her finances.
For instance, someone who is confident and positive will always make smart money choices, while someone who is meek and low in self-confidence will end up making a lot of money mistakes. From her experience with money over the last eight years, she has certainly learned a thing or two. So, all you ladies out there, take note.
Additional Reading: Financial Planning For Women
Aditi’s 6 Quick And Easy Tips To Get A Hold Of Your Financial Life
#1 Managing money isn’t rocket science. It’s best that you start learning the basics of managing and investing money. Your financial security is in your hands, so please don’t depend on anyone else, be it your parents or your boyfriend or your husband to take care of your finances for you. If you didn’t know yet, women make way better money managers than men.
#2 Setting financial goals is important. It is impossible to plan your finances if you don’t have specific goals to aim for. Goals can be short-term like going on a vacation or buying a car, or they can be long-term like buying a house, your kid’s education or your retirement. It’s pretty simple to set goals. All you need to do is decide on the different things you want to accomplish, how much time you want to accomplish it in, and how to work it within in your budget. Remember the key to financial success is proper goal setting.
#3 Do not give in to those urges to splurge. You may be craving a new wardrobe or a new gadget, but always remember that these things don’t last. Splurging on them can make you feel good for maybe a week or even a month. But after that, you’re just gonna be bored of it and the whole craving phase will start again. Splurging will get you nowhere except in a world of debt. And you’ll either have to slog your entire life or just be dependent on your husband/boyfriend/dad to get rid off those debts. Not the best situation for all concerned.
#4 Planning to get hitched? Here’s something you shouldn’t do – do NOT take on your to-be-husband’s debts or impose yours on him. You guys can wait till you both have cleared your financial issues and then tie the knot. Also, if you’re walking into an arranged marriage, discuss your financial goals and aspirations with your prospective groom so that you don’t end up in a financial mess later.
Additional Reading: Women, Take Charge Of Your Finances!
#5 Emergency fund is often overlooked. It’s mainly because people don’t realise the importance of having an emergency fund. An emergency fund is extremely useful for times when you’re in dire need of finances due to unforeseen circumstances. Think about this – what will you do if you suddenly lose your job or if there’s a medical emergency? Of course, you can sail through smoothly by using your Credit Card but you’ll end up with a huge debt. You wouldn’t want that, would you?
#6 Learn from the money mistakes you’ve made so far. This doesn’t require much explanation, does it? Aditi also advises that you should never spend more than you can afford. That’s the only way you can build your wealth and secure your finances for tomorrow.
Additional Reading: 4 Sportswomen Who Can Teach Us A Thing Or Two About Investing
Aren’t these really simple tips that you can easily incorporate in your life? If at any juncture you require some financial aid, we’ve got your back. Just click the link below to check out the various financial products we offer.