Role Of Women In Shaping The Finances Of The Household

By | February 27, 2020

That women are taking over the financial reins of large, multinational corporations is not news. But how good are they on the home front? Let’s find out. 

Role of women in shaping the finances of a household

Imagine a time when women had little to no control over the money they used to make. With women taking over the reins of multinational corporations across the world today, it’s a scenario that is pretty difficult to fathom. In India, however, there are households (and not just restricted to rural areas) where such practices are still commonplace. Economic independence has come to women after millennia of sustained efforts and continuous struggle. While there are a whole lot of privileges that we get to enjoy as women today-from voting; marrying the person of our choice; to stepping out of the house to earn our own bread etc. much of our fellow sisters in many parts of the world are still denied these rights.

For the longest time, a woman’s role was restricted to the household- rearing children and taking care of all the household chores. Finances and other worldly matters were the sole preserve of men. With increasing access to education, the situation changed for the better. Today, women and men are equal partners when it comes to running a household. Household finances can be pretty tricky given the unanticipated nature of expenses. Here are some of the ways in which women play an important role in the management of household finances:

O for Organisation

Generally speaking, women tend to be more organised and detail-oriented than men. This is a trait that is of tremendous use when it comes to household money management. Keeping an account of the tiniest of expenses that go towards the maintenance and upkeep of the household are essential. Even tiny expenses can add up and become a big drain on your monthly budget.

Additional Reading: How The Kakeibo Way Of Budgeting Can Help You Save More

Err On The Side Of Caution

Financial experts have described women to be better investors than men. This is because women invest with caution and take calculated risks. Trading more conservatively has historically worked in women’s favour and led them to amass windfall gains from investing. Although taking a little bit of risk always pays off when it comes to investing, one should, however, strike the right balance between high-risk and low-risk investments. Taking an aggressive approach towards investing can drain your finances and land you in a financial soup.

Long-Term Planning

Women by virtue of various responsibilities that they need to take during the course of their lives like maternity leave or time off to take care of the elders in the family end up taking more career breaks than men. This is why they need to plan much ahead and start saving for their retirement well before time. Women also need to factor in the grim fact that they get paid much less for the same job than men. Planning early for their retirement helps them tide over these situations and ensure that they can retire in peace.

Additional Reading: Decade-Wise Financial Tips For Every Woman

Keeping Track Of Your Expenses

Compared to men, women tend to keep an accurate account of all their expenses, be it at home or outside. This is a really good skill to have as you’re keeping a track of where your money is going. This helps you stay more mindful of your expenses and keep a lid on unnecessary ones.

These traits may give an edge to women over men when it comes to managing finances like an ace, however, it is important to note that gender plays no role in determining financial success. Men and women are equally competent in handling financial matters as long as they follow a disciplined approach and keep away from their emotions dictating their decisions.

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