Money Matters for Women’s Financial Independence

Published On: January 8, 2019

“The question isn’t who is going to let me; it’s who is going to stop me” – Ayn Rand.

When I drew my first salary , a mere amount of Rs.3000 more than a decade and half ago, my heart was pounding  with a potpourri of emotions – excitement, satisfaction, sense of achievement, but the one I vividly remember is the exhilarating thought of Independence. Years on and I reckon it’s one of the best moments in life – ability to take control and move ahead. After all, money matters significantly in our lives.

Gone are the days when women were financially dependent on someone for their survival – Father, Husband, Children and so on. Today, with the number of working women rising in rapid numbers, the concept of financial independence is much relevant than ever.

Women are excellent managers of wealth creation as well as retention. The orthodox of limiting them from handling financial matters at young age deprives them of their decision making capabilities. In my opinion, the main reasons for women to have financial independence are encapsulated below:

1. Empowerment :

Women by nature possess strong qualities of decision making. A well balanced financial portfolio will give an edge to act independently and make better choices in all walks of life.

2. Rainy days :

At times of unforeseen contingencies, it’s a blessing to have some money saved up so that the need to bank on someone is minimised. Apart from eventualities, it’s wise to have a Nest egg earmarked for the future.

3. Improves and asserts self-image :

Having good financial stability boosts confidence and self-image of an individual. I inspire from a good friend of mine, who is 68 years old and though has her children settled in high paying jobs overseas, lives an independent life by running a paying guest accommodation. I suppose it’s all about the mind-set and determination.

 4. Have an equal say:

Sometimes, having money is tantamount to having a voice. Be it important decision making in buying a property, deciding on the future of your children or even taking that trip, being financially equipped will have a better say.

 5. Foot your own bills:

Little pleasures of life like going out with friends or the occasional splurge while shopping are feel good factors. Being financially independent will give the leverage to indulge in such spur-of-the-moment decisions without seeking approval.

6. The bigger picture :

Empowered women are assets not just for the family, but for the nation as a whole. Being financially independent will uplift womenfolk on a larger basis.

Despite the pay disparities and limits imposed by the society, women have risen above the mundane and paved a way for themselves. A financially independent woman will certainly have the option to lead a life in her stride. Apart from earning, wise saving and judicious spending will go a long way in ensuring financial independence of women.

You may also want to read other articles written by the  author: ‘Stop limiting yourself‘, ‘Doing what you love – hobbies and passion to opportunity‘, ‘ Maximise your productivity to unleash your potential‘, ‘Be your own boss‘, ‘Broaden your intellectual horizon‘, ‘Career metamorphosis – Expert to beginner’, “Importance of networking for success in your career“, ‘Busy Day vs Productive Day‘, ‘Money matters for womens financial independence‘.

About the author:

Nithya Jagadish – I am a commerce graduate with an overall experience of 10 years in the Corporate Industry and handled diversified assignments at HSBC and Hewlett Packard. After gaining considerable knowledge and success during my tenure, I decided to focus my attention on other areas of interest. Now, a doting mother of a one year old, I spend my day reading, apprising on my topics of interest and baby-sitting.

An avid reader and poetry enthusiast, my love for writing started while at school and my dreams have borne fruits after motherhood. I strongly believe in living life to the fullest and making the most of each beautiful day.

(The author is a guest blogger at Her Second Innings. The opinions expressed are those of the author.)

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