- Date : 19/11/2018
- Read: 4 mins
Do you depend too much on your spouse to handle your financial matters? Here are some ways to become financially independent.
Many of us are guilty of relying on our husbands when it comes to financial matters. But in this 21st century, where women stand tall with their male counterparts in every field, it is time we stopped shying away from handling our personal finances. Let us take a pledge to attain financial freedom.
Here are some initial steps you can take to help achieve this goal:
1. Maintain a separate savings account
When we say ‘separate’, we mean an account discrete from the joint account you have with your husband. Most Indian women have a joint account with their spouses, in which both partners pool in their salaries and use the money for managing all house-related finances.
Apart from the joint account, it is best you own a savings account in which you can put away some money every month. This way, if any kind of unforeseen issue occurs with the joint account, you won’t be left cashless. You will always have money from this savings account to depend on, especially in case of emergencies.
2. Start investing
Women often shy away from investing because of various reasons. But if you think about it, rather than letting your money sit idle in a savings account, if you invest it you will benefit from compound interest and other types of periodic gains. The earlier you start investing the more you stand to benefit. It is most ideal to start investing as soon as you start earning.
3. Get involved in the family finances
In a typical household it’s the husband who usually takes the key financial decisions. Many women who involve themselves initially often become completely detached later. This can be a problem. Once you start talking openly about your financial situation, you will be able to better chalk out reasonable financial goals. The best investment options differ from person to person, so once you discuss these plans with each other, you will be able to figure out what works best for you.
4. Put a curb on overspending
We often spend a lot on things we don’t need, and there lies the problem. Spending a little on fifty things may not seem like a big amount, but when you look at the combined expense you will realise just how much money you’ve blown. A good way to not overspend is to make a budget and stick to it. You might cheat on your budget sometimes thinking you have your husband’s money to fall back on, but you never know what could go wrong. You need to save and always be prepared for situations where you may need a significant amount.
5. Don’t hesitate to take financial advice
When it comes to taking financial advice from strangers, the ordeal seems a little risky because it is your money you’re going to be putting at risk. But financial advice from a professional is often just what you need to grow your wealth. So what should you do? We suggest taking the help of a professional, but at the same time don’t trust them blindly. Educate yourself about the type of investments they recommend, discuss it with your husband, and then make an informed decision.
6. Be aware of your tax liabilities
Like other financial decisions, filing taxes and keeping track of tax deductibles are chores many women leave to their husbands. Again, in the long run, if you’re unaware of the status of your tax returns, you may get stuck in a vulnerable place. Make sure you know which of your investment schemes will help you save on tax. Also learn to file your tax returns by yourself.
Doing all of this at once can seem a tad overwhelming, so do it one step at a time. Once you start managing your finances independently, you will realize how liberating it is. Let us resolve to take the first step towards attaining financial freedom.