Its 8th March 2018 today, and everyone is talking about women, their rights and contribution in the society. This is only because 8th March is celebrated as International Women’s Day throughout the world. But do you agree that these celebrations, encouragements and all should be limited only for one day? I personally feel NO!

Women are the most important part of a family and society too. Women are those pillars which provides base to a family. Women are those keys which sustain development and quality of life in a family. There are varieties of role that women assume in the family and those are -a wife, a leader, an administrator, a manager of family income. It would not be wrong if I would say that women are the source of strength.

She is a cute daughter, a sweet sister, a lovely lover, a darling wife and an adorable and caring mother. But it has been seen in Indian families that despite of all these things women’s are not allowed to take financial decisions as they are given no power to manage the family finances. The time has changed and now women are much educated, doing jobs and earning money too but still there is no such freedom for them to manage money and finances. In this article I will we be telling you why women must know about money management.

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Why Women Should be Aware of Their Family Finances

I strongly feel that it’s very important for women to at least be involved with the financial decisions of their family. This is important even if you think that your spouse can handle these things in a better way. There can be a situation where women of the family knows nothing about the family’s financial situation and finances – and then suddenly their spouse passes away. In this case it’s very hard to know and understand everything about your family’s finances and take all the responsibilities on their shoulder. Even if there is lots of money it’s difficult to handle and manage.

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Women and men not only differ by gender but they have a kind of difference in their responsibilities and nature too. A woman is undoubtedly more caring and concern about her family and children hence this makes a difference in the management of finances too. The ratio between earning, spending and savings is maintained in a better way by a woman as compared to that of men. This is also a strong reason that women should be involved in managing a family finance.  

Responsibility Sharing

Men have the feeling that they are the provider and they are more responsible as compared to women. This feeling makes them stressed and unhappy at many moments.

But, when men and women together share the responsibility of their family’s finances it can help to reduce the stress of one person who was taking decisions alone. Men often want that their wives should seek out financial advice. They want their wives to be more engaged and good at the finances because they often feel like that they have to carry the entire load of making the financial decisions. They’re also concerned that if something wrong happens for their family with their decision. If both the partners will be involved in making such decisions it would be definitely a better one.

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Four Personal Finance Basics that Every Woman Must be Known to.

  1. Know how much you including your spouse earn after paying taxes.
  2. Your household budget should be known to you — how much you need to live? How much money is required to save?
  3. Know about yours and yours spouse bank account.
  4. Know about investments made by your family.

Generally women are not much aware about investments and taxes. But these two things are the most important part of finance. A woman should be aware about the power of investment and which investment plan is good for her as well. Paying taxes is the responsibility of an each and every citizen of country and being one of them she should have a clear knowledge about that taxes she needs to pay or her husband is paying and what is the amount payable for those taxes.

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Importance of a Good (financial) Foundation

Before tackling your investments, always make sure that you have a solid financial foundation. This mean get out of debt if any, saving for emergency funds, and always have insurance like life insurance, term insurance lined up. For a better future you need to be financially strong and a women should know how to achieve it.

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A good financial foundation is the much required thing for the development of a family and this can’t be achieved without any contribution of women. You are never less than another. Be strong and start enhancing your knowledge over finance and indulge yourself in financial decisions of your family.