We are witnessing the new wave of women leaders. Breaking all the barriers, women have now managed to make a major shift, from being a homemaker to professionals. These are signs of change.
However, there is one change that we still need to make. Merely earning money isn't enough. Finance plays a key role here. Even though the basics remain the same for men and women, there are a lot of different things that women need to take into account.
Recently, Masoom Minawala, a young fashion blogger turned CEO of Style Fiesta shared 5 easy ways one can achieve financial independence. For those who don't know, the social media influencer at the age of 21 started her own e-commerce website, Style Fiesta which became a huge success in a few years and the team managed to bring in approximately Rs. 1.5 Crores plus revenue.
Money Care Routine
The young entrepreneur shared that it is important to track your money, where it is coming from, and where it is going. She shared that an easy way to do it is by having an excel sheet or using apps like Home Budget which helps take control of personal finance and monthly budget.
Be The Financial Designer Of Your Life
A lot of women run away when it comes to managing the finances. It is important to have control of your financial life so that you get the confidence to make your own decisions.
Masoom Minawala shared that her money was managed by the men in her life till the time she realised that only she needs to have control and responsibility of her money.
50-20-30 Budgeting Hack
Many women aren't active in financial planning and that is one reason why they face a lot of challenges when it comes to making a budget. The blogger turned CEO shared an easy hack to make a budget.
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She shared that 50 percent of your after-tax income should go into the needs. 20 percent of the after-tax income should go into the wants and the left 30 percent of income should go into savings and investments.
Financial First Aid Kit
An emergency fund is required to take care of the financial needs during unplanned and unexpected situations. This emergency fund is not built in a day. A particular amount from the earnings should be set aside every month so that it comes in handy when there is a sudden need for money in the family or a medical emergency.
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Start Investing
The entrepreneur shared that investing means paying your future self. It means you are securing your future self financially.
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Women need to save not just for their retirement period but also to stay independent while they are on a career break. Women tend to take more career breaks and that's when the investments and savings come to play.
It isn't just a matter of power, financial independence is a matter of necessity. It is all about being self-sufficient. Making better financial decisions can help one become more confident and successful.
If you have any more tips to share around financial independence, write to us on our Facebook page. For more such stories, stay tuned!
