He who buys what he does not need steals from himself. – Swedish Proverb
Saving coins in piggy banks is a long-lost memory but a great lesson was taught in our childhood. Savings and investments are always a big part of our lifestyle. Women are robust at saving for their homes, bearing, and rearing a family, but forget to replenish that pocket for themselves. “You have enough finances to run a home, but do you have the financial independence?” these two are as different as apples and oranges. Our history dictates that women were discriminated and “matters of money “was never discussed with the lady of the family. Today, when women have marked their footprints on every stone then why not on financial matters? Why do we still not feel confident enough to talk about finance and investment planning?
Do you remember your mothers or grandmothers saving a few pennies here and there and keeping them behind the utensils or secretly buried in rice cakes? We have moved ahead, and there certainly are better places to not only keep your money but also to make them grow! Opening the doors of wisdom, here are a few steps to save our financial independence.
Wax your Wealth
The number one mistake we make with money is to focus on only saving. Remember, money spent here is another’s earning somewhere! Focus on increasing your earnings, look out for windows to generate wealth, not just save what you have. Don’t stop spending or put your money aside in the last corner of your cupboards; make the right use of those numbers. By heart this rule no.1! Invest in different funds for long-term and short-term goals like mutual funds, SIPs, etc. There are various options available in the market with a guarantee of multiplying your money.
Contingency for Crisis
Crisis never comes unannounced. Build an emergency fund. The times when you are unable to work professionally or some unfortunate incident leaves you high and dry, this emergency fund will be your closest friend. Start with a small amount and keep adding. But yes, don’t forget rule number 1!
Spend on your old age
This blunder no. 2 is a favourite of all parents! Spending or leaving everything just for your kids/immediate family might give you a sense of dutiful generosity but will leave you on the shore without a boat. Yes! Start planning for your retirement and count it like your expenses over older you. When the wrinkles become beauty signs and your own limbs start acting lazy, only your retirement savings will allow you to live freely. The vacation at the beach in your 50s, with no worry to return to work comes with a price!
Shop for your needs
Go shopping for what you need or for things without which you can’t survive. Wishes and needs have a blurred line in between, mark that line for your healthy financial days. There is an easy trick to control yourself. Put things in your list and before clicking on” Buy now”, always wait. After a few days when you will check that list, you will realize that you don’t need them.
Calculate and evaluate
Always keep a check on what you are earning and what you are spending. From property investment to spending on your child’s education, mark everything. You will get an idea of how much more you can save or how much you can spend. Secure everything from your health to your home and wealth.
The money saved today will be your route to freedom tomorrow. Independence is a critical blessing and as a woman, we have fought a lot for this. Our financial independence is our weapon against everything, from disease to discrimination.
Turacoz is built by two financially independent women and this journey was a lot about investing and trusting the right places with the right people. Turacoz believes in the strength of “Her”. If She can create life, then she is absolutely capable of managing one as well.
Don’t underestimate your potential and start putting your money in the right pockets!