In the 21st century, women are at par with men. From just being a stay-at-home spouse, women have come a long way, facing the patriarchal society, getting their rights, and then securing the top position of the companies and countries.
Women are great in their work, a lot of times, even better than men. Still, it has been found that women often get lower pay than men. They often spend more and tend to save less. And as a result, many women are not regularly active in financial Planning.
Women must understand that being educated and independent is just going halfway down the road. To cover the other half of the road, women have to be smart about spending their money and make a prudent decision concerning their hard-earned money. Just earning money is not good; you also must spend and save it wisely.
So, let’s discuss financial planning for women.
Financial Planning is thus important for the following reasons:
- Financial freedom – By doing proper financial planning, women can divide their earnings into savings and expenses. Financial Planning will give them financial freedom, and they will not have to be dependent on their male counterparts for their financial needs.
- Emergencies and unplanned expenses – Life is full of uncertainties. Emergencies and unplanned incidents can knock on your door anytime. So, it’s better to keep a good amount of savings to tackle emergencies and unplanned expenses.
- Pregnancy and motherhood – Pregnancy and motherhood is an important life phase for many women. At that time, healthy financial planning can also help the woman ensure her financial independence, and so would enable her to manage all such things on her own, whenever needed.
- Career Breaks – Maybe at some point in your life, you will think of taking a career break. You might want to change your career or take a break from the professional world. During this time, you will not have a regular income flow, and here, your savings would come in handy.
- Increasing your skills – In your career, there will come a time, where you will desire to learn new skills and upgrade yourself. Additional money in the form of savings can help you back this.
