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As 2021 is nearing the end, it’s time to make informed financial decisions. The coronavirus pandemic taught us many lessons, but the most important takeaway was women’s financial empowerment and the emergence of women financial advisors. 

As we have spent most of last year social distancing, we are well aware that we are on our own at the end of the day. There may be relief programs providing women financial aid, but they all come with strings attached. 

Research shows that women are more financially responsible than men. However, they lack confidence. If you try to be cautious with your money, you will minimize risk and save for the future.

Remember that you don’t need women financial advisors or investment bankers to help you through it. You don’t need to depend on your father or your husband to manage your finances. It is time to show the world that women can be financially independent. 

Stepping Stone for Women Financial Advisors

Saving money isn’t rocket science. It is one of the most important aspects of building wealth and becoming self-reliant. If you save money, it gives you a way out of the uncertainties of life and provides you with the opportunity to live a comfortable life. 

When you save money, you are systematically putting aside a sum of money to help you steer out of the many storms in life. It’s as they say: It’s always better to be safe than sorry. This is why saving money for the future is important. 

Tips from Women Financial Advisors

As we said, saving money isn’t rocket science, and you certainly don’t need any financial advisors to tell you what to do. Here are a few smart money moves you can make this year to be prepared for the future:

1. Research

If you want to do this properly, the first thing you should be doing is research. You can’t expect to wade through a tough financial situation all by yourself. Whether you have huge debt piled up, or your credit card bills keep on increasing, or if you simply want advice on how to save, you should seek help. 

Certified women financial advisors or credit card counselors can help you with it. Many non-profits provide financial counseling for women who need it. Besides, you can read books on how to save money. Some of the best women financial books are You Are a Badass at Making Money by Jen Sincero, On My Own Two Feet by Manisha Thakor and Sharon Kedar, and Clever Girl Finance by Bola Sokunbi. 

Research
Research

2. Save for Rainy Days

It’s always better to prepare ahead. Saving is a habit that one needs to inculcate. It is going to be a task, but nothing you can’t manage without a little budgeting. The first step towards saving is to budget your income. Write down a list of your expenses and find places where you can save. Then, open an emergency fund in a bank. The goal is to save at least 20 percent of your monthly income every month. 

3. Live Frugally

Living simple should be the motto of everyone’s life. Yes, it is okay to splurge once in a while but make sure you don’t make it into a habit. Just because an item is on sale doesn’t mean you need it. Create a budget for yourself and try to stick to it. When it comes to managing your money, you should follow the 50/30/20. 50 percent of your monthly income goes for your needs, 30 percent for your wants, and 20 percent goes for savings. 

Also Read: Why Is Financial Independence Important for Women?

4. Start Investing 

Investing is the smartest financial move women can make this year. Make sure you invest a chunk of your average salary. You can create an FD, go for monthly SIPs or even try to enter the stock market. Some many apps and websites have made investing simpler for people. These apps help you set up Autopay so you never miss on your payments. 

5. Check your Subscriptions

The modern woman has several subscriptions. But, it’s time to prioritize the subscriptions you want in life. Do you need to have all OTT platforms like Netflix, Disney+ Hotstar, Hulu, etc.? If you have cable or sports subscriptions, Spotify, and so on, try to identify relevant ones to your life. No one needs that many subscriptions. A quick scan through your monthly bill payments can help you identify any recurring subscriptions that you no longer need. Cancel a few of them and think of the money you will be saving. 

heck your Subscriptions
Check your Subscriptions

How should Women Tackle Financial Issues in Different Situations

So far, women have been doing well in all walks of life. They are multi-taskers and know what to prioritize when and how to balance their lives. Therefore, irrespective of whether you are a married woman, a single mother, divorced, widowed, and so on, it’s important to take control of your finances. 

Remind yourself that you don’t need a man to know how to pay taxes or show you how to invest. Women today contribute significantly to their households. And, just because you are a breadwinner doesn’t mean you can’t have financial aspirations of your own. Life will put you through many difficult situations. One way to tackle financial issues is to be smart with your money. Re-allocate your budget and chalk out an investment plan.

Draw inspiration from women financial advisors and take control of your life. You got this! 

Also Read: Why Should Women Set Financial Goals