A very popular opinion that finance is the man’s world and women lack skills that they have to handle money is still rooted deep, and perhaps this is one of the significant reasons women are still earning less than men.
It is not surprising to see people deprecating the idea of having a paid job for women outside their homes in 21 century. There are various financial barriers that women have to break down to gain financial liberty.
Undoubtedly, there is a long way to abolish all such barriers, including the pay gap. There are endless circumstances when you realise that you should make most of your money. Although you do not have control over some financial issues, you have scope to better your financial situation.
If you want to be in control of your money or handle your money smartly, you should develop these habits that belong to financially savvy money.
You must know the worth of what you are buying. Whether you are buying a product or service, you should estimate if it is worth what you are being asked to pay.
If not, you should not hesitate to negotiate. Likewise, when you apply for a job, you should understand your worth. You do not need to underestimate the worth of your skills. You are selling your talent and skills, so you must know to charge the right price for it.
Do not underestimate yourself just because you are a woman. Do not think that you will not get good pay anywhere else, so you should accept the offer reluctantly. To charge the right price for your service, you should do online research to know the industry price.
Understand what you are giving to the company while quoting for the remuneration, so you do not put your foot in your mouth.
If you want to make most of your money like a financially savvy woman, you should plan for your money. You should know how much you earn money and how you can utilise it to build your wealth.
First off, you will have to make a budget, so you control your money. Budgeting is essential to set aside money for a rainy day.
This can help you know how much you are saving every month and how you can utilise that money for different purposes like retirement funds, stock investing, buying property etc.
You cannot plan if you do not know how much money you have. Further, you may have to increase your earnings if that is not enough to reach your financial goals.
You do not just rely on budgeting and saving to gain financial independence. Instead, you should wise up to investing and other financial aspects. If you are serious about building your wealth, you should understand how the investment world works.
You will have to invest in stocks, bonds and mutual funds. Each asset works differently; therefore, you must know its pros and cons before throwing money at them. Try to consult an investment expert who can suggest the right type of investment based on your financial goals and risk tolerance capacity.
Improve your knowledge of anticipating the market trend and whether it is the ideal time when you should buy stock or sell stock. Understand how debt works – when it is appropriate for borrowing money or when you should put it off.
Although you can apply for quick loans in Ireland when you have an emergency, it is essential that you check your affordability. You must check whether you have enough money to pay off the debt or you will fall into debt.
Similarly, you must know how to choose the best loan deal for you. How to research to find reliable and reputed private lenders in Ireland, how to get a loan at affordable interest rates, settle outstanding debts, avoid falling into debt, and the like.
Financially savvy women never keep up with the Joneses. You should understand that your financial condition is different from others, so it is essential to understand how you can make most of your money.
Trying to follow someone’s lifestyle can throw you at the deep end. Instead of building wealth, you will end up killing your finances. Learn to live within your means.
Suppose you compare yourself with people with deep pockets. In that case, you will feel insecure, and this insecurity can force you to make wrong decisions that can take a toll on your finances, including emergency cushion.
Having luxurious cars just because your friends or neighbours have cannot make you financially smart, but making an effort for building your wealth can do it.
The emergency cushion is essential to build to help you tide over, but it can help you meet only small unforeseen expenses. What about big planned expenses?
For instance, you will need a car to buy or a house down the line. How will you prepare yourself to meet such expenses? You will have to think about the ways how you can meet your goals.
You will have to decide how you can set aside money for such expenses and whether you need to increase your income to meet your purpose.
If you want to be a financially savvy woman, you will have to develop the habits mentioned above. The more you learn about finances, the better it is.
Rise above the stereotypical thoughts that women cannot be financially savvy. With the tips mentioned above, you will be able to manage your money smartly and in a better way.