As women increasingly take on financial leadership roles in their personal and professional lives, women’s lack of confidence in the subject accounts for about a third of the gender financial literacy gap.
Understanding finances is one of the ways women can step up their game and be in control of their lives and the decisions that ultimately affect their lives. It is essential to recognize that there is a lack of education and awareness on specific topics in the world today. You can be your money management champion if you have the skills to hold yourself accountable in your personal and professional life. For this, it is necessary to have financial knowledge.
“Women’s financial literacy is key to closing the economic gap that currently exists. It is important to recognize this gap first, understand the steps on the professional and personal front, and work to close it,” said Sucheta Mahapatra, MD, Branch Personal Finance App.
Invest in education: Various financial literacy courses are inexpensive, easily accessible, and can be taken on your schedule. By educating yourself on accounting and financial matters such as taking out loans, establishing a budget and investing in the stock market, you can avoid debt and be in a good financial position to achieve your goals.
Budget for important events: When an important event occurs in your life, you naturally spend more. Whether you’re getting married, having a child, moving to a new state, or changing jobs, budgeting for major life events will reassure you and help you whenever unforeseen events occur. Planning and budgeting for major events is made easy with internet services. By preparing in advance and using the right tools, you can improve your ability to make informed decisions while making better use of your current budget.
Coach: Mindfulness, relationships, leadership, career, and financial coaching are examples of coaching services. Many coaches have their resources – online or in person. When coaching and these resources are combined, they can create a sense of motivation, encouragement, and self-discovery, leading to increased self-confidence. E-books, podcasts and even social media videos, some of which are from female TikTok stars or go-to Instagram financial experts, are other resources.
Household finances: You need to know how much you spend on household finances. Debt, monthly expenses, investments, interest rates you earn and pay, savings – keep track of it all.
Sucheta said that in working life, women should be aware of pension plans, overtime requirements, company health expenses so they know where their salary money is going , adding that it is essential to ask questions.
“When it comes to finances, you need to be aware of what you are doing and be firm. Improve your financial literacy and be the one in control of your life,” she said.
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