A woman’s life completely transforms as she advances from bachelorhood to being a married woman and a mother. She makes constant efforts to keep up with the demands of her family members all day long. Her life gets caught up between the priorities and her own passion. Unfortunately, while she becomes a pro at managing her household affairs, she ultimately loses sight of her finances; more specifically her financial securities. However, it is important to be considerate about one’s financial situation to cope with the stressful financial crisis that might occur in the future. So, a woman needs to plan well in advance and invest in crucial instruments such as life insurance, health insurance, etc. Doing this enables her to become monetarily strong and pave the way to reclaiming her financial independence!

To gain financial independence, following a tactful approach towards handling the money is imperative. This includes making a plan, checking out the different financial tools available and so on.

Below mentioned are a few steps you must follow to reclaim your financial independence and secure your life!

Make a plan – Making a plan is crucial. We know there will be bumps on the road and if you don’t have a plan in place, you might get distracted from the path to financial independence.  Financial independence is all about making your own money, managing your expenses and being responsible for your short-term savings and long-term wealth. To realize this, it is vital to have a robust and agile financial plan in place.

Conduct research – Once you’ve worked things out, the next step should involve doing careful research on the financial instruments you can invest in. You can even seek the help of a qualified financial planner for professional investment advice. However, the importance of conducting your own research cannot be diluted and, you can refer to some reliable websites to comprehend the pros and cons of each financial instrument. For instance, you may check and compare financial tools such as insurance plans offered by Aviva (Aviva New Family Income Builder).

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Save every month - While having a detailed idea about the viable shorter or longer financial instrument is important, it is also vital to regulate your daily expenses. Depending on your budget, you must aim to save as much as possible. Remember that financial security doesn’t only come with the investment. In fact, along with expenditures, it is also essential to save.  Saving will help you to deal with unforeseen events with ease.

If you are looking for easier ways to save more money each month, you should look at your spending habits and see what all you can adjust with. For instance, you may avoid spending on unnecessary stuff that you do not require on an urgent basis.

Diversify to dilute risk

This is one of the best ways to protect yourself against unexpected fluctuations in the market.  You may diversify your investments by, say, putting a certain amount for fixed monthly investments, real estate, emergency funds, etc.  You may keep your real estate investments in real estate investment trusts which are actually something like real estate portfolios themselves. The crux is spreading the risk by distributing your funds in different asset classes. Your returns will be more consistent and uncertainties will drop down significantly.

Keep track of your investments

Monitoring & tracking your investment plan is as significant as creating a financial plan. Keeping a check on your investments regularly will help you make pro-active decisions. Moreover, keep that flexibility to amend your plan as and when required.

Hopefully, all the tips discussed above will help you to move ahead with your financial management journey and enable you to take correct critical financial decisions.

Before bidding adieu

A woman can do a lot more than their routine tasks. They are successful homemakers but they do carry the potential to emerge as wealth builders, financial planners and safeguard themselves and their family in the unanticipated financial crunch.

A shout out to all the women out there, it is time to flex your financial muscles and get started on the road to liberation. This Women’s Day, take a pledge to reclaim your financial independence and work out your way channelising every possible resource to attain financial freedom and security.

Good luck!

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