Indian households predominantly see men at the helm of financial affairs. One of the reasons is that women themselves don’t prefer to handle the money matters. Many believe that women are not good at managing money, but the truth is the opposite. Women have been stereotyped into certain things such as being spendthrift, and they lack knowledge about finance. But various studies show women have been effectively managing household expenses and budgeting for a very long time.

“A good way to start is by taking some time to read and learn about finances. Managing money can seem daunting at first; however, it is relatively easier if you approach it with the right attitude,” says Aakanksha Bhargava, CEO, PM Relocations, who advices women to start small investments on their own and then venture into handling the finances in the family. “One can also hire a financial planner who can help with a better structured financial plan which can seamlessly tie-up the goals with the investments,” she says.

Due to various factors such as the income gap in gender, disproportionate caregiving responsibilities and different levels of debt, force women to give lesser importance to financial issues at home. Niharika Pandey, Milan-based Digital Business Consultant, asks women to work together with their partner or father who comes across as the head of the household.

“Ask them questions and educate yourself if you think you don’t know certain nuances. Get started with knowing the family’s financial dynamics. Analyzing each other's habits with a partner to create a perfect plan for each other is also a good practice,” says Pandey who thinks it is not important for every woman to take financial control. “If the man is more a “finance-head", let him take the lead, but what’s important and non-negotiable is to be aware of it,” she says.

Here are a few ways a woman can take control over finances

Work On A Budget: Setting a budget is as important as saving. Analyse the monthly needs for the family and work on a suitable budget. Don’t forget to reserve an emergency fund.

Get Insured: Women too face a lot of health risks. A first step towards protecting oneself is to be insured.

Start Investing: Saving is a good option, but investments give a long-term financial benefit.

Planning Ahead: Retirement planning is a key to achieving financial stability. Keep a small amount from their monthly income and save early in the professional life.

Keep A Track: Go the digital way and keep a tab on the expenses using apps. There are a lot of apps which save your data and help you monitor the expenditures.

Source: https://www.femina.in/life/careers-and-money/how-can-women-take-financial-control-in-the-family-207941.html