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Take Charge of Your Finances!

Manage Your Finances

Womenlines takes pleasure to welcome Geetanjali Tandon as a guest writer on Womenlines panel. She has more than 15 years of experience in corporate finance specifically in Financial Planning and Analysis in various companies/ industries. In this article, Geetanjali shares about the importance of taking charge of their financial planning by Womenfolk-

You are responsible for your own well-being and health. You take care of your health by watching what you eat, going for regular check-ups and exercising so your body remains healthy and better prepared to bear the weathering of ageing. Do you do the same for your financial well-being?

This is especially applicable to women. How many married women actively participate in managing their own finances and review their financial well-being on a regular basis? If you are a married woman and are asked if you know about all your bank accounts, credits cards, loans and investments, would you know all the answers? Or will you have to pause, think, ask your husband and get yourself “financially literate” about your own finances. Unfortunately, a large percentage of married women would be the in this category. In 2014, a study conducted by the Global Financial Literacy Excellence Center found an even greater gap: only 22% of US Women [1]surveyed, compared to 38 percent of men, could answer three simple finance-related questions correctly.

U.S. President’s Advisory Council on Financial Literacy in 2008 defined financially literate as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”

Women cannot afford not to know about their own finances. It is essential to take ownership of your finances, and also gain knowledge through brands like SoFi who offer products such as loans, credit cards, and a ROTH IRA calculator to calculate savings, all of which can help people manage their money better.
In a marriage, it is not one person’s responsibility or their right to do this all alone. It is your responsibility to become financially literate and fully participate in your family’s financial decisions. Too many women are told not to talk about money or question the decisions made by husbands regarding financial health as it’s considered crass and unfeminine. Per the 2013 Allianz Women, Money, and Power Study, 90% of women surveyed believed that they should be more involved in financial planning. However, 42% said that financially independent women were intimidating to both men and women and end up alone.

On the other hand, empowering women financially has shown more families coming out of poverty as women make decisions for the well-being of the whole family and take long-term impacts into consideration. Here are 7 steps you can take now to start taking charge of your finances:

It is your money – Own it!

[1] http://gflec.org/wp-content/uploads/2016/02/WP-2016-1-How-Financially-Literate-Are-Women.pdf

Geetanjali Tandon

Global IT Finance Lead

Monsanto

Greater St.Louis Area

https://dataandfpa.blogspot.sg/

 

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