Why women need to excel in Money Management?

Women are bad when it comes to “Managing Money”, that’s a standard cliché, isn’t it? Women are more involved in browsing makeup and fashion sites, buying trendy wear, they are more concerned about their nails and hair. While men are (father/husband character) more into serious things, reading ET and business magazines, checking stocks, attending business webinars, doing Money Management.

Whether you believe or not, even an Investment banker will ask about probable Investment avenues to your father, brother, or husband. Whereas, when it comes to managing birthday parties, planning meal menus, or attending kids’ events, a woman is approached. And this has become a norm, even if a woman is working and has a decent earning. It is often assumed that a woman needs a husband to manage her finances, but this isn’t a joke.

I’m an MBA in Finance and Marketing, and I’ve been well settled into my corporate life on managerial positions. There were years in the past when my earning was higher than my better half. Having all the traits of a modern woman, be it a good education, or my own identity, a good working experience across top corporates, my side of the story was different. Before marriage and until I became a mom, I was actively involved in keeping myself updated with new financial instruments, checking our investment plants, doing fundamental and technical analysis, maintaining excels, and budgeting. Yes, I loved doing it and also felt responsible.

But gradually, I found myself involved in other “important” tasks, and eventually lost my interest in Money management. I let my husband do the investments and my father working on the taxation part. I started to have more faith in my husband’s skill when it came to finances (or call it my lack of interest). The result was, our discussions around investments and budget plans entered into the “rare” category, as we didn’t discuss them more than once in a quarter. At times, it stretched more than this time frame.

I’ve observed that for many people around us, money is an emotionally charged issue.

Having money in their control makes them feel powerful and a woman easily accepts this, more so when in a relationship. But in this millennial era, where women are CEOs, entrepreneurs, and fighting for issues like gender pay gaps, they need to be financially smart and independent. We need to keep ourselves aware of varied investment avenues, our retirement planning (it ain’t too early, believe me), and saving goals.

Understanding this, early this year, I got myself involved in Finances to keep myself abreast of varied financial avenues. I didn’t want myself to be a woman, whose life is only around kids, food, and health. I was good at finances and it was my turn to relook into our budgets and savings.

It wasn’t difficult! Learning the new options, understanding and reframing our goals, as the global recession hits, made me a confident person once again. Budgeting, prioritizing finances and savings are women-friendly, you just need to step out from your comfort zone for once.

This prompted me to start writing on Financial Literacy for women and making them financially smart. I asked my followers on Social media (check the post below) and I’ll soon share the outcome and answers in my next post.

There will be a lot more coming on the Money Management aspect on my blog and social media, so stay tuned.

Well, if Men buy shares from Mars, then women can trade in digital currencies on Venus;)

Don’t let yourself get trapped under these patriarchal thoughts and absurd clichés, which narrate that women are bad with money. Believe in yourself and set goals for financial success. You are no less than men, read, learn, discuss, and have a look at your portfolio. Govern your own investments.