5 TIPS FOR WOMEN TO SECURE THIER FINANCIAL FUTURE

In a family setting, financial decisions are normally being taken by the husband, even though the woman works and earns money. Our society we find ourselves today, seems to expect a woman to take care of her father, brother, husband, and children; but not to really participate in financial decisions. So, women generally don't like to involve themselves in the wealth building aspect of the family, they prefer to leave thier husbands or partners in control of the family investment capital. They feel comfortable leaving the decisions on savings and long-term financial planning to the men in their lives. Even if these women are highly ranked at their workplaces. And regardless of their high income earnings, they don't engage themselves enough in financial matters.

Women prefer to engage themselves in caring for their children, aging parents and other family members. While leaving their financial future in the hands of thier husbands. But it is advisable for mothers, daughters, sisters, aunts, and girls to plan towards thier financial freedom and security. Females should step out of their comfort zone and build more interest in money and financial matters, so they can actively secure their financial future. Here are five tips to help women secure their financial future.


1) HAVE A FINANCIAL PLAN
Women should have an understanding of all the different types of assets possessed by their families. They should engage in money conversations with thier Parent or husbands enquiring about their financial affairs. Females should prepare to take on the responsibility of making investment and also involve themselves in asset allocation decisions. Even as wives or mothers, they should be willing to take thier financial future into their own hands.


2) GET EDUCATED
As a female, it is advisable that you boost your financial literacy by educating yourself. Visit a financial advisor and don’t be afraid to ask questions. Ask as much questions as necessary. Enquiry about your financial situation and portfolio. You should also accompany your husband to any meeting with the family's financial adviser, even if you are not bringing any money to the table. Take more interest in financial matters, so you'd will be in the know of every family investments. It is advisable to take someone along who is more tuned in the world of investments and personal finance anytime you step out to seek financial advice. This way, you'd get more expert suggestions.



3) DONT RUN INTO SOMEONE ELSE'S DEPT
women are known to be easily swayed by emotion. Don't get so emotional as to overspend or run into a debt over someone else’s needs. Whenever you intend to offer a helping hand, let the help be within your means. Don’t get afraid to say “No” tactfully when you have to. When it comes to money matters, it’s not wrong to put yourself first.

4) START SAVING FOR RETIREMENT
Start saving for retirement early to ensure you have enough to support yourself. As long as you have a source of income you are meant to start saving up. You can save as low as 5, 10, 15 or 20 percent of your monthly salary consistently.

5) INVEST YOUR MONEY
It is said that when it comes to money, women have a natural inclination towards being cautious. They are likely to keep away from any risky proposition of money. Safety is often the key consideration for women in investments. But it also a fact that your money will not take care of itself, you just have to take a risk and invest it. Always stay informed on investment news, so you can constantly evaluate your investment strategies instead of leaving your money dormant.

Article Written By, Grace Elioku.