Women must manage their own finances

Ladies, I am going to be brutal and honest and lay it bare. You want to be yourself and not have anyone question you, that is, be financially independent. If you can teach physics, chemistry or be a medical professional or know how to code, managing money is much less complicated. 

You do not like your spouse or partner interfering in what you wear or where you go or what you do, but where money is concerned, you are not able to do anything without them. As women, we are inherently detail oriented about everything we buy. Think of that designer bag you want to have. Are you just going to buy anything off the rack? You will spend time looking at designs, the number of pockets, zips on the bag, colour, etc. Yet when it comes to your money, you just leave it to someone to decide. You don't delegate anything in your personal life fully, but you do that to your money. Think about how involved you are in your kids' education and trying to get the best for your family, but money doesn't figure anywhere. And it should, because it can provide so much financial security for your family. But for this, money needs some attention too. It needs to be looked after and managed as much as anything that matters to you.

Financially independent women are also treated with more respect by everybody around. So often, I find, when you need to fill forms like for a SIM purchase, you are told to just sign without going through the form. It's the same when investments are made in your name. How many times have you felt the ignominy of being treated like an illiterate? Would you do the same at work or when you are filling out school related forms? Well, it is in your hands to do something about it. 

Most women are living on their terms and the way they want to, simply because of their determination to do so. However, this is economic independence. For financial independence, you need to be able to have enough money for your future needs and to live life on your terms. 

To be financial independent, women need to start by taking a few simple steps:

Get over the mindset that men know more about managing money. Women need to take a stance that they will be part of family finances and will be an equal with their spouse on money management. It's not as if men do all the right investments and never lose money

Knowledge is power. Nobody is going to teach you and the only way you will learn is by reading up

Start investing small amounts. Unless you get your hands dirty, you can never gain the experience and unless you lose money, you will never learn or even figure out what works for you and what doesn't

Get beyond having the best bag or the most exotic vacation, to being able to show off about being financially independent. Many people can buy luxury goods but few can claim to be able to manage finances. Be one of them.

The writer is director, Finsafe India and co-founder, Womantra