Women can also Shape their finances !!

 These points will help you get started.

#1 Understanding your income

Whether you are a salaried or self-employed, take time off, to understand your income. The breakup, various headers, amounts allotted under each header and its overall impact on the income. In case you are salaried, check with your employer on the various headers and negotiate accordingly when asking for a raise. Understand the taxes paid and how much money is left to work with. Paying off loans can be prioritized and  remaining money can be used to calculate a weekly disposable income.

#2 Seek professional help

Speak to a few people in your circle to get recommendations about financial planners. Financial planners not only help you manage your finances but also assist with the paperwork and other official formalities required to make investments. Considering that women are hard pressed for time while managing work and home, this is a recommended option to get things done. 

#3 Knowledge is power

Many a times, there is a thought barrier which keeps women from getting fully involved in financial planning. Getting acquainted with financial terms and staying updated with latest happenings will help get away with that block. Things get interesting when you understand and know more about something and finance is no exception. Subscribe to magazines, websites and newsletters and spend at least 20 minutes a day going through the content.

#4 Set financial goals

And that means, personal financial goals. While as a family there are specific goals and both the partners work towards achieving it, it is important to have one's own goals. Whether it is wanting to save up to have a certain amount in your account or buying land in your native, there must be a plan. Resources can then be allocated accordingly towards achieving these goals. Needless to say the sense of accomplishment on achieving these goals will be priceless. 

#5 Take initiative

More often than not, it is seen that when it comes to making investment decisions, women rarely take initiative. Women need to sit at the table and have an opinion when their finances are being planned. Since women are less prone to risky behaviour, they tend to take informed calls while making a decision which is a very good quality to have for effective financial planning. Rather than looking at the financial planning process as a burden, it can be looked at as an opportunity to maximize wealth.

#6 Planning for the future

A woman plays many roles at the same time. She is a wife, daughter, mother, etc and each role carries with it, its own share of responsibilities. Whether it is planning for a sabbatical after a baby is born, education of your 17 year old daughter, child's wedding, healthcare for ageing parents or retirement planning, resources need to be allocated for all of these. These expenses are not only crucial but also large and require meticulous planning.