Financial Independence for women


Stable in life means steady-not prone to change. In case of a person, we cansay – the one who can handle any situation in a balanced manner is stable. We all strive to achieve the state of stability in life. Be it personal, professional, social or financial stability. While at every stage of life, everything has its own importance, financial stability is one of a kind which plays a pivotal role in one’s life.

We can say that we are financially stable when we can function smoothly during an immediate financial emergency. In short we must have enough savings!!!

“Do not save what is left after spending, but spend what is left after saving”. – Warren Buffet

There are plethora of investment options available in the market. You can invest in Gold, Property, Shares, Fixed deposits, Mutual funds etc. An expert in Finance can explain in detail about all of these. In this blog, lets focus on how to achieve financial stability at an individual level. Lets explore these points to know simple and smarter ways to save money in our day today lives and move towards our goal of achieving financial stability.

  • Maintain Records

You can maintain records of bank, guarantee – warranty cards and bills of the items purchased in separate folders and label them, so that you get them when you need them. I am thankful to my husband from whom I have learned this practice. This really helps you in saving that extra money spent on repairs of items in absence of bills or warranty cards.

  • Pay Less

This doesn’t mean I am telling you to be frugal. I have seen people bargaining for Rs. 10,holding Rs.40,000 phone in hand. But, we can pick up smarter ways of saving money by paying less. This reminds me of my college days when me and my friend used to take turns of taking our two-wheeler to college since we stayed near by. This helped us saving on petrol expenses every month. You can do this in today’s time by doing car pooling while going to work. This will also help reduce little pollution. Isn’t it?

Preferably, cook at home rather than eating out. Lets take an example of expense you make when you eat out for one whole day –

Breakfast -Rs. 100

Lunch – Rs. 200

Dinner- Rs. 200

Total – Rs. 500

Which means, Rs. 15000 per month. Instead, cook at home which will also be more hygienic, healthy and safe.

Cancel the subscriptions of channels that you no longer watch. Why pay for something that you do not use or need? I clearly remember my husband cancel-ling the subscription of the sports channel after football world cup 2018 was over.

Buy items in bulk. For the items that you are sure that you need them on continuous basis, you can make bulk purchase. This way you will be paying little less.

After all, “Penny saved is Penny earned”.

  • Spend money wisely

The gratification of wealth is not found in mere possession or in lavish expenditure, but in its wise application.” – Miguel de Cervantes

So, its important to identify the actual need of spending money on some things. I remember once going for getting groceries on an empty stomach. It was a hectic day but this work had to be done and I ended up purchasing few of the non essential items thinking some day I will use them. This added an extra cost of almost Rs.1000 to my usual bill plus I ate out as I was already starving.

Sometimes, we also use money as our distraction to overcome our stress. I have seen some of my friends just going for shopping because they think spending money on shopping is their stress buster. I mean seriously! Is It

  • Invest in health

According to me, the best investment to make is in your health. How? Eat right and exercise regularly. You can pick up work out of your choice and invest in that . It can be cycling, Walking, Yoga etc. Believe me, investing in your health and well being will further take care of your financial well being. It will help you save your hard earned money from spending on medicines, doctors and hospital bills. Most importantly, being fit will make you more productive, so that you can make more money.

  • Invest in yourself

If you would be wealthy, think of saving as well as getting.” – Benjamin Franklin

I keep saving a definite amount on regular basis, does it mean I have achieved my goal of financial stability? No, when we think of savings we must also keep finding ways to get more of that money. You can invest in acquiring new skills to enhance your knowledge which can promote you higher on the ladder of success.

I hope these simple points do help you all towards financial stability.

About the author:

Vasudha has a post graduate degree in management and has three plus years of experience in the field of Human Resources. She has been a part time Yoga instructor. She is currently employed as a home maker and enjoys to spend quality time with her kids. She likes to explore new areas of learning.

(The author is a guest blogger at Her Second Innings. The opinions expressed are those of the author.)

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