There are many battles that women fight every day. While many remain to be won, some are conquered with such confidence that it inspires others to step up and follow suit.

Mamata, aged 45, who works as a maid in corporate offices. Her accounts were handled by her husband. After the divorce, she was left with no assets, but the responsibility of supporting three children. Her daughter got married at the early age of 20, and unfortunately, she is also a divorcee and had two daughters. Now Mamata’s responsibility gets multiplied with her children and grandchildren. Mamata’s work begins from morning 6 am and ends up with evening at 4 pm with commuting 15 km every day.

Mamata took up the challenge and started rebuilding her life. She gathered financial literacy and started saving. She is putting some money in Fixed Deposit in Bank’s for the children’s education and buying a house. She is putting a lot of effort into financial independence. She is illiterate but takes keen interest for her money to be saved and invested the right way. Now she has taken charge of all the household expenses.

Learning from Mamata’s example, all women should take charge of their personal finance and not wait for a setback in their life to be forced into a helpless situation. Some of the Dos and Don’ts for every woman including unmarried, singles, divorcees, employed and homemakers are:

1. Understand what you own and owe. You will need to figure out a way to find out what are your assets and liabilities.
2. Take stock of your Financial situation. Revisit your past financial decisions, review what you did wrong and plan how to rectify it. As in Mamata’s case as above, do not entrust your entire earnings to the husband without question.
3. Do not hand over money management to anybody, including relatives. They do not know your financial goals or money habits.
4. The next step is to create a budget and discuss it with family members including children.
5. It is essential to take an adequate term life and medical insurance. Ensure that the Life Insurance policies are endorsed under the married women’s Property Act.
6. Save regularly and invest long term for financial goals. Save at least 30% of your income.
7. Insure nominees for various Bank accounts, Mutual Fund Investments, Shares and keep a track of financial documents.
8. Stand your ground on what matters to you. If you are not comfortable doing so, take help from a SEBI Registered Investment Advisor.

 Over the period, while managing money, you will make mistakes but will gain confidence after some time. The key is to resolve and remain committed. You can also help other women around you by sharing your experience. Hopefully, that will get more women to take charge of their finances.

(Being published on the eve of International Women’s Day)