Rich tips: 4 money management lessons that can help working mothers
Rich tips for working mothers: The active participation of the fairer sex in the workforce has gone up, but it hasn’t been without some struggle.
In their multi-tasking job, working mothers not only strike a balance between their professional and personal responsibilities but also manage their finances. And, because of the tight schedule, it is easy for anyone to lose a track of their money, irrespective of their gender. But, there are certain money management lessons that working mothers can consider to make their lives easier.
Rahul Jain, Head, Personal Wealth Advisory at Edelweiss believes, "While time management remains a pain point for most working mothers, I believe that it should not be an excuse for taking into cognizance your money matters. Hence, I wish to shed light on 4 monetary aspects all working mothers need to focus on – because finance has never been gender-specific!"
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Jain listed out the following four money aspects that working women need to consider:
1] Shift in financial pressure: Being a mother is a “Job” in itself. From running the house to managing schedules, the task list can be never-ending! But all the chaos and responsibilities often put heavy pressure on managing the finances.
"Never put yourself in a situation, where one partner is put under the financial pressure test. Both the partners should discuss their finances by pre-planning it. Working from home or re-joining the work or building a fund especially for your child is to be considered and well-planned by the couple. This will benefit to keep your career going and ease out on any financial worries," said Rahul Jain.
2] Plan for emergency needs: Giving up on your job to bear a child is a tough decision. But this does not stop you from planning your finances well when your little one arrives. Building an emergency fund with at least 6-months of your expenses set aside can help you in the time of need. This will help you in managing your expenses, till the time you complete your maternity period and restart your career.
3] Revamp your insurance needs: There is an unnecessary adage of sacrifice attached to a mother – especially when it comes to tackling resources. But your financial resources need to be privy to sacrifice if you take care of some basic insurance requirements along the way. Always make sure that you are able to diligently allocate a portion of your insurance!
4] Avoid unnecessary risk: As a parent – the responsibility requires you to take care of several expenses. Therefore, when it comes to planning and identifying your investment avenues, it is best if you look at options, keeping two things in mind:
a) The risk element is countered through a well-diversified portfolio; and
b) You have sufficient corpus placed in funds that can be liquidated whenever the need arises.
Most importantly, be very smart with your investment strategy. Smart investment strategies don't often change a lot.
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