Exhausted with the word pandemic? Want to leave the last two years behind like a bad dream? We all are in the same boat. COVID brought our lives to a standstill, and we want to get on with life. But what about your personal finance? Most studies indicate that women have been affected worse by the pandemic. They have lost jobs, are fighting burnout, and small businesses run by women made more losses than those run by men.. While women were behind men in terms of financial awareness and financial independence, COVID has accentuated it.  Though some studies suggest that the proportion of women that have started investing or opened investment accounts during the last two years has increased compared to the earlier years, there is not much data about the extent of investing or regularity. But that has not made a big difference to the personal finances of women. So,  we have to get it back on track and make progress such that you are financially empowered. Let us see how and what we can do about it –

Build financial resilience

• Increasing knowledge about financial concepts such as saving, investing earlier, power of compounding, investment avenues, etc. will increase awareness and confidence to deal with financial matters.
• It is not easy for every woman to go out and start earning money. Look for different avenues. With more remote work possible, more money making opportunities online, there are more possibilities. If you are qualified to be a teacher, you can take up remote tutoring sessions. If you are passionate about cooking, you can think of starting a cloud kitchen. If you have technology skills, look for contract based assignments and short-term projects. 
• Seek new career options by gaining new skills, expanding your network, and being prepared to ask for flexible working conditions or even a raise to secure your financial future.

Invest your way towards your short-term and long-term goals

• Develop your short-term (e.g., paying off a home loan) and long-term financial goals (e.g., children’s education). 
• Create a diversified investment portfolio of liquid assets like money market funds, equity-based assets, debt-based investment avenues like bonds and insurance plans. In this manner, you will have regular passive income streams, wealth creation opportunities and risk management.
  

Embark your journey towards financial freedom and well-being today!

Work towards achieving financial freedom

COVID-19 has made us realize the importance of securing our and our loved ones’ financial future more than ever.

Financial freedom is not just earning money, investing in shares, or spending money that you have made. It involves a more comprehensive approach. It means making financial decisions for self and family in the best interests of everybody’s financial future. Here are some steps that you can take to achieve financial freedom –

• Develop a financial plan that considers the current financial situation, spending, saving, investments, income, retirement, short-term and long-term financial goals.
• Buy optimal health insurance and life cover to take care of the financial aspect of unexpected events. 
• Execute the steps of the financial plan, be it saving up for an emergency fund, spending within a budget, investing in a variety of assets, or tweaking the action plan based on changed circumstances.

We are glad to note an increase in awareness and interest in financial planning among women and are happy to support women embarking on their journey towards financial well-being and financial freedom.