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5 steps to financial independence for women

How you can take your financial security into your own hands

Saving money
Image Credit: Prasad Nair/Gulf News
Saving money is the only way to safeguard your future.
Gulf News

Set goals and learn how to achieve them. “Whether you are in your twenties, thirties or forties, [or whether you’re] investing for school fees, retirement, dream holiday or second home, [it is important that you] determine how to achieve them,” said Tracey Hughes, consultant at Acuma Independent Financial Advice. 

Don’t leave managing finances to your partner or spouse, otherwise, you’ll miss out on years of practical experience, said Hughes. “Discuss things together and learn what assets you both have so you can better understand your options and personal finance needs should something happen to either of you.” 

Invest in an insurance policy and plan for your retirement while still young. Since women generally live longer than men, yet they tend to get diagnosed with critical illness as they get older, ensure that there is adequate insurance in place. For those who plan to get married, it is highly recommended that you take out an insurance in advance that will take care of maternity-related expenses. Don’t forget signing up to critical illness insurance as well. 

If you have dependents, consider legacy planning, preserving wealth and managing the risk of liabilities that could be posed on your families, advised Ashok Sardana, managing director at Continental Group. 

Learn the basic investing concepts. “One of the reasons why women tend to be less prepared for retirement years is due to lack of awareness of basic investment concepts. Women who contribute to the financial well being of their family should understand the various options available and the benefits each one of them have,” said Sardana.

“Financial planning is simply a means to an end. The end is your financial dreams and goals being achieved. Whether you are male or female, knowing the basic principles and then putting them into practice can put you in greater financial control of where you want to go and how you get there,” added Hughes.