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Review your income & savings on a regular basis:
After carefully planning and investing, the next, and constant, step is to review your finances on a regular basis. You need to be on the top of your game when it comes to managing finances with respect to the changes in your life, like marriage, becoming a parent, career changes, moving abroad/shift, and so on.
Build an Emergency Fund:
It is of utmost importance to ‘build an emergency fund’ so as to safeguard against uncertain risks. For example - losing your job or incurring large unexpected bill could force you to take on heavy credit card debt and could put you into a financial peril that will be difficult if not impossible to dig your way out of.
Psychology of Spending Money:
Don't use money to make yourself feel good. That type of high is fleeting. Instead, do things that promote self-respect and creativity so that you don't have to seek those feelings through spending money. Further it is important to be involved in the day-to-day management of one’s family's finances because financial planning starts from home itself.
Tying the Financial Knot:
Lastly, I would like to say that one should not take on their partner's or spouse's debt at the time of marriage. Wait until you're both out of debt before tying the knot.
Focussing on where all your money goes is frustrating and quite impossible process for lot of people. The bottom line, getting an expert guidance can be the push that some women need to step outside their comfort zone and increase their risk appetite.
So, what kind of money personality are you?
Kritika Poddar is a Chartered Accountant and works at D.B. Desai & Associates as Taxation Officer.
She likes swimming, dancing and travelling.
Disclaimer: Above expressed are the personal views of the author, and the publisher or the author disclaim all, and any liability and responsibility, to any person on any action taken on reliance of it.