Almost every Nigerian woman wants to be financially independent at the current age. However, most Nigerian women are struggling to become financially independent. This situation is not particular to women of Nigeria but across the globe, especially in developing countries. The financial independence of women is not limited to simply earning money. Extending the definition of financial independence to managing one’s own money is essential. It is a fact that women have started making considerable income in the last few years. Thanks to the active efforts of government and international organizations to reduce the gender income gap and promote education amongst girls child and women. It is high time for Nigerian women to take charge of their money and be financially independent. 

Redefine Financial Independence 

For many women, simply earning money or getting a job looks like a huge accomplishment. In front of this accomplishment, women hardly think about managing their income. Currently, the women need to decide what they want to do with the money they have earned from the business, Lottery Sambad, job or other sources of income. One sure-shot way of becoming financially independent irrespective of gender is to save and then further, invest your money in different assets. Investing money is important to ensure that one is able to earn money even when they are sleeping. 

Having an emergency fund ready, especially for crises like the Covid-19 situation, is important. Money that you earn from investments in different sources like mutual funds, Dhankesari, or share market should be set aside as emergency funds. This will further ensure that your life is simply not dictated by pay cheques from month to month. 

How To Take Charge Of Your Finance As A Woman?

After redefining financial independence, it is now time to take charge of your finances as a woman. Firstly, the change that is important to bring is that of attitude. One should start becoming comfortable with numbers. Limiting beliefs like “I don’t understand money” or “I’m not financially literate” should be thrown out of the windows. Before managing your money, it is important to have a positive mindset and the belief that you can manage your money. 

Secondly, set a budget. To efficiently manage your budget, you can also create separate accounts too. The easiest way to ensure that you have a considerable amount of savings is to have a different expense and savings account. Use the expense account for making all types of expenses. Create a budget for the same. The savings account is where all your leftover money should go. We recommend you have a fixed saving income and plan your expenses accordingly. 

Thirdly, invest your money in different assets. Also, set aside an emergency fund. Educate yourself with short-term investments and long-term investments. However, when you are making such an investment, do not keep all your investments in one basket. When you are investing, it is crucial to diversify your investment to reduce any kind of risk. 

Lastly, keep a check on all your income and expenses. You should know how much money is coming in, how much you are spending and how much you are investing. Go for a weekly or at least monthly check of your money. Without such an overview, losing your money becomes easy. 

Financial management is a life skill and it is an important skill. Financial management ensures that the women have the power to survive a tight spot or an unprecedented circumstance. A report has indicated that women aged 18 to 25 are better at managing their basic finances than their male counterparts. These women should be introduced to complex financial structures to help them plan better for their financial health. 

Further, the women who are having a hard time either earning or managing their money; should be trained for the same. Active participation from the government is required to ensure this. It is the need of the hour. The financial inclusion of women can prove to be beneficial at different levels. From helping an individual women to contributing to the country’s economy by paying taxes, women are integral stakeholders of the economy. Once a source of income is there, the women must learn to manage it in the ways we have already discussed above.