When it comes to finances, every woman needs to be accountable for her finances. As a woman, you need to be able to plan your life and prepare for financial transitions. Besides, life can be very unpredictable and you should be prepared for whatever direction the future takes you.
Whether you are going through divorce, a job change, the death of a family member or motherhood, some of these transitions can take you by surprise if you are not well prepared.
Here are some of the reasons why you should be your own chief financial officer:
You can budget
The beginning of all financial failures is lack of budgeting. Most ladies are considered to be more spendthrift than their male counterparts. Women have little resistance for buying things they don’t need. According to a study by the Bureau of Labour Statistics, the findings highlight that women are more likely to overbudget by a greater amount than their male counterparts.
This will lead to unnecessary outcomes like falling into debts that can pull you into a financial pit. When you are your own boss, you will be able to figure out the things you need and budget for it accordingly. You can also incorporate luxuries when you have a working budget. It is important to note that financial problems are amongst one of the leading causes of stress than could lead to depression.
When you are in charge of your finances you can be able to budget and save your money for bigger projects or create an emergency fund. In most cases, things and events don’t always go as planned and you might find yourself in a position where you need some extra cash. This is where your emergency funds and savings will chip in without infringing in your normal budget or going into debt.
When you are unable to save, it only means you have no funds set aside for rainy days, and this is a tricky way to live. Besides, during financial transitions, you will definitely need to have money in your bank for rent and food in advance while you plan yourself.
In the traditional setup way back before women were liberated, a man was the sole provider of the house and a woman was expected to stay home and take care of the family. This might have worked, but currently staying in the house is not an option. Life is more expensive and unpredictable leaving no option for both parties to chip in and keep the house running.
Depending fully on a man is not easy, you might always get the things you need but not the things you want. Those you have to work for like any other person. It is not only liberating to be able to afford your own stuff but also it gives you more confidence and respect around your children and people.
Better mental health
When you are able to cover your own bills and budget yourself, it is more liberating than when you have to depend on other people for financial aid and budgeting. When you can call the shots and get things done, you will live a happier and more fulfilling life.
When you are unable to pay bills and buy stuff you want, you will be constantly bombarded by stressful situations that will ultimately lead to an unhappy life. Financial freedom means happiness and the future will seem less scary.