The battle of the sexes is a never ending one. Be it any topic of discussion under the sun, no logical conclusion can be derived as far as deciding on the more intelligent and powerful gender is concerned. Today, women walk shoulder to shoulder with men, having borne not just household responsibilities, but also having taken their professional careers to a peak. Gone are the days, when women were happy being confined to their respective houses. It is now that they have started stepping out. They have started making a living for themselves. They have come out successful in drawing a handsome income. Most important of all, they have realized the vitality of saving up for the future.
The More the Better:
Ever since women have started taking their careers a little seriously and have tried to get at par with their male counterparts, one statement, which is made often rather very carelessly is that, “Men earn more than women.” This is one harsh reality, which none of us can deny. Since, men are earning more than women; it is very obvious that after taking care of their expenses, a decent chunk of funds stays back with them, which can then be invested by them. On the other hand, women have to first struggle to make up for their expenditures and then save if any excess fund is left.
Why are women not able to save enough?
Several reasons come into play which deters women from saving less. This includes:
- Unfair Pay Scales: Only if the aspects of talent and performance were considered to be of pivotal importance would women be in a position to draw a handsome monthly salary and eventually save well. However, in our country, more than one’s skills, aptitude and feat, it is the gender that determines one’s pay scale. Simply being a woman attracts lesser pay packages. This phenomenon has been around for quite some years now and there is no immediate solution to tackle the same.
- Shorter Career Spans: No matter how strongly women decide to fulfil their professional commitments, there are other bigger obligations that come in their way at regular intervals. And, it eventually forces them to cut short their careers. Some common scenarios are child care and other family responsibilities.
- Higher Life Expectancy: If statistics are to be believed, women tend to live longer than men. And, a longer life expectancy means a higher requirement of funs to take care during the old age.
It’s time to take Corrective Action:
Even though most women find it comfortable to rely on their spouses to take care of their immediate and upcoming needs, one needs to stay prepared to face unforeseen circumstances. This is why, saving enough is somewhat mandatory.
- Invest Wisely: One of the best ways of saving appropriately is to choose apt investment vehicles. In order to win hands on, it is necessary that you better acquaint yourself with the many investment alternatives. Carry out a quick comparative study and then make a wise choice. One important investment consideration here is undoubtedly health insurance.
- Try to save more: You tend to draw a certain salary out of which say you save 5% monthly. If you feel that this is not enough and you need to save double of what you had been saving so far, then you have no option, but to curb your expenditures. Take care of your necessities, while giving a short break to avoidable luxuries. Get a little strict on your earning-spending-saving equation.
- Make additional income: In case your current income is unable to do justice to your savings plan, then all that you can do now is to try to earn more. This can be done by taking up freelancing opportunities apart from your full time job. Another way of supplementing the income can be starting a business or extending your work hours, if it is an opportunity that your workplace offers.
Are you a working woman, who is desirous of saving better for yourself and your family? Visit Findvise or download the app today. Findvise is a professionally managed robo advisory platform that will analyze your aspirations and finances in the most scientific way and help you to allocate your savings in the most gainful manner and you will be able to make the most of your investment.