She Talks Money: Why it is important for women to have financial goals

Financial goals give the direction to our aspirations, dreams and future. Women are multi-taskers by birth, wearing multiple feathers on a hat and performing many roles. Many of us work effortlessly both as homemakers and professionals, trying to strike the right balance. In contemporary society the importance of financial independence is gaining attention and dialogue.

WHAT ARE FINANCIAL GOALS?

Financial goal is a financial plan or roadmap for our future. It can be a short term goal or a long term one. It is a necessity for women for the following reasons:-

• Financial independence and security is absolutely vital for every woman.
• Women should not rely on their parents or a partner to support them, and neither should they aspire to do so.
• Retirement Investment is a good reason to save, invest and spend smarter.
• Research suggests financial risk due to life longevity plagues women more than men.
• Pension schemes are a must for financial planning goals
• Investing is a skill every woman should pick up.
• Having some assets of your own becomes important in the case of unforeseen circumstances aside of being a confidence booster.
• Tax Benefits
• Government gives tax advantages to women who put money into retirement plan.
• Health care
• Growing older means increase in healthcare cost hence requirement of funds increase.

So your reasons to have financial goals can be many. I have shared some, and I hope you see the point I am making. Once we define goals, we will find big and small ways to achieve them.  Since people live longer today, particularly women, financial goals must also take into account inflation which erodes the value of money. It’s important to save even more than you think you’ll need for later.

INVEST IN YOURSELF

We have different life goals, accordingly it will depend on what helps us achieve a fine balance between happiness and satisfaction. Following your passion is what will make you happy and successful.  So undertake a professional training around your passion, upgrade your skills, connect with friends, network with likeminded people, be financially responsible, making your finances a priority and getting them in order, as money is the strongest catalyst for all inventions.