With time and technological advancements, everything has changed except for a woman’s role in society. From running the house to making an identity in the corporate world, women still carry a lot of weight on their shoulders. And this constant juggling between multiple roles is, to a large extent, synonymous with being “sandwiched” between responsibilities.
Among other things, managing household finances is something that women handle on an everyday basis. But when unexpected needs pop up, budgeting and squeezing out cash from here and there can get tricky.
To help ladies wiggle out of such unprecedented situations, we’ve compiled a list of handy tips on financial planning which can help them evade last-minute panic.
Make sure your parents are medically insured
It’s a fact that the 15-20% incline in healthcare inflation has only worsened the saver’s situation. What’s even more worrying is that the prices are only going to rise further in the future. Therefore, being diligent and getting your parents medically insured before their retirement is wise.
Assist your parents with financial documents
Usually, people above 60 years of age prefer handling their funds and documents on their own, but their age limits them from dealing with tons of paperwork. At this time, you can offer assistance to your parents who are at such an age without imposing personal opinions and ideas.
While doing so, make sure you also guide them about the importance of a will and the unwanted trouble it can cause during a transfer of assets.
Opt for student loans for children’s education
Educational expenses can be nerve-wracking, especially for parents with more than one kid or a child wanting to study abroad. If your savings are limiting you, go for educational loans offered by banks and financial institutions.
Since they work on the principal of repayment by the child after he/she has bagged a job, they instill qualities like financial discipline and responsibility in his/her mind.
Allow kids to contribute for their wedding
Children’s education and their weddings are the top priorities for every parent. Often, by the time a child completes his/her education, there’s barely enough left to host a lavish wedding for him/her, and this might cause a lot of anxiety for a parent.
You can avoid this by allowing your children to contribute financially towards their marriages. This not only allows children to become more responsible and independent, but they also get an idea of how to handle significant life expenses.
Early habits last long
Teaching healthy money habits to children from an early age goes a long way. Introduce them to saving, budgeting, and spending as early as the age of five so that as adults, they don’t rely on you for financial aid. If you’re confused about where to start, why not begin by explaining the importance of money and its power!
Limiting desires does save money, but it often robs you of your long-term happiness. The golden rule of saving is to fulfill your needs and wants in a planned or budgeted way. Instead of controlling yourself at every step, adopt healthy spending habits and consistent savings.