We’re no longer living a historical era where the man of house is the sole bread earner. Therefore a women who earn their on money should start talking about their finances. They should be making their own decisions regarding savings, expenses and investment.
Prathibha Sastry engages with Subramanya SV, to discuss how to plan and track your expenses.
Living paycheck to paycheck is a norm for most people. Unfortunately, financial planning and financial management is not a lesson understood by many people. The video raises awareness about the importance of managing personal finances. It also discusses women’s ignorance to rely on spouses or other males in the family for financial management. Mr Subramanya S V as a financial manager and an investor shares his knowledge about managing money. He discusses the importance of keeping a good financial record for better planning. This includes income, investments, expenses categorised by the number of occurrences.
Personal financial planning is an act of taking responsibility for your money matters to become financially independent. The ability to manage finances requires discipline, responsible spending and setting money aside for emergencies.
As important as financial education is, most women rely on their spouses or other males in their lives to manage personal finances. Subramanya S V says it is due to ancient adage where males were providers and women domestic. In addition, financial education requires trust and consultation with an advisor for a better understanding.
Ignorance on women’s part regarding money matters leads to a lack of responsibility in personal finances. However, this is detrimental should divorce, separation or death of the trusted male ensue. Another important thing to note is that men discuss financial matters amongst themselves while women never discuss money to such an extent.
Mr Subramanya S advises using a simple tool such as Microsoft excel for personal financial planning and to track expenses. Furthermore, categorizing your expenses daily, monthly or annually is important to keep a good track.