Why Financial Freedom Is Important For Women?

“For women, financial independence is a matter of necessity.”

These words are said by Carrie Schwab-Pomerantz. And surely most of us will agree to this. Now the question is why do we think it is necessary for women to be financially independent? What is financial freedom for women?

Well, if we talk in general terms, financial freedom means having enough cash on hand, savings and investments to afford the kind of lifestyle you want for yourself and your family. But for women financial freedom means much more than just having enough money. Financial stability makes women realize that they are in control of their life and gives them a sense of equality.

When a woman is financially independent she has the potential to live her life in her own conditions and support her family. It is the feeling of being self-reliant, knowing that you are bringing some value to not only your family, but other women of society as well and by doing so in a way to the whole world.

Reasons why financial freedom is important for women

1. Supporting family financially - With the increasing inflation it is considerably hard to maintain a good living with a single person’s earnings in a family. So a financially independent wife or a daughter can share the financial burden of their family and support them by providing a more comfortable life.
2. Be prepared for emergencies - The dynamics are changing in the world; we are dealing with so many things at once. Be it a sudden attack of pandemic or war broke out in a country, just like life, jobs are not secure too. It is very important to always be prepared for uncertain situations. If the female of the house is financially secure, she can support her family if any unforeseen situation arises.
3. Increase your self esteem - Financial freedom makes you capable of taking your own decisions without being dependent on anyone else. This leads to the increase of your self-confidence and also makes people respect you seeing as they can rely on you for monetary as well as emotional support.
4. To have your own identity - A woman who works and earns her own money creates her individual identity. Apart from being someone’s wife, daughter, mother and sister, being known by your own name gives you empowerment to own your life the way you want.
5. To be independent - One of the very common problems most of the women face is domestic violence and restrictions. Being financially independent can make women strong enough to get out of that unhealthy marriage and stand on her own feet to support herself.

How to get financial freedom?

Achieving your financial goal is not a one time process, one needs to be persistent and consistent to become financially free. It’s all about starting and sticking to the plan of action.

We have compiled the list of tips to help you get started on your financial freedom journey:

1. Know your starting point - The very first step is to know where you are currently standing. Put together the list of all your expenses, savings, debts and investments. Getting a clear picture of your starting point will be base to achieve financial freedom. For some of us this stage can be a financial dependency. Maybe you are still dependent on your father, brother or husband for money. In that case, your first step should be to get out of that no earning zone. If you are lost you can get started with us, we at Qween provide women community an online platform to start and restart their career by providing flexible and work from home jobs opportunities along with training and upskilling programs.
2. Track your incomes and expenses - It is very important to know what is your inflow and outflow of cash and other incomes. See if your expenses are exceeding your income, and take required action to minimize it.
3. Define your goals - Now that you know what your earnings are and how much is being spent, define your goals which will lead to financial security. Financial goals might be anything from short goals like, saving and buying a car this year, or long term goals like, saving for your children’s education.
4. Get rid of debts - Eliminate all your possible debts, clear out the one’s which can be paid off immediately and make a plan of action for the one’s which need some time to get cleared.
5. Get security - After making sure that your income is covering your basic needs, it is time to secure yourself by making emergency funds for uncertain situations; this includes acquiring health insurance too. Emergencies related to health are one of the major setbacks in your financial independence.

Final thoughts

It does not matter if you are a married, single, widow, or a mother every woman has the universal right to choose the path of financial freedom and we have fought tooth and nail for it. The plan that you make today will bloom your life in future.