Managing finances is stressing so this article explores some useful tips and tricks to stay within budget and start saving especially for young working women
Previously, the finances of females were mainly managed by male of the household may it be her father or husband. So, there were some ladies whose fathers or husbands would buy some sort of property for them and either rent them out or resell it.
Basically the idea of saving for Pakistani women revolved around putting committees and buying gold. Some were a step ahead and would buy prize bonds or saving bonds or have a saving account
Most women doubted their own ability to manage finance and accounts but with changing times more and more women have started working and have become an expert at maintaining a perfect household while giving their best at work may it be a multinational corporation, government institution or their own business.
Which has resulted in an increased confidence in their own abilities and led to a realization that it is important for them to be financially strong which prompted the modern Pakistani woman to try to understand and take control of her finances
Following tips can help women to get a grip on their expenditure and to have a saving for rainy day but one thing to do before anything else is that the women should develop their knowledge related to account and finances. Learn basics of accounts and finances, develop their concepts and put it into practice, Pay off their debts and only invest in schemes which they understand and are authentic.
Save Part of Your Income
Majority of the females are salaried so it is extremely important to save money. So, what is the right amount of money that these young women should save? Experts say that one should save 10% of their income and that also before spending on other expenses.
Make a Budget
After having put 10% of the income aside as savings then these young women should start developing a budget. They should try to keep a close check on their expenses. They should try to embrace being on a budget, avoid frivolous spending and should try not to indulge in retail therapy.
Have an Emergency Fund
These young women should try and set aside some money from their budget for emergency use or miscellaneous expenditure like doctors’ bill, wedding or birthday parties, if the money is not used up at the end of the month then they should add it to their monthly savings.
Start a Side Hustle
It may be free –lance work or part time job but the idea is to increase the income and not to spend it frivolously but to focus on saving or investing it.
