Money management tips for women

Gone are the days when women only had the option of being barefoot and pregnant in the kitchen, leaving major issues like finances to their husbands to handle.

Today women have the option of being more involved in their household finances, and running their own businesses.

Nolene Parboo, senior manager at Standard Bank  said, “Regardless of time inclination, it is vital for all women to be in the driving seats of their finances. Depending on someone else may be a short-term solution but in the long term, almost all women will have to deal with making their own financial decisions at some point in their lives,” she said.

Parboo suggests essential tips for women to be in control of their finances:

•  Get familiar with financial terminology, read books on money management and make an appointment with a financial adviser to help you compile a strategy for your finances.
• Planning in advance will indicate how much you need to save each month and help you see how much you have and don’t have.”[Debt] is a reality for many South Africans and this means many women do not have cash available to save,” Parboo said.
•  Settle as many accounts as possible, especially of you are married.
•  It is essential to get cover if you are in a long-term relationship, married or do not work. This will ensure that your partner has enough life and disability cover in the event of death or if they become injured.
•  Having your own credit cards and bank accounts not only builds your credit profile but also allows you to have access to your own money. “Women usually retire earlier and live longer than men, so the lump sum needed at retirement is higher,” Parboo said.