Connect with us

Lifestyle

7 financial mistakes every woman should avoid

Published

on

There is one aspect where women still need to catch-up it’s managing their finance independently.

There is still a dependency, especially among women, on their father or partner to manage their finance, mainly due to the failure to break away from the age old traditions of men taking all the financial decisions.

Like in all other things, women should also take charge and control of their finances and manage it on their own. And, following are the list of basic mistakes they should avoid.

1. Investing too conservatively

A study says more than 70 percent of women surveyed favor a “balanced or conservative” investing approach. Other surveys have found that women have better long-term investment performance than men because they don’t act as rashly. However, investing too conservatively such as keeping a large portion of savings in cash or bonds can hurt your long-term performance.

2. Splurging

As you go swiping your credit card, you will keep feeling that you never have enough to call your own and you will never feel the financial strength. There is always a feeling of imbalance and this happens to women because of the imbalance in their emotional and financial strength. The emotional strength is generally much higher than financial strength. Ideally must be equal.

3. Not creating liquidity

In addition to starting early, you need to have an emergency corpus. Ideally, you should start saving from the day you start working. When you are earning a steady income, it is easier for you to set up a liquidity margin or buffer. All you have to do is save first and spend later. Setting aside a certain amount will help you prepare for unforeseen expenses.

4. Falling for offers

Generally prevent, else try to refrain as they might be more expensive or just old stuff in different packaging be it insurance or credit cards or anything else. Also don’t forget to look for the fine print. And if you strongly feel about something, just ask the question however silly you may think it might be.

5. Saving instead of investing

Not only women, but men too misinterpret saving and investment as similar terms. Saving is merely parking your idle money in your bank account, without the motive of generating much return from it. However, investing is when you put your surplus money to use, by parking them investment avenues such as Fixed Deposits, Mutual Funds or PPF. When you invest, instead of being kept idle, your money works for you by generating returns during the investment period.

6. Leaving financial decisions on partner

Many women despite earning money are not financially independent. This is because they leave financial decisions entirely on their spouses. As a result; they get no experience in handling their finances or investments. Some women even give their entire salaries to their partners to manage. It is good that you trust your partner but giving your income entirely to your partner leaves you with nothing in the end.

7. Control spending

The easy availability of credit these days makes it easy for us to spend the income accruing to us at a later date. Do not go spending limitlessly on items that can be purchased now and be paid for later. Ask yourself if you really need the item, and can you defer this purchase or is it an emergency. Events such as buying a home are exceptions because investing in a house will save you other recurring costs like rent; it is one of the most basic needs.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Lifestyle

5 social skills you should start teaching your kid from early age

Published

on

Good social skills are crucial to build a strong relationship.

Whether it is making friends or getting along with your colleagues or family members, strong social skills help you reach far beyond social acceptance.

It is a life skill that might be complex and confusing but rewarding for your growing kids. Teaching this skill at an early age can help them in the long term.

It gets refined as your kids get older with effort and practice. Here are 5 essential skills that everyone must teach their kid at an early age.

1. Sharing

“Sharing is caring” -teaching your kids the importance of sharing can help to build strong relationships. Sharing teaches children about compromise and fairness. It helps them learn that if they give a little to others, in return they can also get something. Studies suggest that kids as young as two show the desire to share only when they have the resources in abundance, between three and six, they are a bit selfish. By age seven or eight, kids become more concerned with fairness and more willing to share with others.

2. Listening

Listening is another social skill that most people lack, including grown-ups. Listening does not mean staying quiet when the other person is speaking but understanding and absorbing what they are talking about. Just like talking and putting your point forward in a conversation is crucial, listening is also a critical component. It even helps them in their academics to absorb what the teacher is saying and taking notes.

3. Co-operating

Co-operation generally means working cordially with the other person to achieve a common goal. Mastering the skills helps to get along with the other person and community. Co-operating with one another also makes the kids gain respect from others. Meeting halfway to any personal objective or professional goal will help them learn to accept other people’s feelings and opinions.

4. Respecting personal space

Every relation has physical and emotional boundaries. It differs from person to person, and we must respect all. Sometimes while being friendly, most people overstep the boundaries. Being friendly and respecting others’ personal space are two different things and one must know about both. Teach your child how to ask permission and identify boundaries. At the same time help them establish their boundaries.

5. Manners

Showing good manners is also a part of social skills. Correct usage of thank you, sorry, and a good way of using a table manner can help you a long way. These skills are taught at school as parents, you too need to make an effort to help your kid develop good manners that stays with them even when they are grown-up. With practice and effort, they will get better.

Continue Reading

Lifestyle

10 yoga don’ts you shouldn’t ignore

Published

on

Since the onset of the COVID-19 pandemic, yoga has become a part of the daily routine of many.

People who do not like gymming, often turn to yoga for their daily dose of physical activity.

The best thing is you do not need any equipment to perform yoga, just some space and a yoga mat are all you need.

Yoga does not just help improve physical health but is great for your mental health too.

Here are 11 don’ts of yoga that you must keep in mind before practising yoga next time.

1. Do not overexert

Even if you are performing some simple asanas, do not overexert yourself. On the scale of 1 to 10, where 1 is the easiest, every asana you perform does not have to be 10. Some can be 8, 7 or even lesser. Also, it depends on your body and daily routine.

2. Weather

Do not perform yoga in extreme weather conditions, like when it is too hot, too cold or too humid.

3. Mind your breath

Breathing plays a vital role in yoga practice. One should not hold their breath unnaturally until instructed by the trained. Breathe normally unless any special instructions are given.

4. Yoga after meals

Do not perform yoga right after having meals. Wait for at least 2-3 hours so that the food can settle down by the time you start your practice.

5. Say no when exhausted

Many people take yoga practice as a light one, which is not true. Yoga sessions can make you sweat like anything. Thus, when you are tired or ill, avoid practising yoga so as not to overexert your body.

6. Take guidance

This is not a rule but a guideline, do not practice yoga alone. It’s best to find a partner and practice under somebody’s guidance. Just reading and practice can lead to muscle pull or discomfort. If you are doing advanced posture for the first time, it’s best to take someone’s assistance.

7. Do not wear tight clothing

Say no to shoes and tight clothing while performing yoga. Tight upper back clothing can restrict the movement of the rib cage and lung that can result in incomplete breathing.

8. Shower

It’s a must to take a shower after a sweaty workout. But do not shower immediately and let the body dry normally before you head to the shower room.

9. Menstruation yoga

Do not do the ‘feet up’ (inverse) poses while menstruating. Perform simple relaxation and breathing poses while you are on your periods.

10. Post yoga workout

It is suggested not to perform any high-intensity workout post-yoga session. Perform it before the yoga session if you are planning to.

Continue Reading

Lifestyle

5 steps to creating a successful side hustle

Published

on

In a perfect world, we’d all be able to do work that fulfilled our passions and filled our bank accounts simultaneously.

Unfortunately, the world’s not perfect and most of us are regulated to working jobs that don’t exactly tap into our creative spirits.

If this sounds like you, perhaps you should consider a side hustle. It’s a great way for you to pursue your talents and ideas and bring in extra cash.

If you’re ready to take that plunge, consider these five steps to make it a success.

1. Respect the hustle

The side hustle may sound cool and trendy but it’s serious business. For a side hustle to be successful you will have to plan, you will have to work, and you will have to sell. We all know that sometimes even the best-laid plans don’t always work out; nevertheless, you do need a plan.

What are the services or products you are offering? Who needs it? How will you deliver it? What is your unique value proposition? A unique value proposition will set you up for success and apart from the rest.

2. No problems no money

As you start to flush out ideas for starting your side hustle you need to spend time thinking about the things you like to do and the things you’re actually good at. Ideally, you should like what you sell and sell what you like, but here’s something else to keep in mind: some of the most profitable businesses are built on solving problems.

There’s a good chance that others feel the same way and are just waiting for someone to create the solution. Be the solution.

3. Don’t quit your day job (yet)

Side hustles are called side hustles for a reason… It’s that thing you do outside of your steady, dependable, paycheck-producing 9-5. Unlike a part-time job that people often begrudgingly take on to make ends meet, side hustles are often fueled by passion and talent.

We hear stories of overnight viral sensations, but those are few and far between. Hang on to your safety net until you have done your due diligence. Have a proven concept, and most importantly, paying customers.

4. Validate, validate, validate

Conventional wisdom tells us that we don’t need others to validate us. However, when it comes to the side hustle, throw that concept out the window. Validation is everything in business. Do people want or need your product or service? And most importantly: will they pay for it?

In the business world, this is called market research and you can tackle it in several ways. Identify your target audience and talk to them. These may be informal conversations, email surveys or small gatherings that you put together.

5. Smell the coffee

Side hustles are built detail by detail. You will need to plan and prioritize. Plan on spending a good deal of your off time working on your side hustle if you want it to truly be a success. Prioritize your schedule so that it doesn’t interfere with your day job and set aside consistent side hustle time. Maintaining a list of action items you can be accountable for will help keep you focused.

Making money in your sleep is a dream not afforded to many. Wake up, smell the coffee, do the work. That’s how it’s going to happen.

Continue Reading

Trending