If I ask you to choose between your financial freedom and your kids, what would be your choice?
‘My kids’ would be the reply, isn’t it? Well, I am not surprised. Every kid dominates his/her parent’s affection and love. The joy of being a parent cannot be sacrificed for anything. Your kids are the apple of your eye and nothing overtakes the love you have for them. Not even your careers. Therefore, many Indian moms give up a lucrative career to devote time in raising their kids. After all, mothers are an image of God Himself!
Raising a child is a job unto itself. While it is true, have you ever considered your financial independence? You mightn’t. Women in India get so busy in raising their children that they overlook their finances. They depend on their husbands for financial support. Is it wise?
Depending on your spouse is not bad but giving up your financial planning definitely is. Financial planning makes you financially independent and this independence is necessary. Do you know why? Let’s find out –
- You can take care of your needs and indulgences
Every woman wants to indulge and pamper herself. Being financially independent ensures these little indulgences. You do not depend on your husband’s income for fulfilling your needs or going on a spree. Those monthly budgets don’t dictate your shopping habits. You don’t answer to anyone about how you spend. You are free because you have financial independence. Wouldn’t you want it?
- Financial independence helps in a divorce
Who says that marriages are always rock solid? Given the recent trends, divorces have become very common in India. If you find yourself in one such situation, being financially free gives you tremendous support. You don’t depend on the alimony for spending out the rest of your life. You have your finances to take care of yourself.
- You can create assets for your children.
If you plan your finances you can accumulate a financial corpus which you can use on yourself and also create an asset for your children. If your husband dies prematurely or you get divorced, your financial funds would secure your children’s future. Isn’t this what you want?
Financial independence is, therefore, very essential. If you think that raising children and achieving financial independence don’t go hand in hand, think again. You can do both. Here’s how:
- Don’t give up your job
Though you think handling both kids and a regular job is impossible, it is not. It is difficult, yes, but not impossible. You would have to make certain adjustments to achieve a balance between the two. Try and reduce your work burden but don’t give it up entirely.
- Try and work from home
If regular corporate job profile doesn’t suit you, don’t fret. Try and work from home. There are various odd jobs which can be done right from your home. Choose them. Work part-time which would be flexible and give you ample time with your child while creating an extra buck too.
- Save regularly
This is perhaps the most basic rule of achieving financial independence and yet many forget about it. Only earning money wouldn’t give you financial independence. You would have to save and invest it too. If you are working, either part time or full time, save a portion of your earned income. If, on the other hand, you are a housewife, try and save from your monthly budget. Whatever you do, create a form of savings.
- Create a financial portfolio
When you are saving money, don’t let cash sit idle in your wardrobes or those hidden nooks and corners. Invest it. If you are saving in a bank account, try and redirect your savings to good investment avenues. Invest your savings in a bank fixed deposit or open a recurring deposit scheme. To get good returns choose mutual fund schemes. You can also invest in gold. Choose your investment instruments based on your risk appetite. Create a financial portfolio where your savings are invested in different investment avenues which give good returns and have minimal risks.
If you follow these tips you can start your journey towards financial independence. It is essential, even for your kids. You wouldn’t have to think twice in indulging in your kids’ fantasies too if you are financially independent. So, don’t choose between your kids and financial independence. Choose both.
