A Woman's Guide to Financial Planning

Every once in a while, there is a moment that comes along which prompts you to sit back and think. With Woman's Day round the corner, you might want to gain some insight on how to help the women in your life - mothers, wives, daughters - learn to be financially independent. That would probably be the best gift you give them this year!

While financial wisdom is not as quick as an instant makeover, a start towards getting there could well be made right now. Share these bits of random sense to help the women in your life treat their (and your) money better.

A woman needs her beauty sleep! After all a good night's sleep is a significant factor towards good health. However, there are times when hectic work schedules, stress, or a late evening strong espresso sabotage your plans to head to bed early and keep you tossing and turning.

Similarly, we often indulge in activities that sabotage our wealth building efforts as well. Instead of the strong espresso, the saboteurs here are:

Not paying attention to your finances

Not tracking your income and expenses

Impulsive buying

Depending on someone else to take care of your money

Not thinking about growing your savings

If this short indicative list sounds familiar to you, then you should get thinking.

Remember: Go to bed early, wake up early, and save your money! These are good habits, indeed, if you want to be a healthy and wealthy woman.

Stores majorly target women for their "Less is More" campaigns. Every woman has at some point in her life experienced the phenomenon of "Less is More" in the form of 'discount coupons', and 'sale invites' which encourage more and more spending. And then one fine day, the credit card bill comes in and you realize that you suddenly have too much stuff... and too much debt!

Sometimes less is definitely more; we tend to collect - shoes, clothes, handbags, cosmetics, accessories, etc - but with time the realization does dawn that too much stuff stifles (they may never admit to this though). You can't find what you need, you can't organize what you have, and you feel cluttered when you have too much.

Spending less equates to more money to invest and grow. More money means being able to provide those things that really matter in your life.

Traditionally women have been portrayed as leaders in many areas, including home care, children, and aging parents. Each of these categories has other sub-categories, such as grocery shopping and cooking, home decorating and maintenance, medical emergencies and school meetings, along with numerous other areas. At present, women have progressed in corporate spheres as well, with many of them leading giant corporations. Tragically, though this multitasking leaves women with the most common excuse to ignore their finances: "I just don't have the time."

But your money needs your time, and it needs you to take the lead:

You could make a start by making the time to think "Finances":

Be as aware of investment options as you would be of Episode No 1,203 of your daily soap.

Start small, stay regular. Look to your piggy bank for inspiration.

Keep stock of your investments, as you would of your monthly ration.

Think goals, and then work around options to achieve those goals, like you would with your diet plan.

Sometimes the thought of creating a savings and investment plan can seem completely overwhelming. However, your money is just like other areas in your life; the best way to create the outcome you want is to focus your energy on one step at a time. Victory from that one step propels you to take the next step as you see improvements in your financial health.

Why did we choose to write to you about this? Because we think you'll say to yourself (and the women in your life) at some point while reading this piece, "Happy Women's Day. It is time to move from Stilettos to Savings!"