Contrary to what we have in many African homes, women actually have a direct responsibility to cater to financial needs in their homes. Naturally, the man is expected to make, bring and delegate the financial aspect of the home. But in cases where this is not the case, does the family starve?
It is only wise that the woman takes responsibility of some of the finances if her own home for security and loving reasons.
A National Center for Women and Retirement Research (NCWRR) study showed a direct correlation between a woman’s personality characteristics and her financial habits.
Assertiveness, openness to change, and an optimistic outlook are the qualities that tend to lead to smart money choices.
Smart women will easily join the Access Bank ‘W’ Initiative, which is designed to inspire, connect and empower women, while catering for their financial and lifestyle needs at various stages in their life.
A key component of the ‘W’ Initiative is it’s Maternal Health Support Scheme which provides women with the opportunity at pursuing their dreams of motherhood and completing their families. The scheme gives women support for various fertility treatments such as In Vitro Fertilization (IVF), Intrauterine Insemination (IUI), Gestational Surrogacy, Intra-Cytoplasmic Sperm Injection (ICSI), Myomectomy, Hysterectomy, Endometriosis among others.
Accelerate TV brings you ten of the most important things women can do for themselves and their financial future:
- Don’t rely on someone else, like a husband or boyfriend, for your financial security. Educate yourself about money management and investing.
- Set goals – it’s key to financial success.
- Don’t use money to make yourself feel good. That type of high is fleeting. Instead, do things that promote self-respect and creativity so you don’t have to seek those feelings through spending money.
- Spend less than you earn – it’s the secret to creating wealth.
- Get an education. People with college degrees make on average, significantly more money than those who don’t have degrees.
- Build an emergency fund. Without one, losing your job or incurring a large unexpected bill could force you to take on heavy credit card debt, and could put you into a financial hole that will be difficult if not impossible to dig your way out of.
- Be involved in the day-to-day management of your family’s finances, and talk about money with your spouse.
- Don’t take on your partner’s or spouse’s debt when you marry. Wait until you’re both out of debt before tying the knot, or protect yourself with a pre-nuptial agreement. They’re not only for the rich.
- Don’t let the fear of losing money, fear of failure, or fear of the unknown stop you from investing.
- Learn from your money mistakes. Don’t let them hobble you. Your financial security is dependent on your attitudes and beliefs about money and your willingness to take your financial future into your own hands.
Written by Oluwatoyin Adeleye