A passion for pedicures, fetish for shoes, yearning for designer clothes – this is every woman’s story. An entire class of women like us buy more than we can afford, save less than we ought to and are in constant debt due to compounding interest on their credit cards. Our dreams of having a beautiful house that everyone envies, taking vacations with girlfriends in Europe or retiring whenever the ‘I-don’t-like-my-boss’ syndrome strikes, seems next to impossible. The result is a feeling of financial inadequacy, insecurity and constant fatigue.
My story -How I started saving early
Oftentimes, we postpone saving – saying that we’ll start when we make more money. The truth, however, is that there is no better time to start saving than now. I recall that the discipline of saving came to me early.
At the age of nine, I would stow away little rewards of crisp five rupee notes from my father, given whenever I scored well in a test. Growing up with five siblings and
subsequently living in a boarding school, further taught me to ‘do more with less’! I watched as others spent their pocket money, while I tucked mine into the little corners.
Thus, at an early age, I realized the truth resonating in the words of Catey Hill, in her book Shoo, Jimmy Choo, “It doesn’t take that much to be a millionaire, if you start saving early in life.”
As I grew up and entered the professional world, I continued to save as much as I could. I reminded myself of my financial goals – my house, that vacation and my retirement. ‘Miser’ is what you may think, ‘wiser than most’ is what I would say!
Saving and investing
It has taken me discipline, patience and supreme willpower to resist those beautiful things that we ladies ‘cannot live without’. Staying focused on the ‘big picture’ of financial goals is important for wealth management, and I recommend this simple three-step plan to grow your wealth:
► Change the way you spend, because fashion trends and new restaurants always go out of style. Start understanding what you spend on and why, and then determine how you can spend less.
► Starve yourself of credit card debts. Some crash diets are good. Become a savvy shopper with your credit card. It might take a bit of practice and self-control to avoid this minefield. But keep at it, and you will notice results each month.
► Finally, invest, invest and invest. Make wise investments for financial fitness — large figures can sometimes seem more attractive than they are. So, consult with financial advisor; ask for guidance where you need it.
Investing and growing your wealth
‘Financial investment’ can be intimidating, especially when most of us do not understand mutual funds, dividends, bonds, retirement plans, etc. But you will be surprised how uncomplicated money management can be. Though I have been saving money for a long time, I have only recently discovered easy ways to grow my money. Like my mother, and perhaps her mother before that, I took great pride in fixed deposits and money tucked away in hidden accounts. However, there’s a lot more to sensible saving than this. All it takes is a little learning and some homework to get it right.
On your way to financially security
A good bank balance and sensible investments is the perfect concoction for financial security and confidence. Women, form half the world’s population and drive the household budgets and buying decisions. With changing times, we are more empowered today than we were ever before. Therefore, it is essential to understand savings and the investment market to wisely diversify funds for our future.
Last but not the least
Saving does not mean that you deny yourself the little pleasure of life. You may buy fewer things than you desire, but you will have that dream house, zero interest on your credit cards, a healthy ‘in-case-I-get-fired’ fund, a plump retirement fund and a solid financial backing for your future. And that will set you up for a rich — in every sense of the word — and fulfilling life.
Ruchika Bhaskar Sethi
Ruchika is our esteemed client, She is heading HR function in an leading MNC. She is young Achiever and real role model to look for. She truly practices what she has put here. We are proud to be associated with her.