Women urged to save early and maximise benefits
JOBURG - With women’s roles in society evolving from the traditional to the modern, women are now being empowered to make effective choices when it comes to their finances.
This according to Nolene Parboo, senior deposits manager of Standard Bank, who stressed the importance of women learning to manage their money for the long term.
Paboo also offered various tips to women to help them manage and control how their money is used. “Face your demons; if you have historically avoided all things financial, now is the time to take the wheel when it comes to your money,” she said.
“Get familiar with financial terminology, read books on money management and make an appointment with a financial advisor.”
She also highlighted the importance of devising effective methods to manage money, including making a list of goals and needs and allocating finances according to that.
“Over-indebtedness is a reality for many people and this means that many women do not have cash available to save,” she said.
Another tip Parboo offered includes acquiring effective life and disability insurance to cover the entire family should tragedy strike.
She concluded by stressing the importance of women being in control of their finances, adding that doing this would help in the long run.
“Deferring [your finances] to someone else may be a short-term solution but in the long-term, almost all women will have to deal with making their own financial decisions,” she said.
More tips on how to become more financially savvy:
- Assert yourself in your career: Women tend to be less forceful in procuring raises in income than men. Don’t shy away from asking for what you are worth
- Invest in yourself: A woman usually gets so caught up in balancing work and home that she often forgets to keep her skills
- Never give up and don’t let small setbacks knock you off track with managing your money
- Have your own credit cards and bank accounts: Having accounts in your own name builds your credit record and will help you access credit in the future
- Use the experts around you: If you are new to the money game, speak to your financial consultant.
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