Lately, I have been seeing an interesting post about women and their views about being financially independent. The answers are varied, in the end, the answer is yes or no. Some contemplate that women should be independent while in single status then when they marry someone, the financial responsibility falls into their spouse. While the rest think that women should be independent financially no matter what, whether they are single or married. I agreed on the latter one. I personally think as a woman, I need to be financially independent. Having my own personal financial stability is an important factor for a balanced life. Reasons why I think, women should be financially independent are:
1. To Be Able to Buy The Things You Want Without Permission
Want to buy 10 lipstick with similar shade from different brands? Go ahead! You don’t need to wait for someone else to buy it for you. When you have your own money, and you are free to use it as you like. You don’t need to ask permission, you don’t need to hide your shopping bag from anyone, you don’t even have to feel guilty spending money on the things you want.
Situation will be different if you shop using other people’s money, like your husband’s, parents’ or boyfriend’s money. Maybe they won’t let you spend money on something they think is not important while you want it so bad. Being financially independent that I am talking about is having your own money that you have earned yourself and you can set aside to purchase your needs. Nobody going to scold you when you shop too much, except yourself :p
2. Preparing for The Future
Single or married, we as woman need to rely on ourself no matter what. We must be financially knowledgeable and independent. It is ok to expect your husband to provide for you, however, you should not forget to have your own thing too. If you already married, don’t be too comfortable and let your spouse take care of the family money matter entirely.
Imagine you are married; your income solely comes from your husband. There is no side hustle, no investment, no saving, no nothing. Let say, things are going bad, your marriage is in a rough situation. Your husband loses his job. The only income source has been cut. the first couple of months might still be ok, but after that, what happens? Your spouse might start blaming you for not contributing to the family financially and your both struggle to keep the marriage going.
When you have your own financial safety net, at least you can also contribute to earning family money. It is also can protect you from heavily depending on your husband in case financial issues arise in marriage.
The fact is some women are staying in marriage when they are not happy, just for the sake of financial dependency. They don’t know how to make money if the husband ever divorces them. They worried about the children’s wellbeing without the monetary support from the husband.
If you are a stay-at-home mom, try to have a side hustle that can make money and learn proper knowledge about investment and money management. Discuss the family financial situation with your spouse. That way you will know how many assets your family has, what are the debt that still ongoing, how much debt you can afford based on your income, future education fund for your children, etc. Be active in managing your family’s money.
Whether you are a career woman or a housewife, we cannot predict the future. I know we should be optimistic in life, but personally, I think we should always be prepared to face the worst scenario that can potentially happen and how to overcome it. Maybe you have a good life, a perfect husband that provides you with everything you want. Nevertheless, the Future is vague, one turning event can change your perfect life into a disaster. Being financially independent is a form of protection for yourself against the Vicissitude of life.
3. To Release Yourself from Other Control
Depending on someone else financially is like giving someone else permission to rule your life. Like kids depending on their parents to pay their school fee, giving an allowance, provide a home, etc. The kids will be given so many restrictions from the parents, and they would have to obey them since the parents support them financially. Maybe your boyfriend buying you lots of gifts, but then you would have to obey him in a certain way. Maybe he would prevent you to see your friend too often or not allowing you to dress in a certain way. You got the point, right? When you are financially independent, you own yourself, you can take control of your own life.
4. Set an Example for Your Children
Mother who is smart about money will be able to teach their children about the importance of being financially self-sufficient. If you know how to be financially independent, you certainly can pass down your knowledge to your children. I think teaching about money should start early, as early as 5 years old maybe. To be able to create the right money mindset for young children.
Begin their lesson early so that they understand the importance of being clever with their money. You can start teaching your children the value of money or how to manage their allowance money when they are young. Gradually add up the money lesson to a more complex one, eventually, they develop a good money related habit in their daily life. There is a good book to inspire you teaching about money according to children’s age name “Make your kid money Genius (even if you’re not)” by Beth Kobliner.