Saving Grace — A guide for women to preserve their financial well-being

There is an immense amount of emotional labour that is part of a woman’s financial capital.

The economics of independence, perceptions of decision making capacities and the ability to speak for oneself as a woman is heavily dependant on a woman’s personal wealth. The credibility assigned to her person, her navigation and her freedom to make choices for herself is dictated by the economic viability of her self ownership.

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Collectively women today have to work towards their own individual goals, establish boundaries, use social capital and set precedents across an uncharted social terrain.

The kind of resilience required to uphold their sense of selves without giving in to the cultural imagination that undermines their personal lives is an immensely taxing process.

Women founders will also be raising children, managing relationships and whatever life throws at them with the same force and focus they scale companies. Their self actualisation equips them to be a better resource professionally and more insightful beings.

Oraan’s initiative takes the financial well being of this breed of trail blazers and as we aim to set precedents, the absence of financial literacy comes forth.

In order to balance the disequilibrium within the professional and personal landscape, the monetary capital that women acquire needs to shed it’s trivialisation.

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Financial Independence brings a security that is imperative to the well being of women multitasking effectively in their various roles. However, due to traditionally dismissive attitudes of a woman’s personal wealth, her capacity to save efficiently diminishes.

With a simple 5 step guide that is part of our financial literacy series, we can enable a shift towards dialogues and community building. It will also serve as a handbook through which individual saving systems can be designed as per relevant contexts.

Here’s a quick simple compilation of the first 5 basics of efficient money management:

1. The 30/40 rule — After 30 days of an eternity, the pay-check you receive is better than any knight in shining armour. It seems endless, a forever ever after of monetary bliss. It’s not though. The 30/40 rule makes sure you get to live the rewards of your own story on your own terms. Remove 30 percent of your pay check and ideally save it in a separate account that has no cards and is inaccessible unless you have to stand in the line at the bank for three hours and have the teller inform you that their working hours are over by the time you get to him.

2. Need vs. Want — Make a clear distinction between what is essential and what may not be priority but driven by impulse or desire. Separate the two. Once you have the essentials separated from the whimsical, your assigned amounts of respective spending will be informed from the get go.

3. Budgeting — Identify all necessary expenses and budget for them at the start of the month. Make budgeting a monthly activity rather than something you would do in times of financial stress.

4. Access to financial expertise — With our platform, we can collectively begin to create inroads to money management help required and customise as per individual need. Not all of us are born with razor sharp monetary acumen. This should be no reason to hinder your economic capital. Reach out and ask for help when financial struggles arise. There is an innate shame that women carry and it’s pronounced when it comes to money. At Oraan, we do away with presumptions and aim to be your financial therapists. With our specialised expertise, it’s a reassuring safe space to get help.

5. Retail therapy is real — Yes, you deserve a new pair of shoes or that bag of your dreams. You’ve worked hard and it’s only fair to treat yourself as a gesture of self care. Nurturing resentment that is most likely to follow will hurt both your professional and personal output. Set aside a sum that is only meant as a reward from you to yourself. It’s the least you deserve after the never ending days of drudgery.

#Budgeting #Savings #Investment #Financial #Literacy #Oraan #SaveTodayForTomorrow

Relationship Status: Financially Committed

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For many of us the number of zeroes in your savings account statements are an indicator of our financial health. The validation of monetary security becomes equivalent to personal security. How do you manage your relationship status with money to keep it healthy and secure?

STOP FEELING BAD

There is often a lot of guilt around money, but surrounding your finances with negative feelings interferes with our capacity to create abundance. Instead of focusing on the fact that you cannot afford a vacation this year, pay attention to the seemingly simple things like paying the bills on time. With a higher credit score or a few extra thousands in your account, you are reaffirming your goal of owning a home. Re-framing your expenses puts you in a completely different mindset — a positive one that makes you feel more ready and willing to take action to change your circumstances.

FIND YOUR BALANCE

You have been avoiding your online statement since you splurged on those new shoes, which is understandable, but it is time to face the music. Knowing exactly how much money you have and what you owe helps you get a better control of your budget, but putting attention on your finances makes your monetary choices healthier and more informed. Checking your balance every morning establishes a daily habit of taking control of your finances. Yes, you will be more aware of your bottom line, but you will also take back the power you have been giving your purchases, making you feel more in control again.

MAKE YOUR SPENDING MATCH YOUR VALUES

Spend money in ways that make you feel expanded and not contracted. Take a look at your expenses and align them with who you really are and what you really want with a simple and emotive exercise: Print out your bank statement, and draw smiley faces around purchases that made you feel happy and sad faces around spending that made you feel icky or restricted. For example, seeing a charge for a dinner with a friend who always complains may get you down, while paying for a yoga package may make you feel lighter or more relaxed. Aim to fill your life with less of the “sad face” purchases and more “smiley face” ones next month.

SAVE FOR YOUR SELF-WORTH

Instead of looking at saving as depriving yourself of that extra dinner out, see it as a way of taking good care of yourself — and your Italian food-loving belly. Saving outright may be difficult so approach it in an easier way like editing your expenses, such as skipping the expensive haircut for a more reasonable one, skipping the lunches your not interested in and not attending the movies you don’t care about seeing in theatres. Make it fun by naming your account something you really do want. As your choices begin to reflect what you truly value and enjoy having in your life, you will strengthen your self-worth.

MAKE IT A GROUP EFFORT

Circulation of money

“We need to bring money out of the shadows, and discussing it on a professional, service based solution forum has brought a lot of financial triggers out of the woodwork,” says Halima Iqbal, CEO Oraan. “We need safe spaces of confidence and no judgment to address our financial needs as a collective.” Often we keep our money issues private, like a shameful secret, it can eat away at us until it becomes an insurmountable problem. Discussing the nitty-gritty details of our money woes can feel awkward if not downright embarrassing. However by doing so, you may learn how friends got out of a similar crisis. Plus, with the support of a group, you may start to feel like you can move forward again.

#Oraan #FinancialLiteracy #Savings