Women are no longer the weaker sex, as it used to be some decades ago. Today, the woman stands on the same footing along with their male counterparts. In fact, one can add that women are more resourceful than the men in many ways. They can handle a variety of responsibilities with ease. You have more women breadwinners today than ever before. Naturally, there will be challenges. Let us look at how to tackle them.
There are single woman breadwinners and married woman breadwinners. Each one has a different set of liabilities. Let us look at these individual issues and understand how to tackle them.
How should they handle these issues? It is a great feeling to support their family. However, one should also save some money for their expenses. It is better to draw a budget and set aside a specific sum of money to take care of future costs such as marriage. Allocate the remaining amount towards the welfare of the family. Sticking to this budget can initially be difficult, but you will be able to manage them better with time.
Allocate a part of your income towards investing for the future of your children. Families having double income have a higher capacity to save money. Draw a household plan in such a way that you use your husband’s income for running the household and your income for securing the future of your children.
Today, you have women with excellent educational qualifications. Hence, the numbers of women entrepreneurs are also increasing. The Government of India has made it easier by introducing a slew of benefits. Banks have specific products where women can Apply for a Business Loan for New Business.
Women can avail Business Loan without collateral under CGTMSE. They have benefits in the form of a higher proportion of coverage while paying a lower premium. Many banks have a different interest rate structure when it comes to women beneficiaries. Usually, it is about 0.5% less than the standard rate for male recipients.
Today, you have more women professionals like doctors, chartered accountants, lawyers, and so on. The higher levels of education bring greater awareness about the importance of saving money for a better future. The enhanced level of income allows them to invest and save more.
One must concede that women exhibit a greater sense of responsibility when they are the breadwinners of their families. Traditionally, women display a greater understanding of empathy. Historically, you do not see women wasting their hard-earned money. Their family always comes before everything else in the world. Therefore, you find women as better equipped to tackle financial issues than men are.
Also Read: 7 Reasons Why Lenders Turn Down Business Loan Applications
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