In Bangladesh, there is a growing change in conventional family structures, and we are seeing a rapid shape-shifting in the families today. In such scenarios, working moms have replaced stay-at-home mothers and a gradual shift in the mindset can be noticed. As a result, there is a rise in the number of home-born women CFOs.
Women nowadays contribute greatly in controlling the household budgets, savings plans and educating their husbands and children on the best financial practices. They often encourage their male counterparts to save more and spend less which gives rise to more financial inclusion in the economy. According to a report by Global Findex, 65 percent of Bangladeshi men have accounts while only 36 percent of women have accounts.
The emergence of mobile financial services has quite sealed the deal when it comes to quick savings and transfers. Moreover, specialized banking services for women like City Alo have also encouraged women to explore a medium that is specifically catered to their needs. This allows a great level of transparency when it comes to savings and results in crafting strong independent women in the society who can now better manage budgets than ever before.
Here’s list of things that can also help you have a better grip on finances and help you become the alpha women of the family!
- Set your Financial Priorities:
Understand which priorities need immediate financial attention and cut down on those which are for extravagance. This will allow you to save more, keeping expenditure to a minimum.
Find out what your hidden talents are and if you happen to get some spare time off work and commitments
- Measure Income vs Savings.
Decide on what percentage of your income you want to save each month and silently put away that bit into your savings account and forget about it. In case you don’t have one yet, City Alo DPS Account can help you! Visit http://www.cityalo.com/deposit/goal-based-dps-account
- Maintain Budget Tracker
Create a monthly budget, set yourself a budget tracker and spend accordingly. Reviewing the budget at weekly intervals can help you measure progress.
- Keep Emotions under Control
Emotions can act as an enemy when it comes to financial control. Be at will to scrap off any emotional expenditure like stocking up on junk food for a movie or loads of wipes and sanitizers because of quarantine. Excessive expenditure would distort your budget and also leave other people deprived of necessities.
- Tip: Discover ‘The Chef’ in You!
Discovering the chef in you will allow you take meals from home and help cut off on a huge expense like office lunch. This small bit saved, might add up to a great amount later and help overcome crisis situations. The massive savings from coffee trips alone can stand as a testament of this!