As the UAE prepares to celebrate Emirati Women’s Day on August 28th, we at Souqalmal.com are celebrating women and their ever-increasing role in the global economy.
With financial independence, comes a sense of financial security… And not just that, it also gives a big boost to our self-esteem. Building on the theme of ‘Financial Independence’ among women, our team has put together some of the most important reasons why women should be financially self-reliant:
Keeping up with a higher cost of living
2017 has kicked off on an ‘inflationary’ note! Statistics show a rise in inflation in the UAE, which stood at 2.3 percent in January 2017, up from 1.2 percent in December 2016. This translates into a higher cost of living, which can be a serious cause of concern for many expat families, particularly those dependent on a single earning member. But a double income, with both you and your spouse being breadwinners, can definitely provide you a financial cushion to cope with rising prices. It can also help you better manage everyday household and recreational expenses, and you can still have enough left over for long-term savings and investments.
Being capable of handling financial emergencies
If you’re financially independent, you can afford to worry less about financial emergencies in life. You can create a substantial emergency fund for you and your family by contributing a small portion of your income towards it every month. These savings can help you withstand any stroke of financial bad luck that life may bring your way.
Although this is a grim topic that married women don’t like to think about, but what if something were to happen to your spouse, the sole breadwinner of your family? Or what if you were to go through a divorce? Unfortunate circumstances like these can take a huge emotional, as well as financial toll on you. Single women too, can be affected just as bad if a financial crisis were to hit their family. Financial freedom in times like these, can save you from feeling helpless.
Having independent money goals for yourself
Many couples work towards common financial goals in their marriage – Repaying a mortgage, building a college education fund for the kids and more… But you can have individual money goals too, whether it’s building a financial fund for your elderly parents, saving up for a Masters’ degree, or simply going on an all-women’s vacation! Financial self-reliance can allow you to pursue and achieve personal financial objectives.
[Related: 5 money management tips for single women]
Managing your own savings and investments
Many women who are financially dependent on their spouse or parents, refrain from participating in big financial decisions, particularly the ones which involve savings and investments… And many probably don’t even have a say in how these decisions are made. This is where financial independence can make all the difference. You are the boss of your money and you get to decide where it goes, how it is saved and where it is invested.
Being a role model for other women
As a financially independent woman, you are a source of inspiration for other women around you, as well as for your own children. You can be the ideal role model for your daughter, who can inherit the values of financial responsibility and self-reliance from you. As a financially independent mum you can also teach your son to be respectful of a woman’s financial freedom.
[Related: 4 ways men and women treat money differently]