5 Monetary Compromises Women Should Avoid

Settling for less Despite rising awareness among women, there is still a large percentage of working females that faces an uncertain financial future because they often allow close family members to take charge of their money. To avoid such dependence and achieve financial security, here are some issues that women should never compromise on.

Handling salary Owing to myriad of reasons, many women are forced to part with their salaries even if they are professionally qualified and earning well. They need to remember that only they have the right over the money they earn or own. They can, by all means, contribute to the household in the proportion that they earn, but shouldn’t curtail their financial freedom by giving up their entire salary.

Inheritance Under pressure or threat by male siblings, sometimes their own parents, many women let go of their inheritance. Unless a will specifies, daughters have the same right to their father’s property as sons. Don’t let go of your right just because you were given dowry at the time of marriage.

Selling a house for grown-up kids If you are retired and are living in the only residential property you own, do not be swayed by emotion and sell it if your adult children are facing a financial crisis. Allow them to handle their own crises without involving you, because if you sell the property, you will be at their mercy for shelter.

Finances Even if you don’t like to handle money, consider it a necessary evil and educate yourself enough to save and invest on your own, instead of depending on your father, brother or husband. Learn the basics of personal finance and consult financial planners, lawyers or other experts.

Borrowing for others Don’t borrow for your spouse if you don’t have a joint or exclusive ownership of the asset you are taking it for. If you do lend money to any family member, make sure you have proper legal documentation and agreements drawn up by a lawyer that can hold up in a court of law.