Priti Rathi Gupta, the Founder and Managing Director of LXME, emphasizes the growing trend of single women. Over the last decade, the number of single women has surged by nearly 30%. This significant increase underscores the urgent need for financial awareness and empowerment among women, especially those who are navigating life's journey independently.
Shouldering Responsibilities: A Candid Discussion
In a candid interview with Priti, we explore the intricate challenges single women face when it comes to financial management. She delves into the unique dynamics that arise when responsibilities extend beyond oneself. Single women often find themselves juggling the financial well-being of their parents or children.
The Sole Financial Custodian
For single women, the financial landscape can be especially daunting, as they are solely responsible for meeting their financial goals and leading self-sufficient lives. This pivotal role underscores the importance of acquiring essential financial skills.
Breaking Down Barriers
Unfortunately, it's not uncommon for women to relinquish or delegate financial responsibilities to male family members, whether it's a father, brother, or even a trusted friend. Alternatively, many women park their hard-earned savings in assets or locations that don't effectively combat inflation.
The Budgeting Dilemma
Priti sheds light on the crucial aspects of budgeting, from building an emergency corpus to planning for future financial needs. She also delves into the role of insurance in this equation.
Becoming a Savvy Saver
In today's world, where many women tend to spend everything, they earn, Priti's financial wisdom offers a beacon of hope. She introduces the golden rule of budgeting, emphasizing the significance of categorizing your earnings and expenditures into three key buckets.
The Path to Financial Security
As women embark on their careers, roughly 50% of their earnings are dedicated to daily essentials. Priti guides them on a journey to smart saving by advising them to allocate 20% of their earnings into assets that outpace inflation. This financial safeguard becomes increasingly crucial as careers progress, allowing for a larger allocation to luxury expenditures while securing financial futures.
Common Questions:
Question: What is the significance of the increasing number of single women in the context of financial management?
Answer: The surge in single women underscores the pressing need for greater financial awareness and empowerment, especially as these individuals often navigate responsibilities beyond themselves.
2. Question: What are some common financial challenges that single women face, and how do they manage these responsibilities?
Answer: Single women often grapple with sole financial custodianship, navigating financial goals, and self-sufficient living, which emphasizes the vital importance of acquiring essential financial skills.
3. Question: How can single women overcome barriers in managing their finances and embark on a path to financial security?
Answer: Breaking down traditional barriers, budgeting wisely, and becoming savvy savers are essential steps for single women to secure their financial future and achieve greater independence.
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