“Every
day I wake up, I long for a small break for the coming weekend. With a
toddler to manage and flourishing business to care for, every small
break makes me feel awesome. However, the reality strikes too soon to
wake me up thinking how will I meet my expenses for my vacations and
more relevantly my living expenses. I mean yes my spouse is earning good
for us but what I am talking about is the icing on the cake -- my
earnings which is now not there. My income cycles are irregular now. I
miss my independent earnings”. Sounds like a familiar problem? Yes,
every women going through midlife professional sabbatical or pregnancy
pause can relate to it. What we would discuss today is what you can do
to avoid such situation in case to avoid possibly lost individual
earning capacity.
Plan your break well
– decide on the time you want to take a break for. If it is for a
temporary health break then it is wise to talk to the company HR for
giving you a short term sabbatical. If you want to take a maternity
break then it is best to talk with your spouse and your immediate
regarding the likely time to resume work. The main purpose of this
planning is to ensure that you save sufficiently well for your interim
contingency funding. Also, if you don’t wish to resume work for a short
time then it is best to re work your personal cash flow to understand
the discretionary components that can be discarded.
Make a note of all your upcoming major expenses
– be it any health consultation, surgery or general hospitalization.
Make note of all of these expenses. Also, if you intend to travel in the
break it should be planned well in advance to avoid any huge cash
crunch later. These funds should be beyond the basic safety required to
be maintained by you. Also it will make your spouse tension free about
shouldering the responsibilities single-handed.
Continue your individual investments
– all the savings ongoing for future goals should be continued without
any inadequacy in it. This should be taken at the time when you are
still working. If you want to transfer the funding from your joint pool
with your spouse then make necessary bank transfers regularly. Also,
never miss your life premiums as it is necessary to continue your life
cover.
Keep your personal expenses self sponsored
– make your personal lifestyle expenses self sponsored so that you
don’t have to compromise on it. Let it be well calculated to ensure that
your grooming or lifestyle expenses don’t compromise anywhere. Also,
please don’t make it too overstretched to make you feel bonded to
fulfill it.
Support your family goal funding
– if you have decided to retire from your active work life, then plan
this retirement well in advance. It is necessary to ensure that your
family goals are not hampered at any cost. If your family goals need you
to support a little more then try to figure a mid way to balance your
expenses and earnings.
Saarthi
supports women’s financial literacy and independence. We look forward
to get more female clients planning for family goal fulfillment. It is
necessary for women to play an active role for family financial welfare.
But this should not hamper their own dreams and goals. Be a bird, carrying your own weight and be you own anchor.
Team
Saarthi Financial Planners
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Email: saarthifp@gmail.com
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