Who wouldn’t agree that money is one of the ways through which we achieve our desires and enjoy financial security and freedom? Not only that, financial security also gives peace of mind and reassurance that one can withstand difficult times in life.

Everyone has a different connection with money and women face different challenges when it comes to money compared to men.

For example, sometimes women face a glass ceiling in their workplace and have difficulty in promotions. They also take more time off to care for children and the elderly. In spite of these challenges, women can attain financial security and take their finances to the next level by following the tips given below:

Take charge: When you have money it’s always better to take charge of it. A majority of the women in our society even give their inheritance to the male members of their families to be managed by them.

They know little about the investment avenues and have little or no knowledge of the banking procedures involved in them.

When women manage their own money it not only gives them a sense of empowerment but they realise their untapped potentials too. You can always take advice from people who are in business and have more knowledge and experience.

All you need is to keep track of the economy that will enable you to identify different investment avenues such as stocks, bonds, foreign currency, gold and property.

Money brings financial security but you need a smart approach to manage it.

Know your worth: A lot of women not only feel guilty charging for their services / products but they also undercharge.

Whether a woman is offering tuitions at home or selling baked items, it is likely that she is undercharging. Women also accept lower salaries when they go to work for organisations. Therefore, it’s wiser to know to know your worth and not to undersell your services / products.

Earn your financial needs and wants: Suppose you want to buy a particular dress or bag, know exactly how much it’s going to cost and then think of ways to earn that money.

Even if you want to buy a car, have a plan in mind that will enable you to earn that much money. In other words, don’t expect the amount to be given to you.

Don’t take credit from anyone: One advice that Suze Orman, America’s most listened to personal finance expert and author of several bestselling books on personal finance, gives to Americans is to burn those credit cards.

Therefore, one of the ways to attain financial security is that you should never owe anyone money. Even if you have borrowed the money, it should be returned before making any new purchases.

Save before spending: According to Warren Buffet and many other financial experts saving is the corner stone of financial stability.

Everyone should have an emergency savings fund with six to nine months of living saved up. A good way is to save 20 per cent of your earnings every month and spend the rest.

In this manner you will be left with enough money to spend given that you will prioritise what you buy.

Track your money: A good method to know your priorities is to jot down all your monthly expenses. This way you will know which area is your priority and where there is room for economising.

Make a list: When you go to a supermarket, a lot of items allure you, even those that you don’t need. A good idea is to make a list of all the items you need.

The allure of the other items may wane once you leave the supermarket.