An event Wo-money-ia powered by SLA Financial Solutions and SBI Mutual Fund took place on International Women’s Day, i.e. March 8, at Country Inn & Suites, Jaipur. The event was aimed at making women financially independent by making them aware of the new age financial world & advising on best practices for managing finance.

Ohhhhh Womaniya… Ahhaaa Womaniya….Well, this is what my mind played when I was told to attend the event named Wo-money-ia.  Ha-Ha!

Well, the event commenced with Ashish Modani, Chartered Accountant & Founder of SLA Financial Solutions, where he briefed the audience about the importance of financial management and that it is not a gender specific activity. He elaborated a ‘10 Day-Month-Year’ mantra,

“For the money, you need 10 days later, manage it now. Save the money that you’ll need and use after 10 months. The money you’ll need 10 years later, it comes under long-term savings, and would require planning.”

After Ashish, Ritu Mathur, Financial Advisor & Co-founder Megriar Advisor, explained the audience why it is mandatory for women to manage finances.

“Pen down what things are important to you today and what you’ll need and want tomorrow, and then manage your finances such that you’ll never have to curtail down on those things. ”

She addressed the women by advising them to take control of their lives and empower themselves. She finished with a beautiful poem,

 “Komal hu, kamjor nahi,

Bas ab mujhe apni takat se rubaru hona hai,

Ek aina hai samne mere,

Usme khoyi hui mai ko dhundhna hai.

Milte hi laga lugi daaman se usse,

Aur kahugi

Tu akeli nahi,

Mai saath hu tere,

Tera jeevan kisi aur ke liye ho na ho,

Mere liye khaas hai,

Aa chal ab apne liye bhi jee le,

Komal hu, Kamjor hu”

Beautiful, isn’t it?

Afterward, Ashish Modani, moderated a panel discussion with four women panellists.

• Nivedita Sarda, Chartered Accountant & Advocate, Co-founder-Vedanta Law Chambers
• Swati Souls, Artist & Pioneer of Biographic Painting (Ring a bell? JWB shared her story, Read here)
• Archana Shekhawat, Faculty at Jayshree Periwal International School
• Ritu Mathur, Financial Advisor & Cofounder Megriar Advisor

Here’re some topics that were discussed:

Ashish: Why women handling finances is still a taboo in our country.

Swati: I believe that it’s a taboo because our society has always been a patriarchal one. Only men were handling finances and business. Slowly, things are changing due to globalization and liberalization. But, the term women empowerment came in recent times. It’s a transition period we are in, where things are changing for women, and women are acquiring varied roles in all sectors. But, it will take some time to empower women entirely, and one of the things would include their financial independence and management.

Nivedita:  A woman has been cultured in a way from the very beginning by her family that she has to manage the household, her kids, groceries, etc. And, it’s incorporated in her mind that financial matters are to be looked after by the men of the family.

Ashish: As a financial advisor, Ritu, do you think women come and talk to you about their finances confidently?

Ritu: Yes, I think women who manage their finances have clarity of mind, they know what they want. In my experience, women are better and more stable investors than men.

Ashish: Nivedita, as a legal expert, throw some light on the financial challenges a woman faces when she takes charge of the finances, willingly, in a case of some mishap, or death.

Nivedita: I feel most women, even the educated women, know nothing about banks and their accounts, i.e., how they can deposit, withdraw, write a cheque, etc. They rely on their husbands or fathers completely for all financial transactions and matters. I would list three major challenges that women face and which I advise that all of you should prepare beforehand:

First and the foremost is that when a man expires, we find out that they don’t have a Will. Women become dependent on other people to even get hold of the money that’s lying in the bank accounts, forget about the property. Also, have your house loan insured. So, Will is the must.

The second challenge, most women face is that there is no nomination for the insurance or the bank account. And, if you have no nomination on the bank account, you cannot withdraw any money. It is preferable that a woman should have a joint account with her husband, so in the case of any mishap or death, you can operate the account. And, if not a joint account, make sure there’s nomination for the same.

The third and the most important thing is women should have a list of all bank accounts, all the assets, passwords, emergency contact numbers that should be kept in a safe place, which she can refer to in case of an emergency.

I sat there listening intently and realizing that how financially illiterate I am. Pssstt…

After the panel discussion, Swati Souls came up and shared her story and struggle of managing finances.

“When I left my parents’ house, I had thirty-five hundred with me. I had no finances and no job. I had to struggle with food, sleep, work and everything. Anyhow, I started painting but was not sure of what I wanted to do or how I will earn. With the help of my friend, we came up with Biographic Paintings and started Swati Souls Creations. I made some money, but still the idea of managing it was vague and alien to me.  Till now, I am trying to understand it, but there’re so many things I have to manage with my earnings, that sometimes, I don’t have enough to fulfill many of my needs. I am also learning, that how I should divide my earnings well enough to save for future.”

She added,

“I feel everyone should have a goal as to what kind of lifestyle they want to have after the age of 45-50 and according to that, they should plan and save their money.”

Well-said Swati! *claps*

The event concluded with the speech of Munish Sabarwal, Vice-President and Zonal Head (North) SBI Mutual Fund, where he thanked all the speakers and stated the importance of financial awareness and management amongst women for the growth of women and the country. He said,

“It’s a famous saying which I strongly support and with all my heart believe in when you educate a man, you educate a person; but when you educate a woman, you educate the entire family and generation. So, to all women, Happy Women’s Day and Break Free!”

Well, it was a great event and an eye-opener for me.

Ladies, let’s Breakfree!

Note-to-self:

It’s time, you start managing your finances. And, please, open a savings account that you will operate, Yourself!