Be Financially Smart – A Modern Woman’s Guide to Money

We don’t need Women’s Day to discuss the important aspects of being a successful woman. One of these key areas is financial literacy. While many of us aspire to manage our money well, we often don’t know where to begin or if we are really on the right track, especially the younger lot who are coming into the workforce. Whether it’s saving, investing, or managing household expenses, these tasks often seem straightforward, but that’s far from the truth. In today’s fast-paced economy, it’s more important than ever to secure and grow our hard-earned money. Whatever your financial goals may be, we can all agree that money brings both security and freedom. Gone are the days when managing finances was left to your father, brother, or husband. It’s time for us, as women, to take charge and own our financial future. Most of us carry a emotional baggage that shapes our financial decisions. We need to acknowledge the emotional connection and take a more realistic decision towards our financial goals. This is precisely the message Nita Menezes, author of Be Financially Smart – A Modern Woman’s Guide to Money, wants to share. Take control of your money, spend wisely, and educate yourself—it will take you far, both financially and in life.

What Does the Book Cover?

The book is thoughtfully structured to educate women on various aspects of money management. It is divided into six sections, each building on the previous. The first section covers the fundamentals, such as the psychology of money—how we think and feel about it. After grasping these basics, the second section delves into key financial concepts, including inflation, compounding, and the time value of money. The third section focuses on financial planning, guiding you on how to effectively manage your money. The fourth section offers a practical seven-month action plan, while the fifth provides in-depth strategies for investing and safeguarding your finances. Finally, the sixth section serves as a guide to empower you, helping you become a more financially savvy woman. The book also includes real-life financial case studies, allowing you to learn from others’ challenges and apply their strategies to your own financial journey.

Sharing some insight from the section 2, chapter 6 – SMARTER way to wealth management:

1. S – Savings as the Foundation: No matter your income, developing the habit of saving is essential to prepare for unexpected expenses.
2. M – Mastering Money Management: Create a budget that aligns with your values and goals. Track your cash flow and distinguish between wants and needs to optimise resource allocation.
3. A – Attitude, Your Financial Mindset: Your mindset towards money shapes your financial reality. Examine your beliefs and emotions around finances to cultivate a healthy outlook.
4. R – Resources for Learning and Growth: Financial literacy is key. Seek knowledge from relevant and credible sources to enhance your understanding of wealth management.
5. T – Time, the Compounding Catalyst: Time is your greatest asset in building wealth. Start early and let the power of compounding work to your advantage.
6. E – Equity for Wealth Expansion: Equity investments help combat inflation and grow wealth. Diversify your portfolio to amplify returns.
7. R – Regular Review for Progress: Consistently evaluate your financial situation and make adjustments as needed to stay on track.

While sharing different envelopes/jars for goals like education, necessities, and savings, I was particularly intrigued by the 5% allocation for the “Giving” envelope. This allocation fosters a spirit of generosity and empathy, making it a must for many. The concept of the Sparkle Gift Card was introduced to bring the idea of giving back to the fore.

The book offers much more to explore and apply in your life beyond these key insights.

What’s In It for Me?

The author emphasises financial literacy with a focus on empowering individuals, especially women, to make informed decisions about their finances. It’s an excellent read for anyone looking to benefit from the insights shared. While I was already familiar with most of the concepts, the author’s explanations are simple and relatable, making them accessible to readers who may be new to saving. I certainly want my seventeen-year-old to read and learn the magic of money management from this book.

My Recommendation

The book serves as a practical guide for anyone wanting to take control of their personal finances, with a special focus on empowering women. I highly recommend it to women who may feel unsure about saving or growing their money—it’s time to take charge and even help those around you, like your household support staff, become more financially savvy or a beginner in work life. Be Financially Smart – A Modern Woman’s Guide to Money is an invaluable resource for building confidence in managing money and creating a strong financial foundation for the future.

The views and opinions published here belong to the author and do not necessarily reflect the views and opinions of the publisher.

Sarika Chavan

Sarika Chavan is a public relations professional with over 15 years of work experience.

Sarika has previously had stints with with Weber Shandwick as Vice President - Client Experience, Adfactors PR, Text100 (now Archetype) and Perfect Relations. With keen observation and analytical skills, Sarika has successfully led PR campaigns for key brands across multiple sectors by leveraging her strength and expertise in the communications arena.

She is a post graduate in communications from Xavier Institute of Communications. She is based in Mumbai and in her free time loves to spend time with her daughters, play with her dogs, read and travel.