The Path to Freedom

Dr. Shinki K Pandey
HoD, Faculty of Commerce & Management
Kalinga University, Raipur
shinki.pandey@kalingauniversity.ac.in

The concept of the “unitary household” continues to influence policymakers, suggesting that couples inherently share their finances (Dodoo, 2019). However, financial autonomy—the ability to independently manage one’s finances without reliance on external income—offers significant benefits. These benefits include reduced stress, greater control over financial decisions, and enhanced life satisfaction (Collins Dictionary).

For women, achieving financial autonomy requires a strategic and deliberate approach. Key steps include:

• Budgeting: Tracking income and expenses to maintain financial clarity.
• Saving: Consistently setting aside funds to build an emergency cushion.
• Investing: Allocating resources into diversified assets to grow wealth over time.

Additionally, reducing debt and diversifying income streams are crucial for ensuring long-term financial stability (Bennett & Sung, 2013).

Continuous learning about personal finance is equally vital. Staying informed about investment strategies, tax laws, and economic trends empowers women to make sound financial decisions. Seeking professional advice from financial advisors can further provide personalized guidance.

By taking proactive steps toward financial autonomy, women can secure their financial future, gain independence, and live life on their own terms.

References:

• Dodoo, N. D. (2019). Does financial autonomy imply reproductive autonomy? Evidence from urban poor women in Accra, Ghana. African Studies, 78(4), 477-495.
• Financial Autonomy. Collins English Dictionary. Retrieved from Collins Dictionary.
• Bennett, F., & Sung, S. (2013). Dimensions of Financial Autonomy in Low-/Moderate-Income Couples from a Gender Perspective and Implications for Welfare Reform. Journal of Social Policy, 42(4), 701-719. https://doi.org/10.1017/S0047279413000330