“Dad, it is too complicated and boring. Can you invest my money for me?”

“My husband checks and keeps money in my purse, so I never have to go to an ATM.”

“I don’t know how many bank accounts I have because I have a joint account with my brother, so he keeps track.”

“I transfer my salary to my father-in-law who manages my investments since I don’t know about it.”

Woman, this is so me! All these may sound so harmonious and sweet to have different relations in a woman’s life taking care of her finances. But, behind all the love and affection, it in fact red-flags financial distress in relationships.

Trusting different relations for the management of finances, not being in charge of financial decisions and, to top it all, staying unaware of the financial condition is alarming for a woman in this century, when she has raised herself in all fields not only to match but to surpass her counterpart across the gender divide, emerging as the Alpha Woman.

In the Indian society, there are two striking factors for a woman not taking charge of finances. First, the attitude of saying ‘I don’t know about this’ and second, the way she is raised up in a quintessential household. In a stark contrast to this reality, women in Indian society are highly educated, free in expressing their views on various issues and enjoy their right to make choices about their lifestyle. But the biggest and the most material choice they don’t make is the choice about their own hard-earned money.

With the kind of powerful choices women are making today like opting to remain single, getting married late, choosing to walk out of failed marriages, preferring to be a single parent, seeking early retirement to enjoy life and so on, it is a must that these decisions are in sync with their financial stability and security.

For a short period, dependency on a family member is a good option. However, honey, it is time to learn to make a choice about your own finances and not wait for unexpected life events to strike. Women today don’t have to be dependent on the knight in shining armor to save them from distress. It is time that like everything else, women should become financially independent in true sense.

It is high time to stop saying ‘I don’t know’ and get equipped with the knowledge of investing. The best part of educating yourself is ‘Learning by Doing’. It is imperative that you may end up making a mistake but in the long run, you will be proud of how well you have created a wealth for yourself independently.

Just like female hygiene tips, here are some financial hygiene tips to help every lady make her own unique choice of portfolio as per her risk comfort and safety requirement.

Be Regular, Have A Routine

Just like brushing your teeth, combing your hair, taking a bath and many more things is the first order of the day in personal hygiene. It is possible to take the same approach to manage personal finance.

In this ritual, pick preferably start of the week to check bank account balance, organise fixed expenses you are likely to incur during the week, make provision for some contingent expenses for the month, and review your financial goals. There are many apps to help you do this exercise or you can just go old-school and track it in a simple spreadsheet or notebook. It is a small practice but has a significant impact.

Pro tip: You can get quirky colorful stationary to keep yourself organised and track your finances making it a fun financial day regime.

DIY Project-Learning Goal

It is not just enough to make your investment choice independently but it is even more important to know about investing. There are different ways to do so. Books and articles are one of the easiest ways to learn, learn and learn some more.

Just like a Do-It-Yourself (DIY) project for art, make up or home décor, you can watch videos or use apps for learning the concepts of investing, understanding different types of asset classes and avenues of investing based on your age and financial goals.

Pro tip: No one understands us like us, right sister. So, share your learnings and your strategies with others and help them grow their wealth.

Be In A Healthy Relationship With Your Money

Your personal relationship status should not define your relationship with your money. A woman has a lot of relationships to uphold and even bigger expectations to manage. One thing, every woman should choose to keep it selectively exclusive is her financial security. It is always best to have an open conversation with your significant other or close family about money because no matter what relationship status you are in, your personal goals and needs don’t change with the change in your status.

Pro tip: No matter how committed you are in a relationship or how many heartbreaks you go through, one thing that will stick around till the end is your financial independence and security once you start managing your own money.

In the end, only you can know what best clothing fits you, what diet works for you, which face profile looks pretty in selfies, the one person who knows the best to deal with your hard-earned and richly deserved money is you. Time to be an Alpha Women in Investing!

The author is Associate Fund Manager for Alternative Investments at Quantum AMC

DISCLAIMER: Views expressed are the author's own. Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.