At a time when gender equality still has some way to travel, it is heartening to see fellow women being financially independent and surging ahead in several fields. More and more of us are now aware of the need to take charge of our financial affairs and many are quite capable of managing it well.

Despite this, some of us are unable to handle money matters on our own, could be due to our upbringing, family pressure or sheer lack of knowledge. Often, a male member of the family handles the responsibility of financial management, thus creating an unhealthy dependency on that person. If the relationship with that member turns sour for some reason, you may well be left stranded.

Here are some compromises that we as women accept (willingly or unwillingly) but must consciously avoid.

Do not let any family member take control of what you earn

The salary that you earn is yours. You should not be coerced to share or give control of that to any family member, including your spouse. Nobody else has a right over it without your consent. Your contribution to any expense should be voluntary. You should not be forced to make sacrifices. Don’t hesitate to seek help if you are being pressurised.

Claim your inheritance

Thanks to some outdated ideas, your male siblings or even your parents may force you to give up your inheritance. Know that you have as much right over the self-acquired property of your parent as your male sibling(s), unless there is a will that specifically states the contrary. Do not hesitate to get a legal opinion, if required.

Don’t sell your own house to help adult children

Your children must fend for themselves once they grow up. However noble the idea might sound, do not sell your self-acquired, self-occupied house to help your adult children. You would not want to be dependent on them after you are left without a house. Offer your counsel and help in other ways if you want to, but not your house.

Don’t take loans for others, nor lend without agreement

You may be pressurised to take loans for your husband, in-laws, or parents. You will end up being responsible for repaying this loan and it can well land you in a legal and financial soup. Similarly, if you lend money to anyone (including someone from your immediate family) do it with proper legal documentation that you can use in case there is a default or dispute.

Being a financially independent woman comes with its own set of devils. I suggest you keep your emotions away when it comes to finances. You must be practical. Get professional help in financial and legal management when required.