Bangalore: Everyone faces problems when handling their finances, but it’s not really that hard. All have a tendency towards financial ignorance but it pays off if not concerned. Experts say that women are better investors than men but are bad in handling them. Women pay less attention to their funding, they earn less and prone to have sporadic career and also live longer, which overall brings more efficiency of suffering compared to men. Understanding and managing your finance doesn’t mean that you will never face fiscal problems, but here are some economical and financial concepts which will help you lessen the probabilities of such mistakes and will assist you to recover faster from such failures.

1. Needs Wants and Demands: You should learn to differentiate between needs, wants and demands. You need, “Food, shelter and cloths”. You want, “a pizza to eat, house owned by you to live, a designer dress to wear”. You demand, “A pizza from Pizza Hut, a mansion to live, and a Manish Malhotra dress for your wardrobe. Your needs are always limited but your wants and demands can be endless. Your choices make you to spend, which is highly variable. So you can always hedge your financial spending by making the choices according to your norms. But it doesn’t mean you should not have choices. You should not be a victim of your circumstances while taking choices. The only thing is your choice should be empowering.