When it comes to spending habits, women are from Mars and men are from Venus! Thai women are notorious when it comes to shopping. Generally, women tend to be more compulsive shoppers than men. This may be due to cultural upbringing and social expectations where women are expected to look good in order to attract eligible suitors and when it comes down to child care, most women will spend more on their kids than on their husbands! Thai men, on the other hand, don't need 20 pair of shoes or have to keep up with latest fashion. Even worse, some let the wives control household budget. But men in general, tend to spend less on themselves and more on tangible goods that keep its value such as computers, home or the big ticket items.

Men and women are different—not only in their spending habits, but also fiscally, since women tend to earn less and live longer. Several books have been written about women and money, which at one time, I thought was just a gimmick to target women readers. After all, a stock like Siam Cement or Bangkok Bank or SET Index Fund doesn't know or care about the sex of the investor, both men and women can profit from it. Similarly, it is critical for both men and women to take advantage of the tax deductions on their provident funds, RMFs and life insurance policies.

However, upon closer analysis, I must concede that there is a case to be made that women's financial needs are a bit different from those of men. Here are some sobering statistics from the Women's Institute for a Secure Retirement and the National Centre for Women's Retirement Research in the US :

• The average women in the US spends 15% of her career out of the workforce caring for children and elderly parents. For every year out of the workforce, a women has to work five years to recover the lost income, pension coverage and career promotion.
• Women retirees receive about half the average pension benefits that men receive. This is partly because they earn less money and change jobs more often than men.
• Women, on average, live longer than men and, at some point in their lives, about 90% of women will be solely responsible for their finances.

Too many women end up widowed or divorced and suddenly find themselves on shaky financial ground. A good number of Thai women ignore financial matters, either letting the husbands tend to them or simply putting off dealing with them. Of course, many men are also guilty of the same thing. Fortunately, all is not lost, even for middle-aged women. Just remember that it's never too late to begin to take care of your financial future. Here are some useful tips, some adapted from a new book, It's More Than Money—It's Your Life by Candace Bahr and Ginita Wall. Some of the tips may be overwhelming but perhaps you can choose one or two to work on first, instead of trying to do everything in one go.

1. Consider consulting a professional. There is no shame in asking for help and no need to go it alone. Right now, there is a growing number of Certified Investment Advisor Representatives (CIAR) and Investment Planners (IP) in Thailand . Just contact your local banks or brokers, they should be able to get you in touch with one.
2. You don't need a lot of money to begin investing. Several mutual funds will take as little as Baht 1,000 to start off with. Moreover, there are regular savings plan that will automatically deduct from your bank account.
3. Be properly insured. Life insurance is a vital part of wealth management, especially if you have outstanding debts or young children. Just because you are dead, it doesn't mean that your banker will let you off the hook. In addition, health insurance is a must if you are self-employed.
4. Take advantage of the tax deduction on your provident funds at work or Retirement Mutual Funds (RMF) if you are self-employed and Long-Term Equity Fund (LTF). It's free money up to Baht 600,000 per year. So don't miss the opportunity.
5. Tend to your own credit rating. Some married women have few financial accounts in their name—that can hurt should you suddenly become single either through divorce or widowed. You should have separate bank accounts and credit cards.
6. Have an emergency fund, with 3 to 6 months worth of living expenses, in short-term savings account. Note that for some people, even 6 months' worth is not enough. If you generally take a long time to find new employment or if you have major expenses such as car or housing loans. It never hurts to set more aside for a rainy day.

When one really thinks about the abovementioned tips, it's common sense and not that difficult to adhere to. And that's my point, investing is not meant to be difficult. All it takes is a little discipline and the will power to follow through with what you have started. So all you women readers out there, hope this is of some help. But if you need to find out more please feel free to contact me at teera@finansa.com