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Personal Finance for Housewives

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Personal finance for housewives – Save, Invest and Manage your Money better!

Learning about finance and taking control of our own personal finance has now become like a basic necessity. No matter how much we try to ignore, the subject of money is a crucial one and we all, especially women, must make ourselves financially literate and avoid being heavily depended on our spouses for the same. So, here in this article, I wish to discuss all the aspects of personal finance for housewives and homemakers. You may or may not realize that your contribution in running a household is huge! If you take control of your spending and saving habits, you can witness a massive transformation. Yes, learning a little bit about SIPs and Schemes for women that various intuitions provide can help you big-time to grow your money.

A penny saved is a penny earned!

Before diving into any of the other money making or investing ideas, the first and foremost tip in managing your personal finance as a homemaker is saving. Yes, hold your cravings and reduce unnecessary expenses which lead to crash crunch every now and then. Prepare a list of your needs and expenditures so as to get a vague idea of how much do you need in a month and save the rest. This list will help you control any extra splurges and impulsive expenditure. You can also set a goal of saving a set amount of money and try to reach that goal every month. Open a savings bank account if you already do not have one and monitor your savings while you earn the interest.

Home makers are best accountants

Easy SIPs:

These days, SIPs or Systematic Investment Plans are considered one of the best investing options. It is a mode of investment with mutual funds but is a lot better when it comes to market risks. SIPs are generally low or nil risk investments where you can invest a said month every month/ quarterly for a long tenure say 10 or 15 years and save a good corpus. It can be as small as saving INR 500-1000 per month which is easily achievable for homemakers. SIPs’ gives a lot of returns and are much better than Fixed Deposits or having a regular savings account. When talking about personal finance for housewives, SIP just tops the list.

Mutual Funds:

Another interesting investment idea is to get into the Mutual Fund. You can take help from a broker or a friend who is into stocks and bonds to start investing in good returns. To explain mutual funds, it is just letting an expert handle your money and invest in stocks rather than you taking all the trouble. Mutual Funds of big and profitable companies and top Banks among others ensure good returns. You have the option to choose from multiple schemes which are best suited for your needs.

Gold Schemes:

This is one of the most popular investment options when it comes to personal finance for housewives. All the top gold jewelers and brands offer some or the other schemes for women. One of which in trend states that the customer has to pay 11 installments of a said amount and the 12th installment is paid by the gold brand itself so as to attain the desired jewelry in return. Another thing which you can do is buy small portions of gold every now and then with the saved money you have got and later convert it into a great jewelry design.

Women-centric bank schemes:

There are multiple schemes that bank run for women. Here is a very useful article by bank bazaar that talks about all the accounts and schemes that banks offer for women.

Government schemes:

There are many schemes by the government for the welfare of women. For homemakers, for entrepreneurs, and for working women, here are some useful schemes: Cent Kalyani Scheme, Mahila Udhyam Nidhi Scheme, Annapurna Scheme, Stree Shakti, Orient Mahila Vikas Yojana Scheme, Dena Shakti Scheme, India Post Schemes. You can avail the benefits for these by applying for them.
Apart from all these ideas, you must track your expenses and income in order to have an equilibrium on the financial front. As homemakers, you basically run a complex system which is your own house. So, personal finance for housewives is a subject which everyone must learn more about and start growing and saving your money by taking control of it and investing smartly. You can also take loans for your business which you started as hobby.

If you have any other ideas, do leave it in the comments below for the benefit of other readers!

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