There was a time when only men used to earn and women did not have to worry about finance. Today, times have changed. It is important now to know how to plan your finances as a woman if you want to ensure monetary security and stability for yourself and your family
Even if you are not an earning member of the family, being a homemaker means that you have to be well aware of your family’s financial condition and manage the money accordingly. Running the household finance is not an easy thing. It requires proper planning and execution.
Explained ahead are certain financial planning aspects that you need to know about.
What if the worst happens
Learning about the money-saving tips for housewives is essential to be prepared in case of the worst scenarios. If the sole earner of the family is absent due to an unforeseen circumstance, the housewife has to start taking the financial decisions. For this purpose, all the financial planning of the family has to be handled by both you and your husband from the beginning. This way, you will be completely aware of your available investment options.
Money management
When it comes to saving money, women are known to be more successful than men. They can make sure to save money even when the budget is quite tight. This is why homemakers like you can take charge of the money management. A family has to pay various bills regularly. Planning around these expenses and managing the finance accordingly is a responsibility that you must handle.
Financial planning and money saving tips for housewives
- Learning about the best investment plans for housewives is the first step towards becoming an expert money manager. Developing an interest in investments will help you make sure that your savings are never sitting idle
- Having joint investment accounts with your husband is important to ensure that have equal control over the money. In case this is not viable, ask your husband to assign you as the nominee for all of his investments. This way, you will receive the monetary benefits in case of an unfortunate event.
- It is important to invest in a health cover and a life insurance policy to secure the future of your children. Keep a track of all the insurance policies that your husband has bought. This way, you will not miss any of these when required during an emergency.
- Make sure to be present when your husband’s is drafting his will. This way, you will know how your spouse’s assets will be distributed in case of an untoward incident.
It is a smart idea to buy life insurance online, as well as, manage all the investments through the Internet. This allows you to have more control over the money and makes things simpler and more effective.
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Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Reviewed By :
Prasad Pimple
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
