Housewives can save Money too
Housewives can save Money too
The Budget 2014 has come and much has been said about the pros and cons. Prices of cigarettes have gone up, TVs prices have gone down, the price of gas is fluctuating, soap prices will go down…etc. Not that it makes too much of a difference in a Housewife’s life but with changing trends and economy scenario at home , housewives should also be made part of the home budget inclusion and start her own way of saving money. Presenting a few tips to help you be aware of best budgeting practices and contribute to a healthy financial life.
Step 1 - Check with your husband and know all the streams of income, including his salary, savings, FDs, etc., so that you can figure out the total sum of your income. Yes the husband should share all financial details with his spouse!
Step 2 - After determining your total income, you must track your monthly expenses. These are usual expenses like groceries, electricity, EMIs, milk etc., that are required for your monthly expenditure.
Step 3 - You should also understand the logic of House EMIs, personal loans and insurance premiums which are deducted from your husband’s salary. See how long it takes for you to repay the loans as the interest amounts will be deducted for a period of time.
Step 4 - After evaluating all these points see where you can chip in. It’s not just working women who make money. Depending on your educational qualifications, talent and skill check out where you can start making money. In the movie ‘English Vinglish ‘, Sridevi is shown as a housewife with little education but she makes sweets in large scale and makes her own money selling them. There are many options if you are good with writing you can be a freelance writer, teach part time in a school etc. It will help you increase your total income and help in the expenses as well.
Step 5 - Start saving some of your income. You can keep a savings account to deposit money. Look out various non-risky saving options which can help you save money. Sit and discuss with your husband and friends about these options. The regular home Kitty parties are an amazing way of getting money which comes in handy for making a large purchase.
Financial freedom for any housewife is a very liberating experience and with these basic few tips you can achieve a lot for your future.