The role of women in the family can never be underestimated. As a housewife, women are completely devoted to their family. They work continuously 24 hours a day and 30 days a month without taking salary. But on the one hand, while they have a major role in running the household expenses within the budget, yet they keep themselves separate in terms of finance.
Many times it has been seen that when a big problem comes in the house, a lot of burden falls on the housewife. If the husband loses his job or gets a serious illness, then the income stops, but not the expenditure. In such a situation, women also need to have complete information about financial planning.
Let us know how women should do financial planning in life-
1- Get into the habit of managing cash flow
Normally a housewife budgets only when she buys groceries or other household items. You need to develop the habit of budgeting for all kinds of household expenses. In this budget also include those things which till now your husband has been handling, like loan, electricity bill, telephone bill, credit card bill, house rent etc.
Then analyze your family income and see whether it is more or less than the total household expenses. You do not need any expert for this. You can use an excel sheet to keep track of your overall household budget. If you are not familiar with technology, you can use a diary for this. If needed, you can also take the help of your husband for this.
2- Control your expenses
You have done a good analysis of the cash flow and you have come to know that the expenses are high on some fronts. Look for ways by which you can reduce expenses. Eating out at restaurants, shopping at the mall on the weekend, going out for a movie several times a month are some of the expenses that you can deduct. Apart from this, you can also reduce your various bills. By assessing the kind of phone calls you make, you can talk to the company and get a package suitable for you, which will reduce your phone bill. Apart from this, if you do not use much of the internet, then take a low cost package. Apart from this, do bulk shopping of household items from where you will find the cost less.
3- Saving, saving and saving
Every housewife has the habit of saving money. By developing this habit, one should start saving for oneself and the future of the family. For this, you open a savings account and whenever you save, deposit money in it. Nowadays banks are providing various savings and investment options for women. In this way, you can be able to make big savings with a small amount.
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