5 Simple Tips To Be A Financially Independent Homemaker

Posted: July 22, 2019

You can tell the condition of a nation by looking at the status of its women.”

We have come across the saying many times yet fail to understand the underlying fact behind the saying. Women comprise approximately 50.8% of the worlds total population. Hence holds a significant place in social and economic development across the globe.

However, the entire scenario is different. Most of the women lack “Right to Contribute” to their growth. They mostly depend on one or other family members of the house, be it father, husband or brother, later old age it could be the son.

Working women do have the privilege to enjoy the perks and benefits of being financially independent, whereas most women don’t. I recall one incident that was quite disturbing and uncalled. One of our neighbour (husband/father/sole bread wearer ) died an untimely death living his wife and 8-year-old daughter with – nothing! With very few relatives to hold on, the woman of the house was clueless what next?

It is mandatory for women, particularly homemaker, to save some money for their own. Be prepared for the future; you never know what is stored in there for you- good, bad, or the ugly no matter-be prepared!

So, let’s face the question. What does financial independence mean to you? For some, it boosts their morale. For some, it inhibits an sense of freedom. Most of the housewives say that being financial independent gives them the confidence to be a part of the decision making in their own house. But for some, it simply means a secure future.

Pondering where to start or how? Five steps worth a try for initial (let me be clear- this opinion are solely mine!)

Bank account and Some Savings

Though we live in the 21st century, there is a tremendous economic inclusion due to the gender gap. We are moving towards a phase where there is more digital money, and women holding bank accounts are deficient compared to men. Why is that so? There is a trend that married women don’t even have a saving account of their own. My neighbour said her husband converted her account into a joint account. Secure a bank account, also learn how to use net banking and online money transaction. Start saving, no matter how small the amount is, better than nothing!

Try Out Chit Funds

Chit funds may sound old school and risky. But trust me, they are quite an effective method, to sum up, a bulk amount for yourself. Monthly deposit of minimum amount won’t be a dent to your budget as well. Avoid investing in companies for a significant amount. Several cases of fraud and forgery have been noted. Join household chit funds among friends and society, trust plays and safe and secure comes along.

Look For Small Investments With Big Results

Homemakers are best when it comes to managerial skills. No one can manage household chores, kids, shopping errands, party plannings, keeping a tab on bills and expenditure with such accuracy and perfection like they do. Still, women act clueless when speaking about their investments. Isn’t it worth asking? Apart from savings, investing in gold is a better option. If you are speculative about investing in gold, tell me when gold rates were dropped in the last ten years? It was merely 700 Rs per gram then, now, around  2600 to 3200 per gram. So, whenever opportunity paves way invests in gold rather than expensive clothes and crockery.

Health Insurance and Life Insurance are a Must

The importance of insurance is known to most of us. Ask your spouse to get life insurance, along with health insurance. Plan and start saving for children education and marriage. Look out on some excellent saving schemes for the same. Always consult reputed agencies before going for such schemes or insurance. As they say -read all the documents clearly before investing. Be updated about the changing scenario around this industry.

Remain Upgraded and Move With the Times

Being a homemaker doesn’t mean you have to close your eyes towards the world. One day you may be required to step out face the world, Alas! Everything you know was outdated. Find some “Me Time” and gift yourself by updating yourself with the latest happenings and technologies. Take up some course related to your education qualifications demand. For people pondering how education and updating helps in financial stability- you may need to pull up your gears and face the world- you never know!

Women empowerment are talked, debated, and celebrated everywhere. The extreme living condition of women has always enraged us. But who is at fault? Why do women forget themselves while trying to be a perfect homemaker? Why are women uncomfortable voicing for self? Are homemakers not worth enough to take a stand?

Oh Women! Rise from the ashes and turn into the fire!

Image via Pixabay

An avid reader and an obsessive book collector. Wandering into the realm of thoughts weaving

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