Someone long back once said, “Women are foolish to claim that they are equal to men, they are much superior to men”. This stands true even today. There is nothing today left untouched by women. They are successful entrepreneurs, top managers, bureaucrats, journalists, homemakers and what not, the list is never-ending. The investment industry is no exception. Lakshmi Iyer- Kotak Mahindra, Sunaina Da Cunha- Aditya Birla Sun Life, Roshi Jain- Franklin Templeton, etc are some of the leading women in the investment industry. But this is not something that has just begun, saving has been a part of our bringing up from ages. We have seen our grandmothers, great grandmothers, mothers, aunts doing it just that now these things are presented in a better structured and understandable way. Here are a few pro tips right from the treasure chest of granny for you ladies (and of course gentlemen too to follow for better savings and investing);

 

  1. First and foremost- Emergency Fund

First things first, be it any way you save, cover up your emergency funds. An ideal emergency fund comprises of 3-6-month salary expenses plus the approximate worth of last emergency expense. And this is not your family emergency fund but your own’s. having a personal emergency fund will make you independent and self-reliant even in case of emergencies and rainy days.

This is not just your back-up but also an additional hand to the family in times of crisis.

 

  1. Get yourself insured

In most of the Indian families, only male members possess insurance. When asked, there is no explanation for it. Do not let this happen to your family. Get yourself insured with life and health insurance at least. Do not rely on your spouse’s or father’s insurance for your own cover. Be the support and sport you see in them.

Also, if you drive a vehicle regular, do consider getting car insurance as well.

 

  1. Make a budget

Budgeting is an important and indispensable irrespective of your gender, class, age, financial status, and so many other things. Make a budget and get hold of your finances. The need for a budget is even more if you are a homemaker. Then you are not only taking care of your household but also of your husband, his needs, needs of your extended family, your kid’s demands apart from their needs and not forgetting you.

With a flick of fingers, the money flows out while running a household.  Today it is groceries then it is vegetables then stationary then its gift for visiting relatives and so on. Be sure of where your money goes. Make sure by the end of the month, you have saved from your monthly. Save money and invest it in your choicest investment portal. Try investing in mutual funds. over the years, mutual funds have provided comparatively higher returns from the fixed return vehicles. Try at https://www.piggy.co.in/mutual-funds/

 

 

 

  1. Set life goals and work towards them

Be the master of your own life. Set goals for your own self. Be it become an entrepreneur or build a house or own a car or anything you have wished for. Set goals and work towards achieving them. saving money and keeping it in your purse idle is no work done, put your money to work to grow itself so that you can realize your goals and dreams. There are several options available in the market like fixed deposits, Recurring deposits, REITs, gold, shares, bonds, mutual funds, NPS, PPF, etc. choose the one that suits you best as per your family needs and goals.

 

  1. Say no to loans

If possible, try not to take loans. In case of utmost requirement, do your homework and look for the ones with flexible repayment policy and least interest rates. If your family has a loan, discuss it with the members and repay the loans as soon as possible. Save money and pay the maximum amount you can in one go every month/quarter/year.

The longer you stay in debt, the more interest you end up paying. Repay it fast if you have one.

 

  1. Invest

As I have said earlier in this post as well in most of my posts, it is very important to invest your money. It’s like getting a gym membership but not going for it. You will not get fit without working on your body. Same way, your money does not grow sitting idle in your savings account or your wallet. Invest it to grow it. You do not need a hefty check to give away to start investing. You can always start small, as small as Rs. 500 for the starts. SIP is the keyword you need to understand and swear by. SIP is Systematic Investment Plan that allows people to start investing with a small number and on a regular basis rather than collecting a lump sum amount and then going for an investment vehicle.

 

  1. Plan your retirement

Even if you are a homemaker, you are going to retire when your husband or your father retires. As a responsible one, you need to make sure the retirement does not take a toll on your family’s happiness and lifestyle. Prepare for the retirement while you still have monthly income flowing in. save money and invest in a retirement plan. NPS is one good option to secure your retirement years.

This will not only provide with a monthly income later on but also will give you the independence of living at your own will and not depending on your kids or the bread-earner then.

 

Start Saving, start Investing!