The importance of every homemaker to have basic financial literacy is a must. Homemakers must run on a strict budget and emphasize saving as much as they can. Homemakers are usually responsible for the family finances, home maintenance, purchases and other aspects to keep the house up and to run. Here are a few easy ways how homemakers can take care of the finances at home and also save money:
- Make a budget and prioritize spending: Making a budget helps utilize the money from all financial resources in an organized way. This also helps in controlling and making intelligent decisions for how you spend the money. A charted budget will also help prioritize spending accordingly like kids fees, car insurance, medical expenditure, etc.
- Take note of your spending:If you want to save money wisely, it is essential to track where the money is being spent; keeping track of the income, consuming the top part of the income, and minimize expenses. Using expenditure tracking apps is a great way to document spending.
- Put the saved money to productive use: There are multiple ways to invest saved money that yield significant returns. Fixed deposits, recurring deposits are great ways which give returns depending on long-term and short-term investment plans. Investing in health insurance and life insurance coverage online is another way to invest smartly.
- Save money with chit fund: Chit funds are a top-rated investment option amongst homemakers. The concept of chit funds is very native to our country, which has now advanced to online chit funds. As a savings instrument, it gives an excellent return on investment, and as a borrowing scheme, it can be a dependable source of funds in emergencies and otherwise.
- Save change in a jar: It might not be possible to save a substantial amount of money every month because unexpected expenses might appear. However, whatever you can save, put it away somewhere safe, maybe in a jar, for a few months. You might be surprised by how much money you have accumulated.
- Shop intentionally and compare prices before buying: If you want to purchase something, do not make an impulsive buy. At the same time, look around for sources where you can get the same product, maybe at a cheaper rate or a good bargain.
- Use discounts and offers to shop whenever possible: A fool-proof way of saving money is to use discount coupons, and discount offers to shop. A lot of discount coupons are available across the internet, which provides significant savings on shopping.
These tips may not be new to homemakers but are tried and tested ways to save extra money. The importance of small savings are not often appreciated, but they come in handy in the long run. Involving other family members in the process of budgeting and saving also helps. As a homemaker, if you have extra time in hand, you can also do part-time jobs.
Aatish Khanna works with the Content Marketing team at Money Club,a digital chit fund platform that makes saving, borrowing, and investing your money more efficient. He writes on topics to help his readers understand processes so they can make better financial decisions. He’s the go-to person that his family, friends, and colleagues turn to for all their money matters. He loves to play board games and aspires to one day build his one finance-related board game and app.