There are many women in the world who work, while many women are not able to work because of family problems and responsibilities of children. Let’s know some ways how to save money from home:
Become an active participant in family finance
It is important for women to know all the sources of income of the family. She should know what their spouse’s income is or about the money coming in the house. Make a cash flow chart for one year and track all your monthly and annual expenses for one year.
Mutual fund investment
Start SIP (Systematic Investment Plan) in Mutual Funds. Begin to choose the largest cap fund with the best rating. You can get help from a mutual fund advisor for this if you need.
If you want to make regular savings and do not know much about mutual fund and equity then you can open an RD account in the bank. In which you can save a few house expenses every month by saving it.
Apart from this, if you think about a long term then it is important for choosing the investment plans in such a way that it can be easy to understand and budget friendly.
Prepare an emergency fund
Prepare an Emergency Fund. For all your expenses for 6-8 months, add your loan EMI, your insurance premium for one year and keep that amount separate in the bank. It should be accessible to both you and your spouse.
Start banking transaction
Generally, housewives always keep a distance from the bank’s work and do all their work related to the bank to make her husband or anybody elder. They are required to start their banking transactions on their own. This will allow them to know about online banking and they will be able to do their job easily.
Use mobile apps
Learn how to use mobile apps like PAYTM, PhonePay, GPay and BHIM. Make a digital online payment because it will help you keep track of your expenses and you will get cashback.