5 Money Saving Tips for Housewives

Homemakers are the backbone of a home. They need to ensure that their financial future is also safeguarded to take care of their family better.

CS Lewis said, "The homemaker has the ultimate career." It's quite true if you consider the multiple roles that homemakers play to care for their families. They are quintessential for a family's wellbeing. However, when it comes to their financial future, homemakers depend on their spouses for their financial upkeep and needs. In this process, they often have to set aside their personal wants to maintain the financial equilibrium in the family. However, this can be avoided by effectively imbibing smart savings habits.

Today, it has become vital for homemakers to safeguard their financial future because emergencies can strike anytime. Moreover, when homemakers are focusing on the financial planning for their family, they can be more empowered to take charge of their futures and their families. Here are a few essential things that homemakers should do for financial security:

Essential Financial Steps for Homemakers
 

Monthly allowance 

A monthly allowance can help homemakers be financially independent by meeting their personal expenses. So, if you are a homemaker, talk to your spouse and start a monthly allowance.

Retain your bank account after marriage
 

Many women give up their bank accounts after marriage and either get a joint bank account or do not have an account at all. It is best to avoid such a move because having a bank account can help you save and use your money at your discretion. So, even after marriage, try to retain your original bank account. If you do not have one, it might be prudent to open an account in your name and use it for your personal financial needs.

Life and health insurance policies
 

Insurance plans are instrumental in providing financial security. So, talk to your spouse about buying term life insurance for them. This policy would make your family financially secure so that even if any untoward incident happens, the policy benefits will help you take care of your family financially.

When you consider today's pandemic situation and rising healthcare costs, getting a health insurance policy might be a good idea to meet your healthcare needs. Speak to your spouse about getting a family floater health plan that can provide coverage for you and your entire family. This policy would give you financial assistance in medical emergencies so that you can afford quality healthcare without worrying about depleting your savings.

Confirm the nomination of your spouse's investments
 

Your spouse might have made investments for the family's financial goals. Take time to learn and understand these investments so that if your spouse is not around, you will know how to handle your family's finances. Moreover, ensure your spouse nominates you in all the investments so that you can get the investments liquidated in your spouse's absence.

A side job
 

It may also be beneficial to get a source of side income for housewife if you want to become financially independent. Tap into your skills and use them to create a source of income. There are various options for those with or without specific skills to find ways to earn an income. 

For instance, IDFC MyFIRST Personal Loan Partner Program can be an ideal side job and help you earn money by referring.

Create a household budget
 

Track your monthly expenses, categorise them into essentials and non-essentials, and set a budget. This will help you cut down on unnecessary spending and set aside savings for future needs. Use budgeting apps or maintain a simple diary to monitor expenses and ensure financial discipline.

Start a recurring deposit or SIP
 

So, how can housewives save money? Even small savings can grow over time with the right investment plan. Set up a recurring deposit (RD) or a systematic investment plan (SIP) in mutual funds to develop a habit of saving regularly. These options allow you to invest a fixed amount monthly, ensuring financial security and wealth creation for the future.

How can the IDFC FIRST Bank MyFIRST Partner Program help homemakers earn?
 

It is a loan referral program wherein you can earn an income by referring your contacts for a loan. You get 1.5% of the disbursal amount every time your referral is sanctioned a personal loan. This also means you can earn a substantial amount with minimal trouble.

For example, if your friend is in need of Rs. 1 lakh and you refer them through the IDFC MyFIRST personal loan partner program, you earn 1.5% of 1 lakh, i.e. Rs. 1,500 if your referral code is used.

Here are some of the features and benefits of the program: 

• There are zero charges to join the program. No capital is required. You can start earning without any investments.
• The entire joining process is online. You can download the MyFIRST Partner refer and earn app, register, upload your documents, and become a partner with IDFC FIRST Bank.
• Help your family, friends and relatives avail of personal loans from IDFC FIRST Bank at attractive interest rates and get rewarded in the process. The payments are made fortnightly so you can start earning almost as soon as you start your journey.
• The mobile application also provides you with the facility to track your referrals and your earnings in real-time.

Conclusion
 

Being a homemaker doesn't mean you have to be financially dependent. As a homemaker, you are already running short of time. The above-mentioned money-saving tips prove to be especially helpful in this case when it comes to saving money or earning more by investing little to no time of your day.  Moreover, joining the IDFC MyFIRST Personal Loan Partner Program can offer an ideal way to earn an income without putting in too much effort. Just use your contacts, refer them, and every time your referrals avail of a personal loan from IDFC FIRST Bank, you get paid.