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. Here's how homemakers can secure their finances.

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.

Today, it has become vital for homemakers to safeguard their financial future because emergencies can strike anytime. Moreover, when homemakers are financially secure, 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:

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 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.

What is the IDFC MyFIRST Personal Loan Partner Program?

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.

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.

The bottom line

Being a homemaker doesn't mean you have to be financially dependent. Use the steps mentioned above and secure your finances. 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.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.