Financial independence is an objective that most people in present are actively pursuing and would definitely like to achieve their goal of financial independence in their lifetime. This does not happen overnight. It is a long process that requires proper planning, strategy and by adopting and developing good financial habits like saving and investing. All this, of course, requires your time and commitment.
The key to accumulate wealth is a consistent process. Many people put think they do not have enough money to start with. If you started investing now with the little amount of money you have, you will be in a better financial condition in the future. This is what is referred as compounding.
This article is especially meant for our Indian housewives who solely depend on their husband for money for their own personal expenses and monthly expenses of the house.
If you are planning to start creating your wealth in 2019, here are a few methods you can start off with the little money you have:
Start small. In order to make money, you need to save money
For investment purpose, you first require money. Start with little amount initially. Do you remember the time when you used to store coins in a piggy bank? It’s same even today. May be you can start by putting away Rs. 500 every week. In the beginning, it may seem like a process which is very time-consuming but at the end of the year, you will end up accumulating the money you need sooner than you think. Just imagine, by saving Rs. 500 every week, you end up saving Rs. 24000 for the entire year.
Save in recurring deposits
Every women has a bank account. Instead of saving it in a savings account, you can also save a fixed amount of money every month in a recurring deposit for a period of 1 year or more. This will enable you to earn the interest amount extra in addition to the whole amount saved every month for the entire year. Most banks offer an interest rate of minimum 6% for RD.
Park your money in Mutual Funds
This may not make you rich immediately, but it will definitely provide you a safer and more profitable way to save your money instead of letting it be stored in a savings account. Mutual fund is subject to market risk. So, start with a small amount in the beginning. It definitely won’t allow you to lose the amount that you had invested and with a positive stock market, you can definitely earn more than what you had saved.
As a housewife or a mom staying at home all day, as the women of the house, you usually have to deal with the household expenses as well, especially in matters related to kitchen, home décor, clothes and accessories. In order to save for the future, you need to control your spending. What you can avoid is unnecessary expenses. For instance, try to buy wholesale stuff for groceries for the entire month, make use of discount offers to do buy anything, wait for SALES seasons, opt for online shopping where there are heavy discounts and so on. At the end of the month, you will realize that you have saved at least some amount of money from the total amount of money given to you for household expenses. Remember, such small bits of savings will repay you in the long run.
Opt for part time or work from home jobs
No matter how much money you get from your husband, there is always a deep sense of satisfaction when you earn your own money. How about doing something from home? Apply for work from home jobs and work on jobs related to your skills and qualification, whatever it is. Work as per your convenience and earn. This not only ensures that you earn your own money, but also help you to spend and save as you want. After all, this is your money that you have earned on your own and you have every right to use it in your own way.
Start a home-based business
Every woman has a skill, which are conveniently tagged as a hobby. Why not use your hobby or any artistic skill of yours to do something productive from home? Yes, you can start your home business. Convert a small room of your house into an efficient office space. Think of a business idea to produce something around your own personal expertise, skills and knowledge. Maybe you are a good baker or a chocolatier, maybe you are a good painter or a candle maker, a good knitter or a soap maker and so on. Start producing and selling these things at home and be a home-based entrepreneur. A wonderful way to use your skills in a productive way and you get a chance to earn your own money and save.
Putting your savings into investments
Lastly, the moment you realize that you have accumulated some amount of money through your savings and other means, use them in various investments. For instance, fixed deposits, PPF are some easy and safe investment options for Indian housewives.
It’s time to be financially independent. Start thinking about it at the earliest.