Woman A Home Maker – “Most Toughest Role”

Let’s see, How can we still manage Cash and Influence Financial Decisions

As a homemaker since we don’t have our own income, we obviously try to stretch every rupee from our monthly household budget. Whatever savings we make should be salted away. The old maxim of ‘it takes money to make money is never truer than in our case.

This brings us to the question: How do I maintain my financial freedom?

When we were expecting our baby in 1994 my husband and I were thinking if ever I have to take a break from the corporate career I shouldn’t sit idle. Shiv Kumar encouraged me to try several options I liked like writing project reports, Finalizing Balance-sheet for small shops/entrepreneurs, supplying women Fashion material from home and my in-laws and sister Rashmi encouraged me. We had a big list to choose from. So there’s a lot that can be done even being a homemaker. My mother used to give tuitions, have seen women supplying food Dhabha, Papad, Achaar, Cakes, Knitting sweater’s, Tailoring, Proofreading books, whatever we are good and passionate about. Don’t fear or worry about people, WE are more important.

Steps to Start:

Step 1: Develop the right attitude towards money- Save First (50% of your Income), Spend the balance

Step 2: Financially educate yourself – Where is my Cash coming from – husband salary, a gift from relatives, your own income, from savings -interest, rental income etc

Step 3: Write down your financial goals – We all have certain financial goals in life, like our dream home, two-wheeler, car, vacation or our child’s education, any family commitment sister or brother education or marriage. Linking our savings to each specific goals (so we don’t have to disturb other savings) can be a great impetus this helps you know how much money we need and how long it might take for us to save.

Create a little corpus for our-self to do whatever we want. The point is this money is ours’s

Step 4: Make a Budget – Where am I spending my Cash – kitchen expenses, travel, shopping, entertainment, internet, self-grooming, fitness, petrol. The budget helps to summarize how our expenses measure up to our income and control overspending.

While buying things look for various options on the internet, speak to friends who bought earlier where we can buy in much more reasonable rates with the same usage. E-commerce platforms like Amazon may offer you great bargains.

Step 5: Draw your own financial plan – Where and how much am investing and with what frequency – Recurring deposit, SIP. Insurance of house, contents, family members including medical Insurance is a must.

Medical Insurance - Lot of time we try to save money by not taking Insurance, am still young, the child is just 1 month why need insurance. This is like penny wise foolish. Have seen parent's who didn’t insure their 1-year-old kid, due to high fever kid had to be hospitalized and ended up paying Rs 4 lakhs.

Vehicle Insurance - Don’t drive any vehicle without Vehicle Insurance.

House and Content Insurance - Bangalore and Chennai Floods, all household material was spoiled.

Here are some examples of some homemakers who became successful entrepreneurs

Lalita runs a food venture called Gharachi Aathvan. The name of the restaurant means ‘remembering home’, and it specializes in cooking delicious traditional home-cooked delicacies that fill not only your belly but also your heart with sweet nostalgia. What makes Lalita Patil, a super successful entrepreneur. When asked to comment on this, she laughs and says, “All women might or might not be able to start a business, but every homemaker has the capabilities of being a good entrepreneur.”

Menaka Thilak Raj – runs Aswat Eco Organics venture

Patricia Narayan – started by selling jams and squashes. Once she was confident about her cooking skills, she established a food kiosk at the Marina beach and slowly but steadily, she managed to start supplying food to various office canteens in Chennai

Founder of BIBA- In1986 Meena Bindra started the company from her home in New Delhi. She took an 8000 rupees loan to start a small business. Great Women Band now

Keep trying, you may become BIBA of tomorrow.