If every state in the country has a home minister to control the affairs of the state, there is and should be a home minister in every wife, to control the financial affairs in her house.

Here are a few finance tips for the housewives, to perform their job productively.

Not just grocery, know technical details too

Along with the planning of budget for grocery and other household things, women should also be aware of the bills like credit card, telephone, house rent etc, that are generally looked after by husband. This will help you to find, where the income is actually being spent and how it can be controlled.   

Also read: 7 tips to follow, before retirement

Analyze the significance of the item, before spending

After following the first step, then your next step is to controlling the spending of money. Eg: If your electricity bill per month is Rs.1000, analyze where you are using it unnecessarily. Just before using every electrical gadget, think that, how important is that, to use at that time. This will constantly reduce the bill and at a particular time, your electricity bill, automatically gets reduced month by month, without your knowledge.       

Do not give rest to your bank account

Do not let your money be idle in the bank, invest it in various fixed and recurring deposits etc.

Also read: Financial education? What is that?

Work from home

If the situations in your place do not support you to move out for a job, search online and find out work from home jobs, which definitely gives a good support to your family financially and even reduces the burden to your only bread earner.

By Phani