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Women have always been considered the backbone of a family. From household work to taking care of the kids, it is women who have been juggling to maintain a balance. She is a daughter, a wife, a mother, a teacher, a cook and what not….Earlier women did not take much interest in managing money. They used to get some amount from which they had to manage their household requirements. But few smart women would manage to save some money from there. This saving attitude has enabled home makers to now discuss investment options as easily as they can discuss children, their favorite soap or maid problems with their friends.
Managing your money can be a daunting task as living within your income and at the same time saving for both short and long term goals can be difficult. Continue reading if you want to make the most of your money.
Set up a budget : Making a budget for your household needs is really a good way to start. In this way you will have a record of the money coming in and the payments that you make. If you have to pay rent, insurance or tax, include everything in your records for all your incomings and outgoings. This will also help you to analyze the figures and clearly understand where your spending goes each month. Make broad categories like, electricity bills, education, living cost, investments, travel, miscellaneous, etc.
Check where you spend the most : Keeping track of your expenses doesn’t mean that you have to limit yourself. This will only help you to have an idea of what you spend during a month. Save all the receipts and note down the expenses of your credit cards. Do add any other miscellaneous expenses that you have made. This will help you to identify the areas where you can limit your unnecessary spending and increase your savings.
Start an emergency fund : No matter how much you save from your household expenses, having some money for an emergency is always a great idea as it can really keep you out of financial trouble. This habit of saving money from regular expenses will pretty soon create big bucks over time, which can be used as retirement money, vacation money or even for a home down payment.
Protect your health : A single visit to the emergency room can cost you thousands. If your health is uninsured, apply for insurance so that everything is easy, even if you have an accident. Take essential steps to keep yourself healthy like eating fresh fruits and vegetables, exercising so that you don’t have to pay exorbitant medical bills.
Learn self control : You are lucky if your parents have taught you to have control on yourself. Many women love to go shopping and have the habit of putting all their purchases on credit cards. The amount may be huge and it may take you ten long years to complete the payment of those items. Make sure to keep your shopping spree on limits and don’t carry more cards than you can track.
Taking control of your own financial future is very important and women play a major role in managing household finances. Understanding how money works and taking few essential steps towards savings will help secure your future.