Sub Categories in Business

Money Markets And Budgeting

Investing Options For Housewives

Women do not follow any boundaries when it comes to the love and dedication they are empowered to shower upon all. They are a completely structurally organized self in all forms.

Saving money, or keeping track of budgets is one of those many jobs that housewives take upon themselves. Here you can find some great money-saving tips that you can use to save more:

Hold on Household Spending Habits

Women are really born managers who total control the major and minor details of everyday life. When they have a limited budget, the best way to save money is to control household consumption habits.

Working Women
  • Minimize shopping trips: The less time you have to window shop, the less likely you are to spend money on things you do not need. Do go out shopping only when there is a real need for something. Club always a few store items together if possible. Minimized purchases will also minimize your desire to buy unnecessary items.
  • Spring clean the house: When you do, you will find tons of items that you can give, reuse or sell. This will help you make an inventory of everything that can be used in the house and for which you do not need to go shopping. If you intend to sell items you do not need, it can also bring you useful money.
  • Make shopping lists: Before going out to shop, no matter what you buy, make a list of items you absolutely need. Only buy items from this list, no matter what your pulse tells you to do.
  • Carry restricted cash and payment options when shopping: Make a list of everything you need and bring only the money you need to buy these products. Do not carry extra money or credit cards. When you have a specific amount on hand and no other way to pay for additional items, you never spend too much.
  • Use Cash and Avoid Debit or Credit Cards: When struggling with a budget, store these credit cards in a safe place. Do not carry them in your bag/purse. Impulse purchases only occur when you have payment options available with you.

Control Utilities Usage

Think of ways to reduce your utility costs. Practice what you preach. Simple tips like controlling your mobile phone bills by opting for smart plans. Control your electricity bills by ensuring that all outlets are turned off when not in use. Turn off all switches when not using appliances. Even when others forget, you should act as the power control Gaurd.

Avoid Ordering Food - Use home-cooked food

Cooking food at home and spending lesser money ordering in will always help. Ordering in has been made easier with mobile apps and delivery services available on call. You could avoid these through these simple tricks:

Weaving Women
  • Not saving your credit card information on your ordering app or web browsers
  • If your budget situation is very tough, why don’t you uninstall the app for a while?
  • Mixing things up and making new experimental dishes at home that keeps things interesting for your family

Minimize the extra items you buy in your shopping, such as snacks and junk food for kids. Replace these replacement foods with healthy foods at home.

Reiterate your spending List

Here is a list of money-saving ideas for you to use in your day-to-day spending:

  • Research deals, collect coupons, get loyalty cards and anything that helps you to spend lesser when you go out shopping. Check for supermarkets that carry discount grocery items, buy coupon books, and purchase through debit cards that give you special discounts.
  • Every year, brands have month-long sales which are a great time for you to save some money on your purchases. Plan your wardrobe needs, home appliances requirements according to these sales.
  • Always buy an item in its off-season. Whether it’s your next holiday, warm clothes, your Air conditioner or your Deep Freezer.
  • Look up discount stores for your grocery shopping and not buy from expensive supermarkets.
  • What are the options for family time that would not require hefty spending? Visit a park, game night at home, picnics in the nearby garden and planning a weekend fun night at homework great.

Be creative

  • Come up with ways to save money through recycling items so that you don’t have to spend extra on those containers, decorative items, etc.
  • DIY on YouTube won't cost a dime and can help you turn things around in the easiest, most creative and quickest ways.

Make and Refine Budget

For any of the tips shared in this article to work, you need to know how to budget and save money.

  • What are your sources of income? How much does your spouse earn? What is the monthly amount available to pay for your expenses?
  • Make a list of expenses you incur each month, from tuition to utility payments, and so on. Then make a list of all the fixed expenses that you have to support each month. Then there are other expenses that may not be recurrent but can be predicted, for example, insurance payments once a year. Some expenses can be avoided, for example, unnecessary repairs.
  • If there is no surplus or you are in negative spending. Then you need to reevaluate your spending.
    • Either cut down on your variable spending, control your fixed expenses.
    • You could always create a small business sitting at home from something you enjoyed doing like baking, sewing, writing or even painting. Extra income ideas you could do sitting at home with minimum investment.

Invest Your Savings to Earn More

As a housewife, you could be having a couple of hundreds to some thousand rupees in a month. Money loses value over time if it is not invested for any returns. There are numerous ways in which you could be making returns on investments, these are:

  • Purchase Gold. You could later use these for buying bigger investment/savings schemes or products OR to use them when required by selling them in the market.
  • When global prices are low that’s the best time to invest in Gold/silver. Sell your gold/silver when the global prices are high for greater gains and to perhaps invest in bigger schemes.
  • Gold prices have been increasing since the beginning of 2017 in Pakistan from PKR 48,368/tola to PKR 52,582/tola. This is always an easy way of keeping cash on hand if you do not wish to lock your savings for longer periods.

Another way to keep cash on hand is through a savings account in a bank.

  Zeki Serhan

  Friday, 29 Nov 2019       708 Views