5 money Saving tips for the marvellous 'Indian homemaker'

In Unit Linked policies, the investment risk in the investment portfolio is borne by the policyholder.

Homemakers are said to be the often-ignored backbone of society and sometimes, can be the go-to financial planners of the house.Though not the breadwinner of their family, during difficult times of low cash flow, their savings, in various forms, comes to the rescue.

Best Money Saving Tips for Housewife in India:

• Avoiding impulse purchases:

Everyone loves to shop and spend money. However, it happens often that we purchase something only to find that we aren’t as excited about that thing any longer after a very short period of time or that we simply don’t really need it.

This happens with many of us. This is exactly why if you have the habit of impulse buying, make the effort to have a brief moment of reflection right before buying a thing.

• Make a planned budget:

Budget is a very smart way for making progress at a fast pace. The budget will ensure that you make smart moves as per the determined plans.

A proper and well-planned monthly budget should be devised for regulating future spending activities, as it will ensure no unwanted and unnecessary spending is done.

• Have an emergency cover:

Anyone can become a victim of a medical emergency, or any other problems as human life is prone to a number of risks. This reduces the chances of increasing savings and expanding wealth.

A correct and suitable insurance cover such as life insurance, medical insurance along with other such covers are necessary for insulation in times of emergency.

HDFC Life Click 2 Wealth is a non-participating, unit linked plan that provides financial protection to you as well as your family while offering returns that are market linked. HDFC Life Click 2 Protect Life is a term plan which provides benefits according to altering life stage needs and lifestyle to ensure protection by auto balancing critical illness and death cover.

Also Read: Guide to Save Money in the Right Way

• Diversification is needed:

Almost every prosperous individual would agree to the benefits of planning investment in a diverse manner. Diversification is a crucial aspect of making the right investment plans ensuring profitability and stability at the same time.

It provides exposure to a number of options. This way, in case of failure of one investment option, at least the rest would give good profits.

• Pension plans:

Pension plans are the type of investment plans where you have to make regularly investmentswhich will be accumulated over a specific period of time.

The purpose is providing people future financial security and letting them live without compromising their living standard

Summing it up

Taking care of family is the most precious gift of a homemaker. Make this more precious by getting financially prepared!

ARN: ED/10/21/25882