Financial security doesn’t have to be out of reach for stay-at-home moms. As a mother, you often focus on taking care of your children and the family. But it is equally important to prioritise your financial well-being. Even without generating income, you should build a safety net to ensure you have the resources to meet both personal and family goals.
This way, you won’t have to rely solely on your partner’s income. Setting aside even a small amount every month could make a big difference. To understand how and what are the different avenues to do so, keep reading.
1. Have a separate savings account
It is often seen that partners have a joint account, which is a great way to save money on collective financial goals, such as child education, travel, etc. For your personal goals, it is advisable to have a separate account.
You can either opt for a zero balance savings account or a women’s savings account to enjoy special perks. Evaluate the different options and select the one that aligns with your needs.
2. Create a budget and financial plan
Whether you’ve family expenses to look after or personal savings goals, start by setting financial goals. Based on this, create different buckets, like daily expenses, emergency funds, personal spending, etc. This will give you a clear idea of how much resources to allocate to each category.
3. Balance your budget to increase surplus
This means spend less than you save to increase financial stability over time. You can do this in many ways, such as:
- Buy groceries in bulk from discounted stores online or offline.
- Use your debit card that you have received with your savings account to make the most of offers, discounts and deals on lifestyle, food, groceries, entertainment and more.
- Pay bills on time online and receive cashbacks to reduce the overall cost.
4. Make investments actively
If you aren’t aware of the world of finance, educate yourself with the basics. Explore topics on savings, investments and credit. You can also consult a financial advisor to help you. This is because women enjoy several benefits while making investments, including:
- Banks offer higher interest rates on savings accounts, fixed and recurring deposits. They are designed to encourage financial planning and savings habits in women.
- Women, like other taxpayers, can claim deductions under Section 80C of the Income Tax Act. This is for making investments in instruments like Public Provident Fund (PPF), National Savings Certificate (NSC) and life insurance policies. It can help reduce taxable income by up to ₹1.5 lakh annually.
- There are women-centric government schemes, too. This consists of:
a) Sukanya Samriddhi Yojana (SSY):
This is a government-backed savings scheme exclusively for female children. So, if you have a daughter, you can earn higher interest rates and tax-free maturity amounts. It helps mothers secure the financial future of their daughters.
b) Mahila Samman Savings Certificate:
A newly introduced scheme offering higher returns specifically aimed at promoting savings among women. The scheme is available for subscription in Post Offices. It is designed to encourage saving and investment. It is valid until March 31, 2025. It offers a maximum deposit of up to ₹2 Lakh for two years at a fixed interest rate.
5. Can explore work-from-home opportunities
If you are someone who used to work and has recently transitioned to being a stay-at-home mom, exploring work-from-home opportunities can be an excellent way to maintain financial independence. You can explore some popular options like:
- Freelancing: You can offer services that you earlier used to when you were working. You can also explore things like writing, graphic design, customer support and so on, based on your skills.
- Online tutoring: If you have a background in teaching or expertise in a particular subject, online tutoring platforms can be a great way to work remotely.
- Create content: You can monetise skills like blogging, podcasting or creating YouTube videos by focusing on niches that interest you.
- Sell handmade goods: There are many platforms that provide avenues to sell handmade crafts or homemade items.
Conclusion
Feeling secure and confident about your family’s finances is crucial, regardless of whether you work from home or outside the house. Even though you aren’t currently receiving income, the work you do at home is quite valuable. It is both challenging and rewarding. However, it’s essential to lead with purpose. So, carefully plan and prepare to achieve financial independence that creates a future that is fulfilling for both you and your family.