Housewife & Her Financial Planning – The Concept
A ‘housewife’ dedicates her life to family care, doing errands, working day and night to ensure that her place is always in order. Talking on monetary grounds, the area which is supervised by her is the household budget; the tradition follows with the concept of her husband giving monthly money for managing household expenses, and she does it successfully. Never getting herself involved in other monetary matters that can end up being a good change in her life but leaving them on her husband to manage. Is this the right thing to do?
Recently, there has been an incident that needs to be shared with you all – Mr. Gupta met with a terrible accident and died, at an early age, leaving two children after him. As usual, he too had made different investments, since Mrs. Gupta was not aware of his investments, she was left empty handed after her husband’s death. It became difficult for her to survive with her children being part of it, also with no money because of being non-working. Although, living with her joint family, the lack of awareness about financial matters made her worried. Now, she needs to figure out the way-out all by herself.
Lack of financial awareness can force anyone to a difficult situation; therefore, the preparation must be ready. Another reason can be, either the husband didn’t feel necessary to discuss with his wife about the financial matters or she didn’t take interest regarding the same. The tendency states that a woman keep aside all the financial issues for her father or husband whilst she gets herself busy doing everything else.
Isn’t it ironical, that she considers well-being of everyone, but unknowingly, puts her future at stake or at the mercy/dependency of others, by ignoring all the uncertainties of life.
One important thing she can do is an organized financial planning. If she endeavors to secure herself and the future of her loved ones. Following are the points that must be considered. Here:
- It is important for her to be present along with her father/husband in every discussion that is held with their financial advisor.
- She must ask questions to understand the pros and risks involved in every investment or policy.
- She must make herself aware of the procedures that are required to claim the fund, during any unfortunate incident or maturity.
- She must keep records of all the investments along with their photocopies.
- Making sure that her name is added as a joint-holder or nominee or first-holder in every investment.
- The contact details of the financial advisor/planner must be kept handy by her. Emergencies don’t knock the door.
Next time never ignore financial planning by saying that ‘it’s not my cup of tea’ OR ‘it’s his business’. Being financially independent does not mean earning good money or having a good job, it also means to take care of every financial planning done by your husband/father. How about starting your own investment in mutual funds? Explore funds to know more about it.
*Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing.