How household ladies can start their financial journey

Women across the country saved the money, they saved from their family budget by bargaining with vegetable sellers, tailors, grocery stores, and various merchants. However, due to the demonetization plan in 2016, they suddenly had no choice but to deposit 500 and 1,000 rupees in the bank because these bills are no longer legal quotations.

The Income Tax Appeals Court recognized the cunning, originality and patience of Indian women in saving, and the negative impact of the use of banknotes. In its latest ruling, the court exempted housewives from income taxes of up to 2,50,000 rupees in cash. The court held that the amount brought by the plaintiff during this period could not be regarded as income, which set a precedent for all subsequent court judgments.

But what if we have to calculate the actual income of domestic housewives? The secret is that women bear the brunt of the responsibility for unpaid work in our country. According to the 2011 Indian Census, housework was the main occupation for nearly 160 million women, while only 5.79 million men reported housework as their main occupation.

As the global unemployment rate approaches under the shadow of the pandemic decline, women find it increasingly difficult to return to work, so this number remains unchanged. Last year, in the 2020 Global Gender Gap Report of the World Economic Forum, India fell to 140th out of 156 countries.

Although many people will argue that the love, affection and care of mothers are priceless, this is just to appreciate the time and value of the housewife in life. Helping them show confidence and financial independence is a good start!

The first step is of course to develop a budget. As with household budgeting, women can start with a list of goals they want to achieve, investment deadlines, and risk tolerance. Now that they have put their regular investment surplus aside, having meaningful financial discussions with their spouse is another important point to check. Investment can start from SIP (​​System Investment Plan), with fees as low as Rs. 500 per month. If the transaction is abnormal, there is always an ETF (Exchange Traded Fund) as the start.

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