Author: Mr. Amit Lalan, Director, Upstox

For ages, Indian women have played a pivotal role in managing the family finances. While they stayed out of major financial decisions, they did hold access and control over the ‘Ghar ki Tijori’, or to put it metaphorically, keys to the wealth of the family. What is the concept of ‘Ghar ki Tijori’ in its modern avatar? The lady of the house manages the household budget and successfully ekes out savings from it for a rainy day (which none of the family members are aware of). The only problem with this setup is that the money remains idle when it could be fetching returns.

Little drops of water make the mighty ocean

If you think that big money cannot be made with small savings, think again!

That is the potential in equity! Of course, the condition is that she saves regularly and doesn’t get drawn into schemes like chit-funds and gold schemes.

Money tips for the homemaker

Being a homemaker means that you also control the family budget. And that means power in your hands. Here are five things you need to remember:

1. Squeeze the most out of your savings and keep it aside for a rainy day. Today, there are enough bargains to cut down costs on everything.
    
2. Let the kids learn that things have to be earned. A better life is essential but they cannot take things for granted.
    
3. Avoid the temptation of gold schemes, chit funds, and deposit schemes. None of them can create wealth. Choose the power of equities with the safety of mutual funds.
    
4. Stay true to your task and stay disciplined. Don’t miss your monthly savings and never withdraw funds, prematurely.
    
5. Get involved in family financial decisions; be it a home, car, or any other investment.

Money tips for the working women

The role of women continues to be pivotal in family finances. However, if you are a working woman, there are additional things to take care of:

1. If you are earning and have dependents, you must be insured enough to replace your earnings.
    
2. Avoid the lure of easy debt—which is the in-thing—if you have a steady job and regular flows. The debt can cascade quite rapidly.
    
3. Create a parallel investment for your own future, so that you have greater freedom to chase your dreams at a later date.

There is a big contribution that women can make to the savings pool of Indian investors, if they participate more actively and focus on wealth creating equities. This potential is a lot more in smaller towns where income levels are growing but equity investments are not keeping pace. Women… it’s time you take on the reins and show money who the real boss is!