Being finance ministers of our homes, we have a habit of saving from our monthly budgets. How tiny may be the amount but it seems nothing less than a trophy for us and why not, after all we have worked so hard throughout the month to save each penny. Momeys, now it’s time to make our monies do some hard work for us. Don’t let your cash sit idle in your cupboards or put into kitty parties (BTW that’s not saving or investing). Kitty parties are for having fun, not for putting your monthly savings! So here’s a list of options to add little spice to your plain monthly savings:
Savings account – your savings can earn around 3-6% pa interest. It’s a little better than keeping your cash idle at home but only a little
Recurring Deposit – If you are regular saver, then you could open an RD account with your bank.
Fixed Deposit – if you already have a lumpsum amount saved with you and you would not require it in short term (say 6 months – 1year), then you can open a fixed deposit with that amount.
Mutual Funds – Sounds complex but pretty simple to invest & manage. If you wish to keep your money for say 3-6 months, you can invest in liquid/ultra short term debt funds. And if you don’t need that money for 5 years or more, then you can invest in Balanced/Large cap funds (being a first time investor). You can invest your already saved lump sum money or a small amount every month in mutual funds as per your convenience.
So momeys take charge of your savings and make them work for you!!
Hay Moms! We have been writing a lil’ too serious all this time. So we thought of breaking away from that and sharing some ideas to have fun. We all enjoy a good laugh, good food and good company. Here’s to some new and old party plans to get your thoughts going:
1. Bring in the Karwa chauth
There’s perfect setting on Karwa chauth day – you are dressed up, in company of friends and family and food is on your mind.. but you can’t drink or eat that day. You can 2 days before though. Organize a mehendi get together with your friends and make it into a party. Chatter, dancing and drinks can help you prepare for one day of absolute abstinence.
2. Let the games begin
Diwali is here and its game on for a round of cards. If you are worries that your young one is too impressionable and may not take the cards well, switch to board games. Its double the fun plus you can have folder kids join in too. Go on and make some money.
Sometimes you can party up for no reason making a sudden plan and for such parties the good old pot lunch or dinner and Bring Your Own Booze works fantastic. Its not a strain on the host and everyone gets to enjoy their fave drinks. If you are a new mommy, please excuse yourself from the contribution and just join the fun, you deserve it.
4. The spa kitty
Well for those active in kitty groups and tired of eating similar food at similar places, look out for group deals for spa or pampering sessions. The spa-lons are more than happy to work out group deals in non peak hours.
5. Shop out loud
There ain’t no therapy like retail therapy. Period.
6. Networking Clubs for women
Mom’s who have entrepreneurship on mind or plans to get independent but looking for direction can sign up for women’s networking club. Its not only helpful but recreational as well. The networking jam ups, lunches, complimentary workshops are loads of fun things that come along.
Hola Momies! First up we have to lay it out..
An W-investor is a combo of:
- Woman investor
- Winning investor
If you are new to investing, then we have a fun checklist here for you to find out if you have the makings of becoming an W-investor. Read on,
● You make a budget every month for expenses: if yes then you have a discipline to identify your cash flow. You can surely graduate to Goal-setting for your family and tread on the path of Financial Planning – a must for becoming an W-investor.
- You have a kitchen garden: or some home plants. When you nurture plants, you learn to have patience because there are no quick spurts, fruition takes time. This is true for investing also. A sense of time horizon is key for an W-investor – you get returns over time.
- You compare prices in supermarket: you are either the kind who compares or you are not; there can’t be a mid way. There’s good news in store if you compare because same buying behavior will also apply to financial products and instruments. Say while purchasing Insurance you have to compare premiums or while opening an FD you have to compare rates offered by banks.
- You like experimenting different things for family: Despite knowing your choices clearly, you like to dabble with different cuisines for family, signing up for new apps, exploring news brands in groceries.. You feel calculated risks are important to experience a variety of things. You have thw truest grain of an W-investor because investing comes with some amount of risk for sure. And no risk is no gain.
- Even if small, you save a sum every month: Be a proud mom for being able to save because most people are not. There are various instruments which can work with small amounts but when consistently done, can payback well. Own the badge of W-investor guilt free because your SIP may just be the smartest investment around.
Our first teachers are undoubtedly Moms. There are a thousand things we learn from them – taught and untaught. Here are 4 qualities we imbibed from them and can’t be more thankful for.
- Patience – the biggest virtue of a mother – Wondered sometimes if word patience came from the word Parent 🙂 When the madness is at its height, and you know that you have to slug it out, its perfect time to remember how your Mom would have handled the mayhem. Infinite inspiration descends ofcourse.
- Healthy food choices – Superfoods, high protein diets, organic – these words may have sprung up now but our mothers’ kitchens were taking care of all dietary essentials long before we realized. Thank heavens we are now able to give it to our kids.
- Together is Family – No celebrations are complete without over fave people around. Great that we got this early on and now don’t miss a chance to bring everyone together for our kids.
- Think tomorrow – Living in debt is definitely not a value our moms regarded as one. We saw them maintaining savings stash somewhere to fund a dream or take care of proverbial rainy days or simply for better future. Imbibing from our moms, we ensure there’s always some surplus so that slipping into debt doesn’t become a practice.
A true journey is over when we really cover a distance. This distance will see some discoveries, some additions or some changes along the way. Momeywise is also on a journey, a start of a journey, to be precise; and we are urging fellow women to join us. One thing we are sure about getting out of this journey is Breaking the Mould.
Our financial habits have shaped up due to multiple reasons over time and they won’t die hard. As much as we have wished to get caution in spending and bring discipline in planning or investing, a lot remains desired. However, if we persistently try, we can break the mould & take charge. And much to our surprise, reap benefits too. Here are our top 3 recommended ways:
- Look at the big picture: You may be a habitual saver but ever increasing prices will outgrow your rate of savings and then what? What you need to do is invest and not only save. Your invested money will grow to give you returns over and above inflation.
- Tackle the fear: Do you feel the market movement, calculating RoIs or mutual funds is beyond you? They are complex or boring? Seriously think again. Its nothing to be afraid of. There are professionals who can help, tools that are handy and best of all – transactions that are quick.
- Today is a good day: Age, burgeoning expenses, uncertainties – the more you delay, the more you lose. On the other hand, the longer you give time to investments, the higher the growth. We will start illustrating with simple numbers shortly. But for now, we can’t stress more about starting asap.
It’s easy to not to try. But that’s not us women. We are known to adapt to various roles, most times with zero training. If we decide to break the mould, WE WILL.