The modern world is such that everything comes at some cost. Housewives may not earn anything by doing household chores. However, the value that they add to the family is immense. In fact, there are husbands who handover their entire monthly salary to their wives to take care of all the house-related expenses. Also, the amount of work a housewife does is invaluable. After all the expenses, a homemaker would be left with some money. The presence of inflation has made it necessary for all those with some savings to invest so that they have sufficient money later when they need. We have covered the following in this article:
Housewives can comfortably invest in the following investment plans:
1.Mutual Funds Through SIP
Mutual funds are an excellent option for investors for long-term wealth accumulation. Every individual, including children, can invest in mutual funds. You don’t have to earn any income in order to be a mutual fund investor. You can invest small amounts in mutual funds through systematic investment plans (SIPs). Moreover, you are given the complete liberty to choose the frequency and ticket-size of SIP. Some mutual fund plans allow you to invest as low as Rs 100 a month. Hence, no amount is small when it comes to mutual fund investments. The ideal option for homemakers is debt funds, which are considered the safest class of mutual funds.
2.Post Office Monthly Income Scheme (POMIS)
Post Office Monthly Income Scheme (POMIS) is offered by the India Post and individuals can avail it at all post offices. Since POMIS is always under the purview of the government, it can be considered extremely safe. This scheme offers a monthly payout of interest. You must invest at least Rs 1,500 a year. This scheme is very popular in rural areas and is slowly gaining popularity in urban areas as well. If you are looking for a risk-free and monthly payment option, then POMIS is an excellent investment scheme.
All banks offer recurring deposits. This allows you to invest small amounts at regular intervals and offers much higher returns than a regular savings bank account. The minimum investment and rate of returns vary across banks. Generally, most banks allow you to invest on a monthly, quarterly, and bi-annual basis in RDs.
4.Public Provident Fund
Public Provident Fund (PPF) is the most popular investment option offered by the government. You can invest small amounts whenever you want. However, the total deposits made in a year cannot exceed more than Rs 1,50,000. These accounts come with a lock-in period of 15 years, which proves to be an excellent option for long-term planning. Moreover, PPF offers an attractive rate of return.
5.National Savings Certificate (NSC)
National Savings Certificate (NSC) is a savings scheme offered by the government. These accounts can be opened at post offices across the country. NSC offers guaranteed returns and comes with a lock-in period of five years and ten years. You can invest as low as Rs 100, and there is no capping on the investible amount.
Whether you are earning or remaining at home as a housewife, if you have money circulating with you, then you should ensure that at least some portion of it is saved and invested in any of the plans mentioned above so that you have a corpus to fall back at times of crisis.