During a discussion for ‘financial planning’, client told me, “They started their financial journey from scratch & today, slowly they are building up & planning for their future goals all because determination & support from his spouse”!

Well, this is the story of almost every family because it’s the ‘woman’ of the family, who contributes major when it comes to building up wealth, achieving goals, maintaining/ increasing her family’s standard of living.

We, women are born planners & learners when it comes to earning money, managing it & handling it.

Today, whole world is affected by this deadly Coronavirus. It has affected our emotions, health, well-being, working & finances.

In this, it’s the ‘woman of the house who plays the key role’ while struggling to keep herself healthy, keeping her family’s well-being & health in-tact & also keeping pace with changed dimension of ‘finance scenes’ of her family!

Today, many households are facing job loss, reduction in income levels, increased expenditures owing to this pandemic like increased prices of groceries, medical attention and what not… in all these, money matters a lot.

So, how you can take charge & handle such a demanding situation & money matters.. lets understand…

• Draw a budget:

Budget leads the way to our expenditures. Today, when we are forced to cut down on many of our variable expenses like shopping, we are getting the importance of ‘budget’.

Money is made available in many forms today like personal loans, credit cards, attractive discount offers. These all make us ‘spend on many unwanted items.’  Before this pandemic, we all purchased many a times like this, but today it feels bad to cut down on the expenses due to this forced situation.

If we would have sticked to our budget since before, then we would have been in a better position in terms of savings & investing.

Better late than never… draw a budget today, stick to it even if you have secured income flows today.

We can’t guarantee about the future but can surely make an effort for planned expenditure.

If you initiate it, then your spouse will surely understand & follow.

• Talk to your children:

Children especially grown-up ones are many a times habitual of spending & getting what they want. If your family is facing stressful income flows today, then in simple words, talk to your children about it, tell them how you are taking efforts to handle the situation.

This will also help them to understand how it is important to manage & spend money thoughtfully.

Remember, when you win over the situation, you are leading them with an example!

Even if today, your incomes flows are intact, then talk to your children about families who are really facing issues due to disturbed income flows. This will also make them understand value of money & their possessions.

In this process, they will also feel ‘a part’ of the process!

• Create a ‘thoughtful money culture’ at your home:

Even in such a demanding situation, if your family’s income streams are healthy, then take a step forward to create a ‘thoughtful money culture’ at your home.

The way you draw a budget, you spend money, create assets, carry your responsibilities, participate in charity.. all of these they will observe & learn from.

This situation will not last forever, so even if today you are facing disturbed income flows, then once you come out of this & get back to normal, then start working on creating an environment & a practice at home where you will handle, manage & invest money even more thoughtfully.

• Create a happy source of income:

We have seen many people have started different types of business activities & among them ladies are front runners! Here too we observe that women always take a lead when it comes to their family.

If you have started something on this front then its very important to continue with it even when the situation gets better.

You will surely get expertise in that activity & can create a ‘profitable venture’.

On the other hand, if today, you & your spouse have secured jobs & professions, still try to create a ‘happy source of income’. Be it any of your hobby, or passion or a skill which you can convert & cultivate into a ‘source of income’.

This will boost your confidence, will give you happiness of doing something you love to & still earn money from the same.

• Apply for life & health insurance:

In almost every blog, I do emphasize the importance of ‘insurance’. It’s a shield to your life & health related costs which give us relief in tough times.

If you have not yet applied for right & suitable ‘life insurance cover’, then get a ‘term insurance cover’ for you & spouse if you are monetarily contributing to your house.

For health insurance, please apply for a ‘family floater cover’ for you & family.

Apply this on a priority even if you have your employer’s insurance covers, go for your own personal ones.

Life is never the same & not even our ‘financial situation’. If we are ought to face this type of ‘financial scene’ of our family, then ‘the lady of the house’ will only come forward & take charge..

Wish you best of luck dear ladies…