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Podcast | NSE Invest O Cast episode 9: How to manage home and finances as women


Hrishi K: 

Hello and welcome to NSE Presents: Invest – O- Cast (An exclusive investor podcast) Powered by Moneycontrol. My name is Hrishi K and I’m your host on the podcast. It is podcast is all about getting your money to make better investments for you in the new financial year.

Now managing the household budget is something that every Indian women, as well as women around the world, have done super efficiently over the years.

Don’t we all learn our first money management and budgeting lessons from our mothers or the women in the family? Even without formal training, they handle the household budget and they are able to plan expenses down to the last rupee. It’s no secret and an absolute no brainer that women manage money much better than men.

But in spite of being better money managers, one of the things which women tend to not do a lot is long-term financial planning.

There are a few things that you must certainly do to make sure managing finances becomes a part of your everyday life just like managing your home is. After all, you know what’s best for your children, your family and even your spouse. There are a few things that you must absolutely do to make sure your family and children are secure financially as well.

Like making sure you account for your personal expenses when planning the monthly budget separately otherwise you would have cut corners from other expenses. Also make sure that you have your basics covered, like personal and family insurance, insurance of your spouse or spend time learning online banking, payments etc.

We are celebrating women all this month and in today’s episode of Invest – O- Cast we are going to be talking about managing home and finances for women homemakers with a guest, who is not a seasoned financial expert but an expert homemaker herself.

Hrishi K: National Stock Exchange (NSE) with the help of Invest – O- Cast (An exclusive investor podcast) Powered by Moneycontrol is committed to break the limitations of geographical boundaries and reach investors across the country. In today’s episode, we talk about, managing home and finances for women.

To help us with this, in this month of women, we have with us Medha Raheja; she has completed her management in finance and worked with one of the largest private bank in this country for 2 decades. After this long corporate journey she has now decided to be with her family at home and start her second innings with them.

Hrishi K: Welcome to the show Medha! Very happy to host you on this show. How are you?

Medha Raheja: Very well, thank you so much Hrishi.

Hrishi K: We would like to know little more about you and your journey as a working woman and then as a mother.

Medha Raheja: I started working right after college and after working I got married, after married kids and the decades past in just a jiffy. After these 2 decades I realized that no I need to be at home now and get back to my family, stay with them. The house needed me. My mother would always tell me, no matter however far you go in your corporate journey you have to take the ‘belan’ one day.

Hrishi K: Your mother like all other mother is a very wise lady. Thank you so much for that. Now with your career as a banker and juggling life with your family and children, how do you handle everything so perfectly I mean down to the details of it or is it like magicians never tell.

Medha Raheja:  No the magicians are the family here, so with the family support and of course your life line, your maids, whom have to really take care of, so with their support my family, my kid has been taking caring with this so many years and I have been able to give time to my work as well.

 Hrishi K: Well, You are listening to NSE Presents: Invest – O- Cast (An exclusive investor podcast) Powered by Moneycontrol an initiative that is all about helping people learn about their finances on the go…we would like to understand a little bit more from Medha about managing home and finances as a homemaker, something that many other women would want to know more about. So important things that people should keep in mind while planning day to day finances let’s get into that.

Medha Raheja: The most important things to be economically independent for every woman today. Right from her personal expenses to whatever her kids want, she needs to be in control of her money. So most important for her is also to take care of herself, she needs to have a mediclaim for herself, it is extremely important for every women in the house to have a mediclaim for herself besides the head of family. With today with cancer spreading this rapidly every woman must take a cancer care policy too for herself.

 Hrishi K: Now let’s zero down on your life because one of the important things on this show is also to derive inspiration considering it’s the month of women, inspiration of women to come on this show and try model our lives on them, so what have you done, yourself and there by suggest that others do for better financial planning for yourself and the family?

Medha Raheja: So I started investing right from my school days, whenever I would have extra cash left out my parents would buy some stocks and tell me this is your marriage money and that’s how I got into the stock market. You need to start investing as early as possible in life, today is the best day to start. You know even if the years are gone by you must start at a very early age to create wealth for yourself as well as for your family. And look at into it as a long term horizon. For you this money is going to be important and it is going to be your pension, you will require it at an age where you might not have an income. Your children’s education, your children’s marriage. Everything will be taken care off if you start early.

Hrishi K: It’s wonderful that you learn this lesson very early from your parents and from your mother particular and thereby it helps you as parents passing all lessons to your child.

Medha Raheja: Absolutely. Absolutely.

Hrishi K: Wonderful, so in your experience what should women do to secure their family’s future when it comes to financial planning?

Medha Raheja: Every woman must have a bank account individually without the head of the family. Whatever she has saved in the month from her monthly household expenses, must get into bank accounts and she must start a systematic investment plan into a mutual fund. It could be mix of debt equity or only equity but some small investments must happen month on month for her. This is going to create a wealth for her in a long run. You know, I have actually encouraged all my domestic help to open bank accounts and used their ATM’s so whenever they want to withdraw money. They take their ATM cards and they go and use it because now ATM is even in Marathi.

Hrishi K: Lovely and it’s so empowering. Especially somebody who is domestic help at home who is lady. Who is homemaker herself and she is probably the most biggest earning member in her family. For her to use an ATM and transact, adds to their confidence level too. You know it’s really unfortunate and I see this now, even now in this day and age that women often turn around and say Oh! if its matters of taxation and money matters it’s my husband’s department or its dad’s department and when it concern child care its mine but really this day and age the lines are blurring. Just as much as that you need to involve in your finances and not just pawn it off to the men in the house. The men need to get involved in child care too. You have cuts both ways little bit about that, your view on that Medha?

Medha Raheja: Yes off course, definitely because finally it’s our child, it’s our house; everything is ours so definitely our money has to grow together. We both need to be decision maker for our money so we must involve the woman of the house too in financial decisions.

Hrishi K: And it’s not big opposition, big bolder to conquer. Lot of people has built up in their head you know this cobwebs. It’s actually really really simple even if you are doing your taxes even if you are doing the financial planning you know it’s not rocket science.

Medha Raheja: Not at all in fact you can pay your taxes online and you can do your investment online because everything is so much easier now with the world getting shorter with the web everyone woman must have control of her own funds

Hrishi K: I always said this you know we have to say about India that in the west high school drop outs are able to do this of their own whereas here even the most basic person in this country is an undergrad here if not a post graduate.

Medha Raheja: Absolutely

Hrishi K: So this should be raffing your tips. Medha also the concept of joint accounts is used for unnecessary romances. When I am saying unnecessary romance it means men often turn around to prefer the joint account because they say you know we will get the SMS in our mobile phone. We able to keep check on where the spouse is spending etc etc. But you are at the firm opinion that every individual woman needs to have separate individual account. Explain that in detail please?

Medha Raheja: Absolutely every woman because she is saving for herself, for her family. She needs to have own individual account without her spouse, get hold off her own finances, learn about net banking, start using net banking. Every woman she can use smart phone so why can’t she use her own net banking on the phone. She must learn about own account, log on to her own account, check her balances, start transacting online onto mutual funds. There are so many banks who offer online investments without any paper or any advice. They even give you insights to which fund to invest. She should start into reading more and investing for herself more.

Hrishi K: Ya, I remember in our parent’s generation they use to one day a week demarcated for going to the branch. We don’t have to do any more. It’s absolutely fantastic so therein time management is also comes into play. You know because you have the extra bit of time because you can do all of this really offline and that is so important and it can’t be over emphasized.

Medha Raheja: Absolutely in your me time you will sit on with the bank account get hold of your money. Finally you have saved it for yourself.

Hrishi K: Correct, now I am going to come back to you, you know you briefly mentioned your mother. I am sure you must have learnt from not just from her other women in your family while growing up. What are the few things that every woman in house should do to organize their day to day finances better?

Medha Raheja: Don’t keep any funds aligning idle at home. Cash is a dead asset, put everything in your bank account and sign out for the systematic investments plan or even a recurring deposit if you don’t want to get into the markets. Start reading up more, it’s your money. Start with small things like small article in the newspaper on mutual fund, on debt and on equity. Get more aware of your funds, you have saved it, you need to grow it.

Hrishi K: Now there are conflicting views on this. There are lots of independent financial advisor who turn around and say only the earning member of the house the adult should be covered with insurance. I want your views on insurance. Do you think it is important not just for the earning member but other adult as well? Do you have one if so what kind of insurance and what would you suggest other to have?

Medha Raheja: Every adult in the house must have a term plan and term plan with accidental ride. You travel so much in the day, we travel within the city and outside the city you must have an accidental rider along with your term plan because you never know what could happen in any minute. Not necessarily the earning member to have an insurance, the women also should have a small term plan depending on how much they can be assured for. Finally it’s the child of the husband and the wife right!

Hrishi K: Very well put, ok I am sure all of this has put a lot of women home makers in planning their finances better. Now I am going to take all of you to some key points that you have listed by our guest Medha Raheja in our ‘Wisdom in Bank’ segment. Hope you all find them useful and will definitely implement them to manage your homes and finances better.

  • Get your own mediclaim think of cancer care
  • Get an independent bank account for yourself if you are women, not necessarily a joint account with somebody else in the family.
  • Start with small investments
  • Look at long term goals
  • Get a child care plan as well as an educational plan for your children, encourage children to invest and teach them the value with money.
  • Do pure term plans for all adults as far as insurance is concerned
  • No idle money to lie in your savings banks account, start a small SIP.

Medha, thank you very much for being on the show and sharing your insights on today’s podcast like I said. It’s going to help a lot of other women homemakers in planning the finances better.

Medha Raheja: Thank you so much it was a pleasure. Thank you!

Hrishi K: Well, her advice does come from a lot of real insights of doing things herself through the years. I am sure a lot of you ladies must have got benefited from that and you have got a wonderful insight in managing your home and finances better.

Taking the time to manage your money better can really pay off.The first step to taking control of your finances, do a budget. Set up a budget means you’re less likely to end up in debt, you are less likely to caught out by unexpected costs and more likely to have a good credit rating. Better planning and budgeting is key to better management of homes and finances. This along with fleshing out a financial plan, seeking information and advice wherever necessary and making sure you stick to a budget can help you go a long way when it comes to managing your homes and finances and makes you the rock-star homemaker you always wanted to be.

And that is a wrap on our show NSE presents Invest-o-cast! I’m your host Hrishi K for the NSE Presents: Invest – O- Cast (An exclusive investor podcast) Powered by Moneycontrol. To know more about our podcast, log on to moneycontrol.com and visit the podcast section. In case you would like us to address any of your investment queries on our show do write into us at: nseinvestocast@nw18.com nseinvestocast@nw18.com you can also reach out to us on Twitter @moneycontrolcom or Facebook @moneycontrol.com , do remember to use #nseinvestocast that’s #nseinvestocast

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