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In financial planning, a woman plays a very strategic role in the family. Up to 85% of family shopping—from monthly groceries, buying a home, and making decisions about buying cars, clothes, and more—is arranged by the wife or mother at home. Wow, his role is like a treasurer for financial affairs. Check out this article if you want to know more about the role of women in family finances.


The reason why women are more experienced in managing family finances

1. Women are more sensitive to household needs

When household needs are exhausted, women automatically know more than men. This makes women, on average, more sensitive to household needs, so women can only tell men about household needs. And usually, this is also based on maternal instincts, making the role of women in family finances by maintaining and meeting all the family’s needs very important.

the role of women in family finances

2. Women have more supportive support systems

The support system mentioned here is a regular vegetable or meat vendor. So if there is an increase in the price of goods before the government announces it, it is usually the wife or wife who finds out first. This allows you to get the news faster before newspapers or other social media spread it. As a result, women, and mama-mama are better prepared for price increases and can more quickly anticipate them when they occur.


3. An excellent strategic planner

Financial planning requires a good strategy to ensure that all needs are met. And usually, it’s the women who can do that. The brother’s school fees, family dinners, and other bills, if not handled properly, will result in a continuous decline in income. Therefore, women must be good strategic planners to meet the needs of all family members without putting additional burdens on them. In this case, it is unsurprising that good financial provision and planning are required for everything to be fulfilled.


The role of women in family finances

The woman’s role in the family is not limited to the mother who is in charge of raising the baby but also managing the day-to-day finances and several other strategic decisions related to financial matters. What efforts must then be made by women to manage their family finances well, including:

the role of women in family finances

1. Define financial goals

In a family that prepares the child for entry to primary school, a mother will start looking for which school has the best education for her child. Then find out what the school fees are and end up looking for ways to raise money for incidental expenses. This like buying school uniforms, buying textbooks provide and pay school fees.

In this case, communication between the father and mother is essential in determining the family’s financial goals since that thing are a shared responsibility. In addition, fathers and mothers must be able to differentiate between needs and wants and establish a prioritization scale of financial goals. This is done based on the fulfillment period, such as the short-term need for monthly shopping and the long-term need to own a home. When setting financial goals, a woman must also consider the financial resources available to her—both the husband’s income as the primary breadwinner and the payment of a working wife. So with this, mother can be best in the role of women in family finances.


2. Conduct a wallet check and financial records

To manage finances between income and expenses in a way that keeps the wallet healthy, a mother needs to keep financial records. In this case, a mother, who plays many roles in managing money, must record monthly income, expenses, and even daily grocery shopping expenses. By keeping financial records, a mother can assess her financial situation and ensure that the amount of spending or spending made meets the needs to avoid waste. In addition to income and expenses, a list of debts and assets must also be recorded to determine the family’s assets and financial situation. When keeping financial records, moms and dads can share roles. For example, moms capture cash flows for day-to-day needs, while dads capture cash flows for mortgage payments and investments.

the role of women in family finances

3. Create a financial item

A mother can make expenditures and income items for family needs—budget upfront using a priority scale aligned with financial goals, such as mandatory or compulsory, like monthly money for groceries, transport, electricity, children’s school pocket money, or monthly installments. Remember to set a budget for saving and investing to achieve your long-term financial goals.


4. Choose financial products that suit your needs

If you have previously set financial goals for the family, being a mother or wife also has a role in choosing a financial product that suits your needs. For example, a mother may consider purchasing a health insurance product to transfer the risk of a financial loss if a family member becomes ill in the future and requires significant medical care expenses.


5. Smart about debt and investing

Many illegal online lending and fraudulent investment scams have happened to homemakers due to a lack of financial information and knowledge, so they can easily be persuaded by a simple lending process or the lure of quick and significant investment returns. Debt and investments can be profitable and help the family’s financial health, but they must be done carefully. For this reason, before borrowing or investing, ensure that the 2L aspects, namely law, logic, and the company’s legality, are licensed and monitored. It is no less important to ensure that the returns or rates quoted are logical, meaning the amount is still reasonable and the information is transparent and clear.


Those are some discussions about understanding the role of women in family finances. So now you understand that women, whether mothers or wives play a very strategic role in financial planning. However, women are only sometimes the most adept at financial management. A woman can spend her income lavishly because she is tempted by online shopping and cute promotions. Let’s carefully plan the finances for a more prosperous family!

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