Housewives are the ones who manage the house efficiently. They plan, organise, and execute multi-ple aspects around the house, many of which need strategic or tactical money management. As a housewife, you must also conduct some investments for your dreams and goals.

Here are tips on choosing the right type of mutual fund scheme which can help you realise your goals over the long haul.

1. Consider your tenure of investment:

While you may plan the financial goals for the entire family in consultation with your spouse, there may be intermediate goals that you have set for yourself. You may want to own a new smartphone or some such gadget over the next few years. Plan a solo trip as your children are a little more independent.

These goals should be enumerated along with a timeline. This can help you plan better. Say, if you have a time frame between 1 – 3 years, then you can consider investing in debt mutual funds scheme or hybrid mutual fund schemes.

Even within these segments, there are multiple options, the choice of which would depend on your risk appetite. If needs arise over a 7years+ horizon, then you can consider equity mutual funds. Here again, you have the option of large-cap, midcap, small cap funds and other vari-ants, which have varied risk profiles.

So, if you need to choose the mutual fund scheme for yourself, you must first find out your in-vesting goal and the time period for your investment before choosing the right mutual fund for yourself.

2. What is your risk appetite?

After having assessed your goal and tenure, you need to assess your risk appetite. If you know the risks in advance and plan well, it can work well for you. Thus, it is essential to research ap-propriately, gain adequate knowledge and make informed investment decisions.

You have the option of investing in mutual fund schemes through the systematic investment plan (SIP) route which not only brings in a certain discipline with your investment (since you will be investing a fixed amount over regular intervals) but can also help reduce your risk (since you will be investing irrespective of the market conditions). Also, you may also diversify your investment across multiple funds to reduce your risk.

The bigger task at hand is to start your investing journey and then step it up whenever you can with the amount of money you can save from your household expenses.

Click Here to Calculate Your SIP

3. Plan for your retirement days:

Although it may sound counterintuitive, even housewives have retirement days. These are days when you become empty nesters. Even though you don’t completely retire, you have some respite and time to pursue your passion and hobbies.

So, set aside funds to do your favourite things during these days. Your old age need not neces-sarily be days you wallow with illnesses. They can be quite rewarding if you plan and have suf-ficient funds to pursue your long-cherished dreams.

4. Set aside funds for emergencies:

Emergency funds can be set aside in a variety of debt mutual funds. It is time to move your emergency funds from your kitchen dabbas to mutual fund schemes which will also earn re-turns for the period it is not used.

5. Choosing the best mutual fund scheme:

More than choosing the mutual fund scheme, it is important that you choose the right mutual fund scheme. Like every other investment, make sure you read the relevant documents, re-search enough and most importantly, compare the fund's performance over the long term to ensure that it has consistently outperformed its benchmark/peers over the timeframe. Always make an informed decision.

While there is no specific mutual fund for housewives, the above pointers should be able to help you choose the right mutual fund scheme for you. Always reach out to a professional if you lack the time and knowledge to understand the nuances of mutual fund schemes.

Read More:
What is Mutual Fund?
Financial Planning for Women
What is SIP?

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.