I need some advice on saving money. I am 30 and married and housewife and I am going to have a child in few months. My husband is working and has poor savings habits.
I want to know how can I save money for the future and the little one. I am worried about expenses regarding health, child education, etc.
First, talk to your husband about this. You really need to persuade him that you need to be saving, and get him to agree on how and how much.
Second, if you husband is not good at saving, work on getting something set aside automatically - ideally deducted from a paycheck or transferred to a savings account automatically. If he is the kind of person who might dip into that account, try to make it a place he can't withdraw from
Third, get some advice, possibly training, on budgeting. Buy a book, take a video course: even start by watching some TV shows on getting out of debt.
how can I save money for the future
The fact that you are worrying is good. This is the first step. Follow this up with a plan.
One way is first get hold of your income [its fixed you know the salary]. Maintain expenses, then see which costs can be cut down.
Create individual goals and start investing for these. The best way for first timer is to invest into a Recurring Deposits or SIP in mutual fund, i.e. kind of forced saving so that you don't spend what is available in bank Account.
You can't force a horse to eat carrots. You have to make him hungry...
It's good that you're ready to start saving. The hardest part about building wealth is that most people live in denial. They think a bigger hat is wealth. That said, you need to get your husband excited about the idea of saving. If you're capable of sparking a little passion in him for saving then you'll see your wealth grow almost over night.
So, how do you make someone excited about something as boring as saving? Great question. If you find a way, write a book. Honestly, I think it's different for everyone. For me it was like someone turned on a light. I was blind but then I saw.
If he is a reader then I would suggest the following books in this order.
-Rich Dad Poor Dad
-Think Big and Kick Ass in Business and Life
-The Richest Man in Babylon
-The Millionaire Next Door
If he makes it through those and has any argument at all against saving then write a book about him haha.
Now I want to be clear, the other two answers above mine were also spot on. If you can't get him passionate about it then you need to take the initiative and start doing it yourself. I can't stress enough though that you both need to be engaged in order to do it quickly and efficiently.
Good luck!
My answer will suck but it comes from someone who has been married:
You can't control another person or convince them to do something. What you can do is identify what they value and show how saving money increases their opportunities in what they value, but understand that the person could see what you're saying as invalid too. If you're single and reading this, this is why you verify that the person has similar values to you.
Think of it like someone who wants good gas mileage: you show them a car that gets 60MPG, and immediately they say, "Well, but that's not a cool car." So their value isn't the miles per gallon, and you may find the same is true with your spouse. India is paying more interest than the US and Europe in their savings accounts (I believe the benchmark interest rate is 7.5%), so - assuming your spouse values more money - showing him how to use money in savings to passively earn money might be a technique that works. But it may mean nothing to him because it's (1) not his actual value or (2) isn't enough to matter in his mind.
In other words, this is all sales and whatever you do (and this is regardless of gender), don't manipulate, as in the long run that tends to build resentment. If there is a specific problem that you know he sees as a major issue and saving money can help, I'd recommend showing how savings would help with that problem. People generally like solutions to problems; just remember, what you think he sees as a problem may not be what he sees as a problem. This is why I chuckle when I see single people give married people advice; you can't just "convince the person enough" because you are not that person; we have to speak their language and we should be careful to avoid creating resentment.
The part that sucks (or doesn't depending on who you ask) is that if we can't convince others to do it, we should do it ourselves. Either (1) earn money independently yourself when applicable (realizing that you are about to have a child and may be limited), or (2) save the money that you and your spouse have agreed that you're allotted, if this applies to your situation (a few spouses divide income even when one is an earner).
