Special Supplement

Celebrating the Household Financial Heroes

Published : 10 Nov 2023 03:20 PM | Updated : 10 Nov 2023 03:53 PM

While describing accounting in bookish terms, it refers to the process of combining financial data to make it comprehensible to all parties involved, including shareholders. But in easy terms, it is the management of money, whether it is in a company or a household. Accounting is found in profound places like businesses to monitor financial inflows and outflows, control personnel, and uphold constitutional compliance. We undoubtedly overlook how crucial a housewife's use of accounting is to the operation of her household. They immaculately manage their household finances, with accuracy and commitment. Where the institutions prefer accounting in spreadsheets and other tools, on the other hand, the housewives tend to keep the whole financial status of their household in their memory. 

What differentiates a housewife with accounting responsibilities from a professional accountant?

A professional accountant manages various financial responsibilities, including financial record-keeping, taxation, auditing, budgeting, and many more which are aligned with the company he or she is designated to. They also provide financial advice, stay updated on industry trends, and maintain their expertise through continuous education. 

On the contrary, besides taking care of the home and children the homemakers have never taken accounting classes or received any professional training. Their accomplishments are genuinely natural. When they receive a specific monthly They divide the monthly amount they receive into different categories, like bills, necessities, discretionary spending, staff salaries, and childcare costs. To decide how and where to divide the funds, they don't need a formal education. They frequently follow their gut feelings, and their wealth of experience gives them confidence when making decisions. 

How is the financial situation of the household run by the homemakers?

The quality of adaptability in the women make it effortless for them to maintain the financial situation in the households. Long-term financial planning is also the responsibility of housewife accountants. They balance a variety of responsibilities, such as retirement planning and putting money aside for the kids' education, all while making sure the house is in order.

 unsung heroes have another impressive quality of saving money through frugal living and rough living conditions. Many families faced financial hardships during hard times like the COVID-19 pandemic, when the only earning person in many families lost their jobs. In this tough situation, only the mothers of house knew how to manage the money wisely and efficiently. Mothers were the ones who were expected to lead their families through difficult times, even in cases where the financial stability of the entire family depended on a single earner.

Moreover, their responsibilities extend beyond just bookkeeping. These people teach their family members the value of money and to be responsible for it. For instance, they teach their children the importance of saving, by encouraging them to set aside a portion of their allowance or earnings. This impact lasts for generations, leaving a legacy of responsible financial behavior.

Let's celebrate these incredible housewife accountants for their unconditional contributions on International Accounting Day in 2023. They protect the financial security of their families by their knowledge and intuition. They might not be suited up for this job but there is no replacement either. It's time to show gratitude to them, for their invaluable contributions and to recognize the important role they play in maintaining prosperity and financial stability in our households.

Nafisa Alam Toree is a student of Business and  Technology Management Department (3rd year), Islamic University of Technology (IUT), Bangladesh