5 Best Financial Lessons Taught By My Mother
Mother is a fantastic teacher who will guide you about everything in life without judging you. People are quick to acknowledge the moral values and behavior taught by mother. I feel, among all mother teaches excellent financial lessons to kids which doesn’t come to limelight. In fact moms and mutual funds are similar, they are the pro when it comes to manage finance efficiently.
Here are 5 best financial lessons taught by my mother
1. Curate Budget – stick to it
The first and most important financial lesson is to create the proper budget and religiously following it. This is the reason; mother is called as the finance ministers of the house too. The budget gives you a clear record of expected income and calculative expenditure for a time period. You know, where to spend and where to save if you got the budget game right.
2. Every Penny Counts – Save it up
I am sure we all have seen the dabba in kitchen where mom saves all the changes and coins. My mother gifted my first ever piggy bank. I used to get 5 rupees coin every time when I helped her with kitchen work, arranging groceries, cleaning house etc. During my growing years, I followed the same piggy bank idea and started small investments in the form of SIP, mutual funds, stocks. This one lesson from my mother has helped me to fulfill my short term and long-term goals.
3. Stay Calm – smart monetary decisions only
This is actually a universal truth; we need to be calm and composed while taking important monetary decisions. In many situations when huge money is involved, I always sit back, relax, take a deep breath and check pros and cons before making a call. This simple activity will safeguard our hard-earned money from unwanted spending. Before making the decision, I always ask these questions “Do I need it ??, Is it worth the money? Is there any other alternative?
4. Be Frugal – It is totally okay
We all have heard this dialogue in our life from mother “Do you realize the value of money??”. This is so very true; our parents have worked really hard to earn the money and we need to appreciate every single penny. Our moms will never buy something which she doesn’t need it. I follow the same mantra; I don’t indulge in any wasteful expenditure which can make a big hole in my pocket. It is okay to be frugal, it isn’t always bad. Spend only on things which you need and not want.
5. Financial Goals – set up and work hard
One of the best financial lessons taught by mom is to set up financial goals. It is not only accumulating money but also to reach the financial milestones and have enough for emergency/future. My mother has always encouraged me to make informed financial plans and strive hard to achieve it. Be it marriage, education or something else, having financial goals is must to achieve that in given time frame.
Mothers play a very significant role in managing family’s finances and in teaching important financial life skills to the kids. Over the past couple of decades, women have transformed the investing market with flying numbers. Their contribution to the market is huge. A women’s financial literacy is a blessing to not only family but the entire nation. Among all, mutual funds is an excellent option to invest your money and reap huge benefits.
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