Mothers are the cornerstones of our lives, showering us with love, guidance, and countless life lessons. But often, the financial wisdom they impart goes unnoticed.
Power of saving
Remember the piggy bank your mom encouraged you to fill? It wasn’t just about collecting coins. It was about instilling the habit of saving, a cornerstone of financial security. Mothers are often the budget wizards of the household, stretching every rupee to meet needs and setting aside a bit for the future. This teaches us the importance of delayed gratification and prioritising long-term goals over fleeting desires.
Budgeting for balanced life
Think back to how your mom meticulously planned the household budget. She likely categorised expenses, prioritised needs, and found ways to make ends meet, even on a tight budget. This is a valuable lesson in living within your means. Creating a budget allows you to track income and expenses, identify areas to cut back, and allocate funds for savings and goals.
Building emergency fund
Life throws curveballs. A medical emergency, car repairs, or job loss can derail even the most well-laid financial plans. Mothers understand this and often prioritise building an emergency fund. This teaches us the importance of being prepared for unforeseen circumstances. Aim to save 3-6 months of living expenses to weather financial storms without resorting to high-interest debt.
Growing wealth wisely
While saving is crucial, mothers also know the value of growing wealth over time. They might have invested in fixed deposits, gold, or even real estate. This teaches us the importance of investing for long-term goals like retirement or a child’s education. Explore various investment options based on your risk tolerance and financial goals. Remember, time is your greatest ally in investing — the sooner you start, the more your money can grow.
Research before buying
Impulse purchases can derail your financial plan. Mothers often emphasise the value of research and comparison before making a purchase. This applies not just to groceries but also to bigger decisions like buying a car or insurance. Research different options, compare prices
and features, and avoid falling prey to marketing gimmicks.
Value over impulse
Mothers are masters at distinguishing needs from wants. They give preference to essential expenses like housing, food, and healthcare while being mindful of unnecessary splurges. This teaches us the importance of mindful spending.
Empowering yourself
Mothers are strong advocates for financial independence. They may have juggled work and family life, demonstrating the importance of having their own income. This teaches us to strive for financial independence, whether through full-time employment, freelancing, or a side hustle.
Adaptability & resourcefulness
Mothers are experts at resourcefulness. They can turn leftover ingredients into a delicious meal or find creative ways to stretch a budget. This teaches us valuable lessons in adaptability and making the most of what we have. Learn to be resourceful, explore cost-saving alternatives, and avoid lifestyle inflation as your income grows.
Values matter
Financial literacy goes beyond numbers. Mothers often instil values like honesty, integrity, and delayed gratification. These values translate into responsible financial behaviour, making informed decisions, and avoiding risky ventures. Remember, building a strong financial foundation is about more than just money – it’s about building a secure and fulfilling life.
This Mother’s Day, take a moment to appreciate your mom’s financial wisdom, even if it wasn’t explicitly stated. Thank her for the lessons she taught you, both directly and indirectly.
(Viral Bhatt is the Founder of Money Mantra, a personal finance solutions firm)
