Here is the most awaited day of the year- yes the Mother’s Day, when we all are thinking about our mom and how she helped us through your life. Remember the time when you needed additional pocket money because you spent all on a toy you wanted? Or when she taught you how to make financial savings out of seemingly depleting resources? Here are some of the financial wisdom our moms have shared with us over the years, all in one:
1.Mom Says, Always Stick to the Budget
Mothers are quite adept in handling finances, and one of the ways to identify money allocation comes through their immense experience in taking care of household and well as external expenses. She teaches us how to track budget to be able to organize monetary decisions. This is one of the first money advice from mom, which makes drawing a budget and planning expenses important for retaining healthy economic state.
2. She Meant Good While Putting Up an Emergency Fund
Not only the short-term or long-term savings, you must always have a rainy day fund to meet those unexpected bills. These funds should be available to be liquidated at the instant or remain as liquid assets. For this, you must assure to save enough cash whenever you have the need for it just like when your mom bought you the sport gadget at short notice even if the finances as per say was negligible? Yes, there are those days, when certain expenses are unavoidable, and you must plan for those scenarios well in advance.
3. Your Mother wants you to Start Saving Early
There is a saying, “begin at the starting line to make a fine finish”- this holds true even in financial savings. Mothers are also one of the significant examples of how saving early actually proves to be ‘life-saving’, like the extra buck she dropped into your piggy-bank? It was the very initial advice- save when you can, and when you start drawing an income, you must make sure that you plan your financial savings as soon as possible.
4. She Tells You When to Draw the Line
Remember when you wanted all the chocolates from that shop? Of course you have had a bit of what you wanted, but surely mothers teach us how to differentiate between needs and wants. From childhood you learn how much of a thing is sufficient and where you may need the extra push. This lesson goes to financial circle as well, and mothers have taught how to stop from overspending or which expenses are should be prioritised.
5. Nurture Your Money at the Right Moment
You must have experienced so many incidents where your mother wanted to protect you and by taking calculated decisions for your welfare even if it involved a struggle (like investing a sum of money for your future education), she promised to reap better benefits in the future. This is a silent advice from all the mothers to their children.
Make important financial investments today- even though the returns seem far-fetched, but your hard-work now will assist you tomorrow. Don’t keep all the money hoarded up in passive form, but try to find ways to grow the same by doing right investments.
Mothers’ love shape us as individuals, while you too may love your mom deeply- this Mother’s Day, the best tribute to give her is to be a wiser person by being more careful financially.