It is an undeniable fact that a mother is the best teacher in the world and, we as a kid learn a lot from our mothers. Our mothers have shaped us to be a better human. Here are the 3 best and very important financial lessons which my mother has taught me during my growing years.
1. Never spend beyond your means
My mom has always made sure we don’t buy anything on credit and beyond our means. It is okay to have some amount of loan but having too many unnecessary loans can lead us into financial distress.
2. Save for rainy day
There is no compromise when it comes to saving the money. My mother has always insisted on saving for rainy days. I always have an emergency fund in place, this helps me to prepare for an unknown future in advance. The more I save, the more my future will be secured, this is the best gyan which I got from my maa.
3. Invest in different ways
My mother has always encouraged me to invest in different ways like gold, mutual funds, stocks, and SIP. It is always safe to have a portfolio diversification and I am assured that if there is an emergency at least 1 fund will come to my rescue.
4. Planning and budgeting are the keys
My Mother has explained to me the idea of budgeting, which is setting aside money for specific costs. She helped me to make a basic budget by splitting their earnings into sections for saving, spending, and charitable giving. She showed me how to set financial objectives and make wise spending decisions by involving them in household financial conversations.
5. Understanding the difference between needs and wants
Making sensible financial decisions depends on having a clear understanding of the distinction between necessities and wants. My mother taught me the value of prioritising necessary costs over impulse purchases. She always assisted me in developing the ability to weigh my necessities against my wants and help me become conscious consumers who make wise financial decisions.
FAQs on Financial Lessons from Mom
1. What is the financial lesson you learned from your mother?
Every mother plays various different roles in their children’s life. She is a mother, friend, teacher, and of course in this a financial consultant. My mother has always taught me to spend wisely irrespective of the amount of money I own. Impulsive purchases lead to the wastage of money which can be utilized otherwise on other necessities. She always emphasized giving a 2-minute thought before making any purchase. Think whether you really need this particular product or not in the case of luxury items. However, she also said that saving money does not mean you compromise on your necessities. There should always be a balance.
2. How can a stay-at-home mom contribute financially?
Even though she may not have a formal career or make a paycheck, a stay-at-home mom can nevertheless make financial contributions in a variety of ways. By establishing and upholding a household budget, keeping track of expenditures, and looking for methods to cut costs, she can take an active role in budgeting and money management. Mom can help the family financially by looking for methods to reduce childcare costs. This may entail investigating and utilising government aid or assistance programmes, or even opening a daycare in her home so she may simultaneously care for other children and take care of her own.
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