Our mother is our first and best teacher, we all know! They seem to know best about everything! Earning or not, we all think our mother is the best in family at financial management. Even though our father might have given us our first pocket money, it is our mother who taught us how to save and spend it wisely.
As a tribute to all the mothers of the world (did you forget it is Mother’s Day on 13th May?), we at SLA are celebrating their financial tutelage by listing out the best lessons from the pool of maternal money wisdom and sensibility.
SPEND LESS THAN YOU EARN
Mothers know how easy it is for a young soul to get tempted and spend lavishly, especially if they would’ve just started earning. So she taught us the difference between need and want. She fulfilled all our needs but put restrictions on our wants and desires; teaching us the basic of money management – if you spend more than your income, you will be under debt and a lot of stress.
BE PICKY AND SELECTIVE
Have you ever went shopping with your mother and bought all things at one store? Or were you super annoyed with her for dragging you from shop to shop until she found the right thing at the best price? Well, she was teaching you a money lesson right there! Get the best value for your money. Choose your savings, insurances and investment plans wisely. Look around, do your research, be sure, before you make the final purchase.
GET SOME ADVICE
Whether it was choosing the subject stream in Class XI-XII or choosing the best course/college and even when looking for first job, our mothers would discuss and seek advice from anyone and everyone she thought could’ve given a sound suggestion. She taught us to not shy away from asking for help, especially from an expert/experienced professional. Similarly, seeking help with your financial matters from experts can be equally important and help manage your hard-earned money in the most profitable manner.
DON’T BE LATE
Isn’t this her favorite line? Whether you’re going to college, meeting up friends, going to work, attending office parties, she never fails to tell you – Don’t be late! And you shouldn’t be either. Don’t be late to pay your bills, loan installments, clear your credits and pay off the debts. Take your mother’s advice and it will save you from a lot of unnecessary stress. Getting rid of the necessary-spends first, also lets you manage the rest of the available money, better.
STOCK UP
A mother’s kitchen is never empty. There’s always something for everyone, even on an adverse day. And here’s her giving you a very important lesson in financial management – stock up for the rainy day! Having an emergency fund will really save us on one of those days with an unexpected expenditure – like a car/fridge/AC repair, sudden necessary purchase etc and even help us for more unfortunate events such as loss of a job, medical emergency, lending money to friends and relatives.
We are sure; you’re thinking our mothers are geniuses! Teaching us so much everyday and in every action. Planning to gift her something from your savings, this Mother’s Day?
