Mothers teach us the mantra to survive and thrive in our lives. Even if it goes unnoticed, mothers have a large part to play in how we manage our finances as adults. With mother’s day just around the corner, there’s no better time to learn lessons of finance management from the most important female figure in our lives. Here are a few important ones:
- Financial independence: Mothers teach their children the importance of being financially independent from an early age. Whether it be doing chores around the house for a financial reward or the weekly pocket money, with little activities, children learn about the habit of saving money and spending it on important occasions. The amount may be minimal, but the lesson learnt is crucial. Unknowingly this lesson forms the basis of children becoming financially independent in the future, thus increasing self-confidence.
- Establishment of financial goals: When mothers teach children to save money, they are also instilling the idea of setting financial goals in them. Here is where the children learn about the importance of financial planning and setting up short-term and long-term financial objectives. Even if mothers are working with a shoe-string budget to manage the house, they always have a little left for emergencies. Mothers never fall short of money when they have decided to achieve a financial goal. They are always set on it. This is what teaches the children to value money, not panic during a financial crisis later in their lives, and stay on track to achieve their financial goals.
- Manage financial instruments with care: Women of the household generally have a debit/credit card that is used for home expenses. If you had noticed how your mother managed the debit/credit card, you would have realised how she would not spend more than the available limit and always repay the credit before the due date. Mothers are masters at managing expenses within a budget. This requires meticulous planning, which all of us can apply to substantial benefits in our own lives.
- Always be aware of even the little details of your financial matters: Mothers are diligent. This due diligence comes in handy every time when they are reviewing their children’s report cards or any other documents. Similarly, when you’re partaking in financial matters, it is essential that you read the fine print very carefully and show the due diligence that your mother inadvertently taught you during your childhood. This practice helps you manage your finances better and not be fooled by something unexpected.
For any clarifications/feedback on the topic, please get in touch with the writer sourabh.dubey@cleartax.in
An Editor by day and a sloth by night…I would love to eat and sleep throughout the day if given a chance…I enjoy reading and love my job and my team at ClearTax.
