Financial tips from your mother on Mother’s Day in 2024

Your mother is the most important woman in your life, and it’s no surprise that she influences your overall financial habits. Many of you may remember your mother as a hard-working woman. You may have learned valuable life lessons from them. Working mothers in particular may aim to teach their children the important things they need to survive in this world.

This Mother’s Day, these financial lessons may stay with you, no matter how long.

Always be financially independent. It is a source of trust

Mothers want their teenagers to be independent. By providing incentives for housework, mothers teach their children that it is important to work hard and always receive money in return. She then recommends saving this money in a piggy bank and spending it on big occasions like birthdays and festivals.

The quantity may be small, but the insight is larger than life. In this way, she may have taught you to be confident and independent in managing your finances, just as she did as a child.

Set long-term financial goals and save

Everyone needs to learn the value of money in childhood. Only by being aware of the values ​​can you be proactive enough to set financial goals, plan your savings and prioritize your long-term and short-term financial goals. Only then can you use your money efficiently and wisely to achieve your bigger financial goals. If you start saving from the beginning, you will be able to retire early from your career at the age of 40.

In our experience, we probably grew up watching our mothers save money. No matter how little money they had for monthly expenses, there was always something left to save. Most of us learned our savings habits from our mothers, and some of us may wish you had started saving earlier, in our prime savings years, our 20s.

If you value money, save on investments, and don’t panic when financial constraints arise, you’ve probably adopted your mother’s savings and investment habits and may be doing a good job. not. Mothers are good at finding odd places to hide savings in out-of-the-way places, like cereal jars, envelopes, or the crevices of a neatly folded sari in the closet.

Set aside an emergency fund

The importance of being frugal with your spending and saving for a rainy day is something mothers pass on to their children. Regardless of how you spend or invest your money, it’s useful to have money set aside in case you suddenly find yourself short on cash. In fact, if you save for unexpected financial needs, you’ll be grateful when emergencies like medical or travel expenses occur. So, no matter how little money you have left at the end of the day, you should set up an emergency account to get you through any unexpected problems.

Be disciplined with credit cards

If you grew up with a working mother, you might know that your mother didn’t like credit cards. They are very careful with their credit cards and usually pay their bills before the due date. I’m sure most of us had a mother who asked us to avoid credit card debt. They gave us strict orders not to spend more on our credit cards than we had in our bank accounts at any time.

On the other hand, if you grew up with a working and financially stable mother, you would find that your mother used credit cards to efficiently manage her expenses and pay them off on time or early each month. maybe. They are punctual and disciplined with credit cards, which is a great skill to acquire. This will help you maintain a high credit score and have access to credit when you need it.

Always read the fine print

My mother is a hard worker and good at multitasking. At the same time, carefully read documents such as papers and school reports to the last letter and sign them.

Don’t ignore the fine print when applying for a bank loan or making a term deposit. Please read the document completely. Mothers are hardworking, as they know all the nuances of the business in which they are involved. As you develop these same habits as an adult, you may be better able to manage your money, make on-time payments, and avoid additional fees and hidden costs when taking out a loan. The smaller the fine print, the more likely the information is important.

The subtleties they learn from our mothers improve our skills and enable us to better manage our own money as adults. This is true even with digital banking, even when in times of funds shortage he offers credit facilities through apps such as FlexPay and FlexSalary. Most people use technology-enabled platforms to manage their finances in a disciplined manner without compromising on repayment deadlines. That way, you won’t have to worry or panic when an unexpected expense comes knocking at your door, and you’ll be able to handle everything with peace of mind.

In many ways, mothers lay the foundation and shape how they deal with money as adults. And these lessons are valuable. For everything else, money is earned and needs are met.