It doesn’t necessarily have to be ‘Mother’s Day’ to recollect on all the good thing that your mother taught you. When it comes to thinking about our mom and how she helped us through your life- the smallest detail to the silly mistake takes us back to her.
Remember the time when you needed additional pocket money because you spent it all on your friends? Or when she taught you how to make financial savings out of seemingly depleting resources? Yes, our mothers have always shared with us many financial tips even before you could take up MBA.
Banksdirect.in have some of the financial wisdom our moms have shared with us over the years:
- Learn self-control now, not later: Keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your finances in order. Remember to keep your credit cards for the convenience factor or the rewards they offer, make sure to always pay your balance in full when the bill arrives, and don’t carry more cards than you can keep track of.
- Don’t put your financial future in someone else’s hands: If you don’t keep a track of your own money, others will find ways to mismanage it for you. Instead of relying on others for advice, take charge of your own personal finance.
- Keep a check on where your money goes: Once you get an idea about personal finance and saving you will realise how important it is to make sure your expenses aren’t exceeding your income. The best way to do this is by budgeting. So for all this; keep your recurring monthly expenses as low as possible, it will also save you big bucks over time.
- Start an emergency fund: Not just for short-term or long-term savings, you must always have a rainy day fund to meet those unexpected bills. For this, you must assure to save enough cash whenever you have the need for it. But it will be wise enough to keep aside some amount/ any amount of money in your budget to save in an emergency fund every month.
- Draw the line when necessary: I’m sure your mom taught you 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 prioritized.So the best you can give her is- To be a wiser person by being more financially careful.