THE BLOG

Six Money Lessons You Can Learn from Your Mom

14/05/2017 9:31 AM IST | Updated 14/05/2017 9:31 AM IST
photosindia via Getty Images

Your mother is awesome. There's no two-ways about that. She's been caring for you from the day you were born, and she's never going to stop. She's nurtured you, she's taught you about life and she's imparted good qualities in you (or at least she's tried).

That's not all. If you pay close attention, there is a lot more that you can learn from your mom. These are subtle and indirect lessons that you can learn from her habits and her ways. And a lot of them have to do with how she handles finances.

So, with Mother's Day around the corner (14 May 2017), we decided to give you six money lessons you can learn from your mother.

Creating a budget

Your mother isn't called the Finance Minister of your home for no reason. She budgets the monthly expenses and decides beforehand how much money is going to be spent where. Create a budget like her and you'll be able to keep expenses in check and not overspend.

Saving something every month

We have seen in movies that mothers have a small money jar hidden among the kitchen utensils. Your mom may have one as well, or maybe a box in a drawer, but she will have a place where she puts money away every month. No matter how much you want to buy, save a little something as well.

Good to be frugal

Your mom never buys something she doesn't need. She doesn't hoard onto stuff. She spends only on the things she is actually going to use and resists the urge to buy that third pair of heels. Be frugal like her and you'll feel good about your heftier bank balance.

Set financial goals

If your mom sets a goal to save money for the next family holiday, you can bet she's going to achieve it. She will cut corners, work harder and do what she has to fulfill that goal. You should also define your financial goals, because with a target in front of you, you will be more likely to hit it.

Take money decisions calmly

Your mom will blow her lid when she is dealing with you, but never when she is dealing with money. She will calculate every expense minutely and evaluate every investment in detail. You should do the same when making investments. Don't get lured by quick returns and research carefully before putting your money anywhere.

Don't complicate money matters

Another advantage of taking decisions calmly is that your mom can keep things as simple as possible. If she finds something too difficult to understand, she will keep away from it. Do the same. Don't complicate your savings and investments. The simpler it is, the better it will turn out to be.

17 Fatty Foods To Eat On Fat Tuesday

More On This Topic

SPONSORED