#5 Acts of Financial Wisdom to Learn from Mothers
This Mother's Day, don't look at billionaire investors to cultivate some financial acumen, instead reach out to your mom who is the ultimate finance whiz
She is one of those few who transforms our world and loves us like no other one. Mothers are selfless, the most giving, and the ultimate superwoman! She gives us hugs, wipes our tears, hears us out, and take all our tantrums. From giving you a ride to school to being there at every function of yours, she is the one who will always have your back.
The best thing about mothers is that they can give some life-changing wisdom in many different areas, including love, life, and money. So let's cash their wisdom.
While most look up to billionaire investors to cultivate their financial acumen, this time let’s start with the skills of someone closer to home: The finance whiz who picked seen us grow, our mothers. Bill payment platforms CRED tells us what all can learn from them:
Every mother has a knack for budgeting, with a precision that comes down to the rupee. In building this habit then, why seek inspiration from Warren Buffet when your financial wizard is a call away?
Attention to Detail
The extra charges that sneaked past you but were pointed out by your mother; that’s another skill she developed that helped save money differently: by being cautious of where one’s money goes. Whether it’s your credit card statement or the electricity bill, it does one good to always check twice.
The Habit of Saving
Planning your finances is one thing but accounting for the twist and turns of life another. Every mother knows this well and hence the importance she places on saving one’s money, no matter how small the sum may seem. That's the magic of compounding - a rupee saved today could turn into a birthday present months from now.
School Yourself, Financially
It’s easy to delegate one’s financial headaches to someone else but doing so without understanding the basics of how money works would mean completely relying on someone else’s judgment. That’s the wrong kind of risk - learn to speak the language of money, like our mothers did, without a translator.
Your mother’s ‘no’ wasn't just exclusive to your demands, they crossed over to debt as well. The choice to make payments on time and not accrue debt is quite arguably the hardest but most important financial choice, consistently made by our mothers. Now it’s on you to continue the tradition.
These financial habits, though simple, are incredibly effective in creating wealth. While your mother had only herself to rely on, today, with the help of money management, it’s easy to be truly financially independent. All you need to do now is channel your mother every time you make a financial decision and ask yourself: what would a mother do?
Priyadarshini Patwa is the Features Editors of Entrepreneur India and hosts an Instagram show every Friday named ‘Lighten Up’, about people from different walks of life and talk about their work and beyond. She handles the lifestyle, features, technology, entertainment segments and also is responsible for the Digital Covers. Previously she has worked with MensXP, a Times of India entity and Deccan Chronicle.
She’s @Priyanka_Patwa on Twitter and @priyadarshinipatwa on Instagram.