Money WIsdom: 7 invaluable Lessons My Mom Taught Me About FInances

Ma, I want that cool phone!, demanded my son. For 50,000 bucks? No Way", I refused just the way my mom would deny good things to me when i was young. Earlier, as a demanding child, I would never understand why she was doing that to me. Today, I really appreciate her. She taught me the value of money by practicing it herself. She was a financially independent woman who never splurged, saved without we feeling deprived. Today, I am financially independent and a conscious financial decision maker all because of all those priceless values she inculcated in me. I saved me from rude awakening and deal with money wisely. So ahead of the mother's day, i would like to share those 7 lessons that my mom taught me about money.

1. Start Saving Money From Day 1

Little drops of water, little grans of sand make the mighty ocean, and the pleasant land. I saw my mom saved. She saved 20% of her salary. Little did I know about this would get ingrained in me so deep that would help me a long way in life.

When I was young, my pocket money never saw my pockets exactly. It would go straight into the piggy bank that I had at my home. Every little money that I earned- even one-rupee coins- from relatives who would gift me money, or during birthday parties, would always be put in my piggy bank. When I reached 15, I realized I had collected a big amount of money for myself that I put in the bank as a Fixed Deposit (FD) that would help me realize what long-term goals are. She would explain to me about the importance of putting money away in a bank, especially in FDs where you get extra money back. She made me learn everything regarding a bank- online banking, how loans and taxes work, the importance of knowing how to use credit and debit cards, and how to deposit money in a bank. Not just that, my mom also explained to me about the most important financial decision ,' investment ' like investing in lands or houses, as soon as I can afford it.

2. Do Not Waste Food And Resources

My mom would always quote the example of Somalians, hundred thousand of whom have died due to poverty, and many kids don't even reach the age of 5 due to malnutrition whenever I'd leave leftovers on my plate. She will make me eat them all, and teach me to serve myself the required amount of food, and appreciate a farmer's blood and sweat put on to produce the field. This taught me to respect food and resources for which we are basically earning money, and the important fact that use what you have before you buy more. She imbibed in me values like appreciation and humbleness by being generous with others, and appreciate other's hard work. Taking care of poor, orphaned, old and famished people became my duty since I am financially privileged. The most important value blooming here is the fact family before anything else. You do for your family, support them in all ways, even during financial hardships.

3. To Not Splurge On Super Pricey Clothes

I once remember during my school days that there was a time when cold shoulder shirts and hair colouring was famous. I'm happy that I never bought that fashion fad, thanks to my mom's unabashed No!. No matter how cool my friends were, with what cool phones they used and cool things they wore, my mom would never let me splurge money on such costly things and completely match with my peers. She made me understand that life was more than materialism. One must know their limits, and shouldn't buy things that they can't afford. After all, experiences are counted by happiness, and not money.

4. Make Use Of Discounts And Offers

My mom believed that when things can be bought for half the price, do exactly so. At one point, the apparels and other things would definitely go on sale. Keeping in mind the thumb rule, quality over quantity, my mom would wait for clothes to be on sale. I never saw her buy many things for herself. She'd always ensure we got what we needed, and never compromised in that way.

5. Don't Spend On What You Don't Really Need

Buying stuff just for the sake of buying it is a colossal waste- when my mom picked me after school, I'd always be tempted to stop at McDonald's for a McFlurry, just because I'd see it on the way. This helped me realised the effects of long-term debt, and how to curb it. This taught me not to recklessly and impulsively spend money.

Whenever we would go on road trips, cinema theatre or even on flights, my mom would make sure she carries all snacks from home, and not buy the costly food from there. I would always carry food from home, and not buy from school and college canteens. Trust me, it saves a Lot of money.

6. Be Financially Independent

Every girl likes to wait for her Prince Charming. My mother was financially independent and told me not to waste my time and focus on my career instead, and start earning. It dawned upon me that the present is your present, we must work hard to follow our passion, starting from today. Once I grew up old enough I started taking tuitions. It felt so good. And, it was so wonderful to see my first salary. My own money. Becoming financially independent is the most important thing in life. You must always be able to tend for yourself, no matter what the situation may be.

7. Sometimes, You Do Buy That baap re, itni mehengi Dress

It is not a crime to pamper yourself a little with the things you love. Adulthood is definitely stressful, and we'd all love to be pampered one-in-a-while. My mom taught me the difference of time to splurge and time to be conscious. As long as we buy in moderation, and not make it an expensive habit that could cause expensive problems later, we all deserve that luxury.

With this 'straight-from-the-heart' compilation, we rest assured that Moms know it the best. So go ahead, surprise that special lady in your life, spoil her with your love and gifts because you know she's beyond precious! Tell us how you're treating your mom this Mother's day.