5 Financial lessons you can learn from your mother

You start learning your mother’s language while you’re still in the womb. Naturally, your mother is your first teacher. And now that you are all grown up, she can be your personal finance teacher too. After all, she can effortlessly impart some of the most important financial lessons to you. Here’s what she teaches:

1. BE EMERGENCY READY
   What Maa does: After providing for all the monthly expenses, your mother never splurges whatever is left. Instead, she saves it – either under her pillow or some secret stash. No wonder she always comes to your family’s rescue during difficult times.
   
   What you must do: You must create an Emergency Fund to be ready for any medical, legal or other emergencies. Ideally, this Fund should have enough to last you three to six months. A faster and safer way of building your Fund is by investing in Liquid Mutual Funds.


2. BE ORGANISED
   What Maa does: “Where did my money go?” is something that your mother never wonders. For, she is more organised than anyone in the family. The milkman, newspaper boy and other suppliers are paid on time; bills and fee payments are taken care of. She probably has a diary to write down these things. You never have to worry about anything.
   
   What you must do: Create and maintain a budget. Mention every expected as well as unexpected sources of income. Make note of all the expenses – even the ones that you are not sure of. There are several budget apps to help you with this.


3. BE CONSISTENT
   What Maa does: While Sunday is a rest day for you, for your mother it is just like any other day. Her day starts with preparing delicious breakfast for the family and ends with turning off the lights, fans and the gas regulator. In fact, your mother does not stop performing her duties even during sickness.
   
   What you must do: Don’t take breaks while investing – be regular with your investments. Also, the markets may fluctuate, but staying invested for the long term is key to building wealth. In fact, long-term investments in tools like Equity Mutual Funds also help you beat inflation.


4. STRIKE A BALANCE
   What Maa does: Spicy food is a strict no for your grandparents. The younger members of the family, on the other hand, can’t eat those plain Khichdis. Your mother, thus, ensures that the dinner table has a mix of different food items catering to different taste buds.
   
   What you must do: While allocating money to different assets, you must ensure that your portfolio has the right mix that would cater to different needs – Equity Mutual Funds for building wealth, Debt Mutual Funds for adding stability to the portfolio, etc.


5. BE CONSIDERATE
   What Maa does: Your mother never eats without ensuring that there is enough for everyone in the family. From reminding the elders to take medicines on time to helping the children prepare for their exams, she takes care of everyone.
   
   What you must do: Your financial and investment planning must include your family. Invest for your children, make joint investments with your spouse, help your parents with their finances, etc.