There are so many articles all over telling us how their mothers taught them about money. The typical filmy scenes that come to my mind when we talk about mothers and money – Piggy bank, emergency fund at the altar, money tied in the pallu(dupatta or trouser pocket now maybe!)
So what does that say, traditionally, mothers taught their child about saving. And that’s a great starting point.
My appeal to the current age mothers, it’s now time to move to the next level and go beyond saving;
- We need to teach our children the reality about money. In real life we don’t get money in our piggy bank just like that, we have work hard for it, earn it.
- With money comes responsibility, we need to teach our children to value money. Too much of it too early in life can be detrimental to the child. The child starts believing that its easy to get this kind of money without too much efforts. At the same time, none of it or not giving any money to the child can also be a handicap. Money management is an important life skill that every child needs to learn.
- Teach them not to buy things they don’t need, just to show off. Teach them that money need not necessarily be used only for spending on themselves; it can be used for the benefit of others as well.
- Involve your child in your financial life. The child needs to know the financial status of the family; it won’t do any good to them if we try to hide it from them. If there’s something you can’t afford, then the child needs to know that.
- Teach them that money can work for you if invested wisely, the multiplier effect money can have, if invested well.
- Tell them about the freedom money can give, how financial freedom lets you to pursue passions and live your dreams.
- Teach your daughter the importance of financial independence. A woman’s best protection is a little money of her own.
- Finally in the current materialistic and consumerist world that we all live, you must teach your child that money can’t buy mental peace, happiness, respect and relationships
My mother was involved in most of the financial decisions that my dad took or at least she tried to 🙂 Sometimes he would listen to her advice and sometimes ignore, which, however did not stop her from continuing to give her advice! Now when we look back at all those financial decisions that my dad took based on her advice were the ones that turned out good! He would never admit it though:)
My mother taught me other important life skills like resilience, perseverance, value of relationships and much more. I am ever so grateful to my mother for that.
Happy Mother’s Day today and everyday!