Indian mothers have long been appreciated and well regarded for their invaluable contributions to nurturing and caring for their families while sacrificing their own needs.
But one of the lesser known contributions of Indian mothers has been a bucket of financially healthy habits that they practice and promote amongst their families.
Indian mothers are the unsung heroes of financial wisdom and their profound impact on shaping financial habits and instilling money management skills often goes unnoticed.
Today on the occasion of Mother’s Day, we delve into the world of Indian mothers and shed light on their underappreciated financial prowess.
From imparting savings lessons to imparting valuable insights on budgeting, Indian mothers play a pivotal role in building strong financial foundations for India. Today, we uncover the hidden brilliance of Indian mothers and celebrate their remarkable financial genius while discussing the five most important pieces of financial advice by Indian moms that you should always follow.
1) Frugality is the way to go
From using old clothes as cleaning rags to repairing damaged clothes to extend their wear, Indian moms are frugal like no one’s business.
Remember how we used to cringe when they asked for the extra dhaniya from the shopkeeper and how we used to hate it when she would make food from leftovers instead of wasting it?
We used to criticize our mother’s frugality as kids but now we praise legendary investors like Warren Buffett for living a life of frugality and promoting it.
Why waste money when you can reuse, recycle, repair, and bargain your way into extra savings?
2) Save for a rainy day
Do you remember during demonetisation, when Indian mothers had to reveal their secret stash of rainy day money and we were all surprised at the amount of money they have saved?
Yet another thing you should learn from them. They always save for any future crisis. Moms were the best financial backups for everything during our childhood.
When any crisis hit, our moms would suddenly have enough funds to minimize its impact.
They always saved and asked everyone around them to save any spare money available. At times, they would cut their own needs and wants to save up for any big expenditure that might be coming up.
They always taught us that just because you have money, doesn’t mean you should spend it. Small luxuries of life can cost you big time when a crisis hits.
3) Invest in gold
There is only one investment that our mothers believe in. Yes, that’s gold.
Back in the day, when investing was tedious and not easily accessible, our mothers sensibly invested in gold as a hedge against rising inflation.
Gold was also much easier to sell making it a relatively liquid asset, and since the value of gold was widely recognised, it was also used as a convenient mortgage for informal loans.
The value of gold has seen a constant rise over the decades and has been a good investment in the traditional sense.
If you are wondering if you should invest in gold in 2023, we have listed down all things you should consider before taking the plunge, see here.
4) Always have a budget
Budgeting is a key aspect of Indian households. When we were kids our mother used to follow a type of envelope budgeting where they would store money for each expense and any residual money would either be used for miscellaneous expenses or savings.
Remember when your mother would have some cash that was kept separate at the beginning of every month for doodh wala, grocery bills, dhobi wala, and other small bills?
She was a master at allocating the money in the most efficient way and stretching every penny to the maximum.
If there were some emergency or unforeseen expenses, she would adjust the rest of the spending accordingly so that the budget is not disrupted.
We should also apply that to our adult finances to manage them effortlessly.
5) Be careful with money
One of the most important lessons that our mother practiced and taught us is to never take money for granted.
The balanced approach they had towards money where they never took money for granted but also never gave in to too much greed was crucial for a healthy financial life.
Our mothers always taught us that money is hard-earned, one should always respect it & make an effort to multiply it but should be careful never to give in to greed.
Conclusion
Indian mothers have an intuitive understanding of the value of money, their resourcefulness in stretching limited resources, and their unwavering commitment to the financial stability of their families make them invaluable contributors to their households’ financial success.
Indian mothers have a unique ability to strike a balance between managing day-to-day expenses and planning for the future, often making sacrifices to ensure the financial security and prosperity of their loved ones.
In a society where the significance of financial education is gaining recognition, we must acknowledge and celebrate the exceptional financial wisdom possessed by Indian mothers. Their tireless efforts in imparting financial knowledge and instilling responsible financial habits have far-reaching impacts, empowering future generations to make sound financial decisions.
This Mother’s Day, as we reflect on the underappreciated financial genius of Indian mothers, let us express our gratitude and admiration for their unwavering dedication, foresight, and the immeasurable value they bring to their families. And let us make a promise to ourselves that we will never forget these humble but powerful financial lessons and always strive to follow them throughout our lives.
Read more: Zen And The Art Of Investing
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