Mother’s Day is a special occasion for you to express your heartfelt gratitude and appreciation for the incredible woman in your life – your mother. As you shower her with love and gifts, take a moment to reflect on the valuable lessons she has taught you. Among them, the importance of saving money shines brightly.
Here are some top money-saving lessons that you can learn from your mother:
- Start early
Your mother always emphasised the importance of starting early when it comes to saving money. She understood the power of compounding and how it could work wonders in building wealth. Just like she encouraged you to save your pocket money as a child, it’s time to put to use that teaching and open a savings account for yourself, or best, for your mother.
In India, several banks offer specialised savings accounts for women that come with exclusive benefits and features. These accounts often provide higher interest rates, discounted fees, and added perks such as insurance coverage. Take advantage of these offerings and help your mom kick-start her journey, and in turn yours, towards financial independence.
- Set clear financial goals
Remember how your mother used to plan meticulously for every family expense? From monthly bills to future investments, she always had a clear financial goal in mind. Take a page from her book and start setting your own financial objectives. Whether it is saving for your dream vacation, buying a car, or investing in your own business, having well-defined goals will keep you motivated and focused.
- Create a budget
Creating a budget is an essential step in saving money. Your mother probably taught you how to budget, whether it was through writing down expenses or using an app to track spending. By creating a budget, where you can know more about your expenses and income and make adjustments to save more. Make sure to prioritize your savings in your budget and consider cutting back on unnecessary expenses.
- Automate your savings
Your mother knew that it’s easy to spend money when it’s readily available. To overcome this temptation, she would set aside a fixed portion of the household income as savings before allocating the rest for expenses. You can adopt a similar approach by automating your savings.
Most banks offer convenient features like automatic transfers, which deduct a predetermined amount from your salary account and deposit it into your savings account. By making saving a habit, you will gradually build a substantial corpus without even realizing it.
- Avoid debt
Your mother likely warned you about the dangers of debt and how to avoid it. While some types of debt, like a mortgage or student loan, may be unavoidable, it’s important to keep credit card debt and other high-interest debt to a minimum. Pay off your credit cards in full each month and consider consolidating debt to lower interest rates.
To wrap up
On this Mother’s Day, let’s acknowledge the valuable money-saving lessons every mother has taught. By following in her footsteps and leveraging the benefits of specialised savings accounts for women, you can take control of the finances and secure your prosperous future. Remember to start early, set clear goals, automate your savings, embrace frugality, and invest wisely.