As we grow older, we tend to look back on our childhood and reflect on the lessons we learned from our parents. While we may remember the rules about finishing our vegetables or cleaning our rooms, we often overlook the financial lessons that were imparted to us.
Mothers, in particular, are often the ones who take charge of the household budget and teach their children about money management.
In this blog post, we will explore 10 financial lessons that you could have learned from your mother. These lessons are simple yet effective, and they can help you make better financial decisions that will benefit you for years to come.
From saving money to investing wisely, these lessons will equip you with the knowledge you need to achieve your financial goals. Whether you are just starting out in your career or you are a seasoned professional, these lessons are relevant to everyone.
So, let's take a moment to reflect on the wise advice that our mothers gave us and see how we can apply it to our financial lives today.
Mothers, in particular, are often the ones who take charge of the household budget and teach their children about money management.
From saving money to investing wisely, these lessons will equip you with the knowledge you need to achieve your financial goals. Whether you are just starting out in your career or you are a seasoned professional, these lessons are relevant to everyone.
So, let's take a moment to reflect on the wise advice that our mothers gave us and see how we can apply it to our financial lives today.
Here are potentially 10 of the best financial lessons given by a mother (or, your mother 👄):
- A mother will always tell you to save some money for emergencies. How many of you actually did listen to this? When Alice was in University, her mother told her to always save some money for a rainy day. At the time, Alice didn't think much of it, but when she graduated and struggled to find a job, she was glad she had some savings to fall back on. Her mother's advice had come in handy.
- Live within your means: 👀Jack loved to shop and often overspent on his credit card. His mother sat him down and told him he needed to live within his means. She showed him how to create a budget and stick to it. Jack listened to her advice and slowly learned to manage his finances better. He still enjoyed shopping, but he no longer overspent on his credit card.
- Invest early: 💞No doubt, this is one of the best advice for me personally. This is especially effective during our young age. When Jason started his first job, his mother encouraged him to start investing early. She explained how compound interest worked and showed him the power of long-term investments. Jason took her advice and started investing a small amount each month. Over time, his investments grew, and he realized how valuable his mother's advice had been.
- Avoid debt (especially bad ones):Samantha was in university when her mother warned her about the dangers of debt. She advised her to avoid taking on too much debt, especially high-interest credit card debt. Samantha listened and only used her credit card for emergencies. She paid it off in full each month and never carried a balance. Thanks to her mother's advice, Samantha avoided the pitfalls of debt. (AKPK can use this story 😁)
- Budget wisely: 😉When Sarah got her first job, her mother sat her down and helped her create a budget. She showed her how to allocate her income between her bills, savings, and discretionary spending. Sarah followed her mother's advice and was able to save money each month. She felt empowered by her financial independence and thanked her mother for showing her how to budget wisely.
- Have a retirement plan:When Thomas was in his 20s, his mother encouraged him to start planning for retirement. She explained how compounding interest could make a huge difference in the long run. Thomas followed her advice and contributed to his retirement plan via EPF and Private Retirement Scheme (PRS).
- Don't be afraid to ask for help: 🙋When Emily was trying to buy her first home, she felt overwhelmed by the process. Her mother advised her to seek help from a financial planner. Emily took her advice and found an advisor who helped her navigate the homebuying process and to avoid some potential pitfalls. She realized that there was no shame in asking for help and thanked her mother for her wise words.
- Pay yourself first:When Alex started his first job, his mother told him to prioritize his savings. She advised him to pay himself first by putting a portion of his salary into savings before paying his bills. Alex took her advice and watched his savings grow over time. He realized that his mother's advice had helped him build a strong financial foundation.
- Learn to negotiate: 👥(Other than at Pasar Malam) When Maria was offered her first job, her mother advised her to negotiate her salary. She showed her how to research comparable salaries and make a persuasive argument for a higher wage, given her skillsets and prior experiences. Maria followed her mother's advice and was able to negotiate a higher salary than the initial offer. She realized that negotiation was a valuable skill that could pay dividends throughout her career.
- Be financially independent:When Mary was still young, her mother encouraged her to strive for financial independence although she would be getting married. She told Mary that she should be able to support herself and not rely on anyone else for financial help. Having options to choose from is always the best!
On this special day, take a moment to thank your mother for all the financial advice she has given you over the years. Maybe, her guidance has helped shape your financial habits and decisions, and for that, you are grateful. Happy Mother's Day!
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