5 Money Lessons I Learned From My Mom
There cannot be any other best friends as your mom. They understand us better and make us good beings. You would remember their lessons as and when you experience life. Here are 5 money lessons that I learned from my mom:
1. There is no prince charming:
If you think you can wait for the prince charming and be reliable to fund your life, you are probably making a mistake. Being dependent on him for everything is not the right thing. My mom always taught me to be independent.
2. Save for big purchases:
There is always a difference between want and need. You can spend money on your needs, but there is no harm in saving for bigger purchases. Wants can become needs someday.
3. Planning for retirement:
Do not wait for a certain age to plan for retirement. The sooner the better. You can start saving right from your first job and by the time you retire, you will have enough money for your old age.
4. Keep your own emergency fund:
There are unpredictable situations in life and we got to be prepared for it. There could be a medical emergency or a financial loss or any misshapen. It is better to have your personal account with emergency fund.
5. Maintain a record book:
My mom always have a record book where she jots down all her monthly expenses and spending. She taught to how important it is to maintain one. By the end of every month, it helps me understand where to cut down the spending in the next month and what spending were useless. This makes one more sensible towards spending funds!
Thus, my mom made me believe in life and the ways to live it meaningful. There are certain unforgettable lessons that can help us to overcome tough situations. I am lucky to have learned these priceless lessons from my Mom.