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Five Finance Lessons My Working Mom Taught Me

To say that I have been raised by a wonderful mother is an understatement. I have a superwoman in my life which has proved that life is how you take it and how you prioritise your financial tasks. I am referring to my mother who is an Executive Assistant to a Director of a multi-national company. Yes, she is busy; however, amidst her busy schedule, she has taught me several essentialfinanciallessons that are lessons of life to me. She also helped me understand an important term that a girl of my age may not have heard and that is “Term Insurance”. Out of the important and life-changing lessons that I have learned and inculcated as a daughter, I want you to know of the fivebest out of those.


Start Saving Now

My mother had no financial backup initially and therefore; she had to face a lot of trouble financially. Later she realised that every drop of water could lead to an ocean. She started saving as and when she got an opportunity. This is the first lesson my mother taught me. She knew how difficult it had been for her. One weekend morning, she asked me to bring a notebook and sit with her. She taught me a simple rule, “Spend what is left after saving”. Set aside money for your future goals. Since then, I have savedRs 200 from my pocket money of Rs 500 every week. This way, I saveRs 2400 every year and use the amount for buying gifts for birthdays, surprise my mom on special days etc.

Say No to Credit Cards and Loans

Credit cards are a liability unless you have the power to pay off the debts on time. Owning a credit card makes you addicted to shopping and more shopping. It is no different when you have loans disbursed to your bank account. You lure for more expenditure,and with more expenditure, one is unable to keep a balance in life. In fact, being a working woman, my mom avoided using her credit card unless she had to use it.

Shop with a Shopping List

I have been studying in a college in a different city. I shared a two-room apartment with a college friend. Every time, I went out to buy grocery and my daily essentials, I used to pick everything that attracted me but may be of no use to me. My mother taught me how a shopping list could help me to avoid going broke.

Learn to Bargain

Bargaining is an art that you must inculcate in the way I did. My working mother knew how hard it is to make a living. She never paid full price for any product or service. She checks for discounts, offers, and bargains whenever there is an opportunity. I have learned the trick of the traits. Have you?

Knowledge of Term Insurance

The first day she told me about this insurance, my first question was “What is Term Insurance?”She smiled at me and replied, “This is a way to secure your life even when I am not around or when I suffer from a disability and critical illness”. The thought that something can happen to her struck me for the first time. Although independent, I had assumed that she would be with me forever. The plan is for the well-being of your dependents. She is strong, independent, and busy but her stand made me realise her emotions as a mother and a human being.

You must be now thinking, “How is Term Insurance an important term for a 15-year-old teenage like me?”. I need to share a recent incident that happened to us. My mother met with an accident on her way back home from work. She was hit by a speeding truck. Her life was saved, Thanks to the Almighty! One change that shook my mother and me perhaps is her disability. She was in a wheelchair after her discharge from the hospital,and all her hospital expenses were taken care of.

A Daughter’s Perspective

With the lessons mentioned above, my mother taught me to be a woman who is not dependent on anyone for taking any financial decisions. She guided me to be fiercely independent just like her,and I am proud to be one now. I firmly believe that every child should be taught these lessons for making them confident and self-reliant.