Mother’s Day is celebrated across the world with great fanfare. The dates may vary from country to country, but the feelings expressed are similar irrespective of the geographies. In India, we celebrate Mother’s Day on the second Sunday of May every year. The day is celebrated by acknowledging the contributions made by mothers in the life of their children.
I have grown up under the able guidance of my mother, and the lessons learned from her have had an immense impact on my life. Interestingly, I have realized that these lessons are taught by all the mothers – either directly through teachings or indirectly through her acts. Today, I am sharing some of the lessons which guided and motivated me in my life and helped me in my money management.
To start with, my mother was a great negotiator and bargain hunter. She would keep on searching for the right deal for the family. Unhesitant, she would travel the extra mile to ensure we got the right quality at a fair price. All her acts were performed for the benefit and welfare of the family. She acted like a fiduciary, keeping family and family interest first.
While managing the household expenses efficiently, she ensured that she saved something for a rainy day. Every month she would save a small portion of the money from her expense bucket. Surprisingly, she was able to save consistently month after month irrespective of the amount available with her for household expenses. She was aware of the concept of savings and the importance of the emergency fund.
Not only she saved money and created her own emergency fund; but she ensured that the house helps, and the other needy people were adequately supported in case they faced any exigency. She would help them in the form of interest-free loans, or an ex-gratia payment, or by way of extra work for extra pay. Depending on the situation, she would also provide emotional and psychological support, and all this happened discreetly. While we learn empathy as a skill in workshops, she practiced it regularly. Charity begins at home.
During challenging times, she would keep herself strong and focused, hoping that these gloomy times will soon fade away, paving the way for a brighter and clearer future. The resilience showed in staying strong despite the negativity coupled with the patience and perseverance enabled her to remain equanimous irrespective of the situation she faced.
As I moved ahead in my life and built a successful career in personal finance advisory, I feel these characteristics made an indelible mark in my life. Today, I can say these are simple and effective attributes in managing one’s money. Keeping the family interest above self, prudent expense management, an inclination to save with a clear focus on cost reduction, and the serenity to carry oneself with equanimity are some of the best attributes to create wealth while being in a joyful state of mind.
As a gesture of gratitude, let us sit down with our mother and thank her for the life lessons she taught us.
Living a meaningful life 