7 Childhood Lessons From Mom That Helped Me Ace My Savings!

In today’s world, with so many reasons to spend your money and plenty of lifestyle choices, it does become challenging to save money and build one’s finances. However, those who have learned early in their lives, either from observing their mothers or by picking up the small yet vital advice shared by mothers, are better able to manage their finances. These often repeated sayings stay with us forever and help us regulate our financial lives. Come relive those #MaaKeFinancialFunde with Ujjivan SFB as we compile these financial lessons which moms keep giving us throughout our lives.

I got my first finance lesson from my mother at the age of 2. She had made a money box out of an empty baby powder bottle and encouraged me to put in any coin that I got my hands on, either by accident or when someone gave me some money to buy my favorite chocolate or toffee. So with no fancy money box, yet with great intent, my journey began in the world of finances. This was just the beginning, and many lessons followed in my growing up years, which eventually played a vital role in shaping my spending habits, encouraging me to invest and become financially sound. Nowadays I bank with Ujjivan SFB which guides me in the right direction to save, just like my Maa. I keep my savings in the Garima Savings account, a savings account which is tailored to serve and empower women and helps me plan my finances better. Here are some of those lessons from my mother which I remember and practice even today:

1. Avoid Waste

My mom always taught me to waste not, want not. She told me to respect every grain of food on my plate and only take as much as I could eat. As I grew up, I also saw how leftover dals would get a tasty form the next day with some innovative tadkas and leftover sabzis finding their way into super tasty breakfast sandwiches and samosas. A lot of planning went into the same, but with this bit of thoughtfulness, she was able to prevent wastage and save money. Applying the same today, I have been able to respect food and avoid wastage. Definitely counts towards more savings.

Avoid Waste 

2. Buying Less But Buying Good

My mom would buy me dresses just once a year or toys just on birthdays, but they would be the best that she could afford. Requests for buying unnecessary cheap toys or clothes would never be entertained. I used to wait the whole year to visit a renowned toy store, but it was worth the wait because my toys would be a class apart! So although I had few, whatever I had, was admired by my friends. Today applying the same logic to my purchases, I have few items but the best in quality that enables them to last longer, reducing my requirement to purchase frequently—definitely, a great way to save money.

Buying Less But Buying Good

3. Always Try To Save 25% Of What You Earn

An early financial lesson that my mom gave me was to save 25% of whatever I earned. So if I got 100 rupees from someone, my mom would put 25 rupees in my piggy bank and let me spend the rest 75. This habit has stayed with me till today, wherein I always save at least a quarter of what I earn and spend the rest. Thanks to her advice, I have been able to build up my savings and face financial emergencies comfortably when they come up.

4. Learn The Difference Between Need And Want

When I would ask my mom for something that I needed, like a badminton racket or pair of sports shoes, she would buy me the best that she could afford. But the moment I would ask for something that she felt there was no need for, even if it was just 50 rupees, she would not give me that money or even allow me to take it from my piggy bank. She always told me to understand whether I needed something or just wanted it because I liked it. Needs, she said, were few, but wants are unlimited and can never be met. Her logic helped me avoid many impulsive purchases and save big.

Learn The Difference Between Need And Want

5. Never Waste Money To Impress Others

Another important lesson that my mother taught me was to respect hard-earned money and to spend it wisely. One of the most foolish things she felt one could do was waste money on impressing others. You cannot win anyone’s admiration by spending money on them or on things to impress them. Instead, you can only win others’ attention and admiration with your qualities and virtues. So this taught me to value my money and invest it wisely, like health and education, which eventually leads to better returns.

Never Waste Money To Impress Others

6. Always Strive To Be Financially Independent

I always saw my mom being financially independent. My dad earned well enough, but she was never dependent on my dad to fulfill her desires. She taught me the same and told me it is important to learn to earn before learning to spend it. So even as a small child, I remember running errands or helping my mom out with small work, for which I used to get some pocket money which would make me feel really proud. However small the amount was, it didn’t matter. What mattered was that it was my hard-earned money.

Always Strive To Be Financially Independent

7. Save As Much As Possible When You can

One of the best pieces of financial advice to date from my mother has been to save as much as possible whenever I can. This is because the future is always unpredictable. If you can save today, and invest today, you are prepared to face an unknown tomorrow. Her advice has helped me face unknown financial emergencies many times.

So to sum it up, a mother is not only our first teacher when it comes to everyday lessons but also our best financial advisor. We all use our #MaaKeFinancialFunde to manage our savings and expenses even though we don’t realize it. This Mother’s Day Ujjivan SFB highlights all the financial lessons that our mothers give us without explicitly saying anything.

Do you have any financial lessons that you learned from your mother? Let us know in the comments below.

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Arghyasree Chatterjee

Arghyasree holds a Master's Degree in Journalism and Mass Communication and has 10 years of rich experience working across various media platforms. Being a Brands writer, she has a deep understanding of branding and marketing strategies. Apart from writing, she enjoys listening to music, cooking, and spending quality time with pets/ animals.