What we ought to learn from our mothers!

Mother's Day

The last time I went back home, I noticed something I had never noticed so far. My mother who happens to be a quintessential homemaker was scribbling something on what looked like a pocket diary.

I have always been a curious kid. So after she was done, I asked her to explain her earnest efforts. In a very matter of fact tone, she said, “mahine ka hisaab”.

Sounds familiar, doesn’t it? For all these years when we were growing up as kids, our mothers have done exceedingly well on managing the domestic spends. Sadly, we don’t have any report cards to showcase their innate ability to budget, spend and save – all at the same time.

In my personal experience, most of the households where the women is a homemaker, the concept of “petty cash” is common. These days where both partners are working, having a joint bank account is usual. Back then, the earning husband used to give a lump-sum monthly sum to his wife which he aptly termed as “ghar kharch”. But to the wife who in most cases had no other regular flow of income, that was her bit of monthly salary. And while she had the responsibility of ensuring that the home operations run comfortably, she also had this target number in mind which she wanted to save every month.

That saving would usually be a very small amount (for the husbands knew their maths well!). Also, almost all of it was always stored in cash (and hence was not growing in value) But that little number every month was adding up to her dream corpus. Every month, bit by bit, she got closer to fulfilling her dreams.

That evening as I saw my mother doing her monthly calculations, I walked back in time. In a flash, I re-visualized all of those moments when she victoriously saved more than she intended to. Or those occasions when she spent a small part of those savings to buy me a new dress. Not to mention the recurrent bargaining sessions with the kirana store bhaiya to save a little extra that month.

While we talk a lot about the sacrifices our mothers make for us, I think we completely miss to appreciate this excellent acumen that they inherently possess. And this acumen isn’t really about being a woman. A lot of women of my age are unable to control their urge to spend. They shop just a month before the sale is about to start because they dread the crowded malls during the sale days. They also shop when the sale starts because oh, who doesn’t shop during the sale? And wait, what about the new arrivals just after the sale got over? There you go, the pleasure of saving by not spending is just so middle class!

So this mother’s day, I don’t want to tell my mom how well she has brought me up. Or how I love her for all the sacrifices she has made. This mother’s day, I will try and learn a little more of the art to budget right, spend light and save bright!

A very happy mother’s day maa!

About the author:

Shruti is a financial planning enthusiast and spends substantial amount of her free time in helping out her friends and relatives sorting out their finances. Currently working with Mahindra & Mahindra, we are happy to on-board her as one of our guest writers. She is an MBA from MDI Gurgaon and a CFA (CFA Institute, USA). 

Dear Mums, it is time you hold the reign!

“My mother had a great deal of trouble with me, but I think she enjoyed it.” – Mark Twain

Such is motherhood – an epitome of love, dedication and care. Historically, India has been a patriarchal society – where men earn and take care of all finances and women handle an equally challenging task of running the home and taking care of the kids. Driven by her innate maternal instinct, a mother often plays a more direct role in shaping the foundation of her children’s value system and setting the direction for their beliefs and aspirations.

In the last few years, there has been a noticeable and encouraging shift in this direction – with fathers playing an increasingly important role in the upbringing of the children and women sharing the onus to earn the livelihood for the family. Times are changing, and sooner than we think!

But as mothers broaden their ambit of responsibilities, there is a remarkable scope for them to contribute to the financial planning of the family, more so to that of her children. Financial planning still remains the husband’s task and we rarely come across women approaching us to create an “education fund” for example – be it because of limited knowledge or limited interest.

This Mother’s Day, as we celebrate motherhood, we salute all the astounding mothers out there. At the same time, we invite all mothers to take upon themselves, the responsibility to secure a bright future for their children, through diligent financial planning. While the husbands must be doing an excellent job at planning the finances of the family, this mother’s day “Gift an SIP” to your child – an expression of love, manifested uniquely and responsibly!