Mother’s day special: There is a lot of awareness about the subjects related to parenting on social media. Especially the new generation mothers are talking openly on issues like teaching samskaras and discipline to their children to tension, health and career. But are these moms equally aware of their children’s financial future?
Many social media-active mothers believe that they are now becoming serious about their financial management. However, they also face many challenges in it.
Planning from education to emergency fund
Siliguri’s Anukhi Bansal (39 years) has been sharing educational tips for children on social media since August 2020. It is a big priority for them to make funds for the son’s higher education, which they want to prepare in time in view of the rising education cost.
Mumbai’s Entrepreneur Avantika Bahuguna (42 years) and Assam’s Rupal Bajaj (33 years) are also active on social media. Both of them also seem conscious about their investment plans. Bajaj says that she also sets a different amount for special occasions like birthdays and parties in the budget, so that the expenses remain under control.
Emphasis on budgeting and financial discipline
Anukhi Bansal adopts a structured budgeting system- a domestic expenses account that both spouses run together and track every month. Apart from this, he has kept a separate bank account for UPI transaction in which the monthly limit is fixed. He says, “It was a very important step to control online expenses.”
Avantika Bahuguna says that earlier she depended on others in matters like tax and investment, but now she herself discusses the accounting and takes investment decisions.
It is necessary to make funds for emergency
Financial experts believe that it is very important to have an emergency fund to cover the required requirements of at least 3 to 6 months. Such as EMI, home fare, grocery, children care.
Bahuguna and Bansal have kept a part of their savings specifically for emergency. Both mothers handle this fund only when they are very important.
Common participation in economic decisions
Rupal Bajaj says that her husband does financial research, but both take the investment decisions together. They invest through SIP in fixed deposits and mutual funds. Bansal also believes that transparency and mutual understanding in investment is necessary. They form portfolio by setting long -term and short -term goals.
Children are teaching the importance of money
Anushikha Bansal gives pocket money to her seven -year -old son every week and teaches him to make a budget. She avoids negative sentences like ‘we do not have money’ and teaches the child to spend thoughtfully.
Bahuguna’s 13 -year -old daughter has been making emergency funds since the age of five and she also consultes the mother before shopping. At the same time, Bajaj is making her four -year -old son a habit of savings through Gullak and is also teaching easy books for children associated with financial literacy.
Lessons and long term perspectives from mistakes
Bajaj believes that many times mothers spend excessively on children under ‘gilt’ or social pressure. Such as expensive clothes, parties or coaching. This can spoil the family’s budget. Shailendra Dubey of Plan My Estate says, “Focus on your goals is necessary, not emotional expenses.”
“After the Emergency Fund, the next step after the Emergency Fund should be planned for children’s education and retirement,” says COO Mayank Bhatnagar.
Financial experts believe that every woman, whether she, should play an active role in the financial decisions of the family, whether she is homemaker or professional. With this, they can not only improve the financial situation of their family, but can also make their children responsible and conscious financial citizens.
Also read: Saving Tips: Want to save without compromising lifestyle? These are 6 easy ways