4 Financial Lessons Our Parents Tought Us

Parents’ Day Special Message From InvestYadnya

Introduction

On the occasion of Parents’ Day, lets see 4 Financial Lessons Our Parents Tought Us, in this article. Our financial education starts from our parents. Parent’s Day acknowledges the overpowering presence of parents in children’s life. It is celebrated on forth sunday of July every year. Thus, for 2019, it is on 28th July.

4 Financial Lessons Our Parents Tought Us

Parent’s Day Festival

• Parent’s Day is dedicated to parents all over the world. It is an occasion to show appreciation for their commitment to strengthen the family bond and to create an atmosphere of happiness, love and understanding.
• It is parents who mould their personality according to their inherent strengths and talents and bequeath to them moral values and the spirit of living life wholly.
• There is a constant flow of positive energy from the parent to the child which nourishes and strengthens the familial bond and sustains for a lifetime.

What Are The Financial Lessons Our Parents Tought Us?

1.Learn Basics of Budgeting

• We must have seen our parents tallying thier monthly expenses, keep track of how much grossary, light bills, petrol expenses occured or hang a “to do” list on the refrigerator.
• We probably didn’t think much of it but this is called budgeting – to understand your incomes and expenses and tracking it.

2.Importance of Saving

• Our Parents gave us the first lesson in saving by not allowing us to spend all our pocket money and save it for our bigger future need – a bicycle or a video game
• Saving helps us avoid debt and achieve big financial goals, like buying a house, Higher Education, or retiring. 

3.Start Early

• Our parents always talk about benefits of starting our day early so we don’t get late for school or our interview or office.
• This rule applies to money very well, Warren Buffet started investing at age 11 and said he was probably late. So we should start investing early.

4.Don’t waste Your Money

• There’s one thing most parents excel at, it’s saying “no.” “No, you can’t always have the things/ comforts / luxuries you want.” You have to learn to differntiate between your needs and your wants and thus to control your wants.
• This teaches us an important financial lesson of not wasting our money on unnecessary wants and impulse buys