The Momma Clan

The Finance minister was simple. Not as huge as the name sounds. She was a simple woman clad in her cotton suit. A lean and slim body. Though her hair was a bit untidy, her eyes exuded confidence, full confidence to be precise.

She went to a simple convent school and got her basic education right. Soon after graduation she entered into an institution, one of the greatest actually where you learn almost everything practically. Every day teaches you something new, and the syllabus changes now and then. You guessed it right , it’s the institution called marriage.

Financial literacy came to her naturally. Though she wasn’t well versed with it before her marriage. But somehow after she became a wife she, a daughter-in-law, a homemaker and later on when she embraced motherhood she reached the peak of her ministry candidature.

So put your hands together for none other than the woman found in every other household. Though known as a housewife, she’s an all rounder in every way possible and one of her expertise is financial literacy.

Does financial literacy only means knowing how to operate bank accounts or using credit/debit cards or knowing online operations? How did our great grandmothers or grandmas or our own mothers run the home when they weren’t so well-versed with finances back then, and even today majority of them remain novices when it comes to modern day financial literacy.

I grew up in a family where I saw my mom run a household with basic life skills. In the above introduction I had a picture of my mom while describing a financial minister aka homemaker. So what I saw, I believed and would love to share those tips with all.

Tip One: Literacy doesn’t come only to the learned.

You can be a literate fool. And an illiterate master. The choice is ours. When my mom got married, she had never gone to a bank or handled any money related work. My grandpa took her to a bank regularly and slowly she understood what does a passbook, cheque book or an savings account meant.

Later my mom was in charge of the bank accounts and soon she became an expert at cash withdrawals, account handling etc. The point here is that she never went to a bank earlier. But the eagerness to learn and confidence with cash helped her achieve little financial literacy.

Tip Two: Look and Learn.

As simple as it sounds. So my dad use to get some office work at home. Slowly my mom, being a homemaker plus an all rounder with finances started to look and learn. I remember she use to accompany my dad at banks or any governmental institute and just learn by observing. She also understood about gold rates, how they change and when it’s a good time to buy or sell. She never went to buy gold, but she observed the happenings around her and grasped more than what a book could teach you.

Tip Three: Little is more.

My grandmother was born and bought up in a well- to -do family. However after marriage her situation changed. She was given a few rupees to run the house for a month. She never went to a school. In those days in a few pennies she bought groceries, did shopping for school, paid school fees and also managed to save money! Financial literacy meant allocation of money wisely. Knowing your demand and supply quotient and then budgeting your wants accordingly. So then less also seemed more. The trick here was to restrict your wants and still feel like you’re the boss.

Tip Four: When you save, you earn.

Suppose my grandpa gave 100₹ per month for the monthly expenditure, it was assumed that he’s given just 60 ₹. So the budget of the house was now just 60₹. The other 40 ₹ went into a savings account of the house. This account was in the safe, inside the cupboard. It was used when in need. For eg: The kids unexpectedly demanded something, unforseen expenditures, leisure activities or it was just kept, untouched and it was believed it never existed. In this way a lot of money was gathered and it was then used effectively.

Tip Five: Little Budgeting Tips.

Financial literacy never comes by just knowing how to use online or banking options or when you earn your own money. It actually comes when you learn to create your wealth. Whether old or modern days the concept was handled so well by our mom’s and grannies. Do you remember how when in need you asked for something and out of nowhere your mom got it for you? Or in crisis the women of the house gave their savings and bought back the lost joy.

So here are my take aways for our bunch of generation.,

1. Observe your mom and grandmas. Ask them to narrate their tales of managing homes or work in olden days. It will give you ideas you never thought of.

2. We never learn. We only react.

Even if we don’t understand finances, we can learn by observing, reading or practically taking responsibilities of the tasks never done before. Eg: Learning how to use an ATM.

3. Save first, before spending. 

Even if it’s a rupee let’s save first. Eg: Collecting change from the taxi driver or bargaining while buying groceries or shopping. Putting aside the needs that can wait. Getting the basics right is essential. Learning to wait. And giving up instant gratification can really be useful in saving money.

4. Gratitude means more.

Gratitude doesn’t just mean being thankful for what you have. It also means having the ability to wait for the good to happen. If we’re short of finances, we can wait for the right time or opportunity. If we have earned a bit extra we can use that money wisely. The point is to be able to say thank you and look forward. 

To conclude financial literacy is very important for everyone. And the basis of a good financial background is our roots. Financial literacy is a very important concept right from olden days and let’s not complicate it. Whether it’s investment in policies or retirement plans begin by using small resources from your home, family and yourself.

-Durriya Sakarwala