Mothers are idealised as strong and resilient, often portrayed as an embodiment of practicality. They teach lessons that can positively influence a person’s long-term financial wellness.

Working mothers, mompreneurs, homemakers, and single moms all have a unique set of advice to guide you toward achieving financial independence and planning for retirement. From young to old, the lessons you can get from the experiences of these mothers are priceless. On Mother’s Day today, May 12, we recall their wisdom, advice, and inspiration to help enrich our lives.

Save For The Rainy Days:

One of the most indispensable life skills a mother teaches a child is that there will always be a rainy day, and one must have the means to cope with it. Mothers earnestly save for uncertain events to cover any unplanned expenditure or financial position. This awareness enables the family to withstand adversities that might occur in the future and also to contribute to a healthy retirement.

“I save money per month from what I get from my husband. I know it will come in handy someday. Everybody should do this,” says Preeti Shukla (42), a homemaker and a mother of two who lives in Ghaziabad.

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Maintain A Hidden Account:

Mothers lead by example. The way they live their lives and take control over situations presented to them is an inspiration enough if one chooses to observe and learn.

Neelam Mishra (52) was married at the age of 15. When she was 18, she left home to live with her husband’s family. “I never had any idea about what it means to keep money, given I had never earned and was only given enough to manage day-to-day needs,” she says. During her lifetime, Neelam has learned one vital lesson in life and considers it most crucial for every girl to know, which is to “have a separate bank account for yourself”. She stresses saving for oneself and keeping an emergency fund that nobody knows about.

Live Within Your Means:

“Managing our family’s finances involves careful budgeting, tracking expenses, and prioritising needs over wants. We set financial goals together and regularly review our spending to ensure we stay on track,” says Kala Jain (51), a homemaker and mother of two girls.

“I aim to retire comfortably by living within our means, saving consistently, and investing prudently,” Jain says. To ensure this, she contributes adequate money to retirement accounts, makes diversified investments, and regularly reassesses her family’s financial goals. Her advice to youngsters: “Save diligently, invest wisely, and have a safety net for unexpected expenses.”

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Build A Strong Support System:

Work, childcare, and self-care could be the three acts most difficult to juggle at once. Balancing career aspirations with family obligations can indeed be challenging for all working women. Who else but a working mother can guide you through the path of living through these responsibilities without failing?

“I have built a strong support system for myself at home so that I could focus on my career,” says Jyoti Tanwar, a working mom and a “fauji” wife based in Chandigarh with around nine years of experience in the public relations industry. “Balancing can help working moms maintain their self-esteem, identity, and physical and emotional well-being,” she says.

Know Your Finances:

It is important for a woman or a man to be financially independent. It’s even more significant to have the courage to deal with any unforeseen tragedy of life while keeping a smart approach to tackle financial emergencies.

Seema Bharadwaj’s only son was just 7 or 8 years old when she lost her husband in 2005. The unexpected onslaught of familial and financial responsibilities was overbearing, “but I found my way out of all those difficulties”, says Seema. “I would say, know your finances deeply. Make sure you know all your husband’s investments and how you can retrieve them during emergencies,” she adds.

While she was pregnant with her son, Seema left her job to take care of her family. “After my husband’s death, I was pushed into decisions I had not indulged in for many years,” she says. Seema suggests not making such mistakes and being in a constant loop of the financial streams of your family.

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Retirement Is Not A Burden:

“When I was asked for the first time what my plans for retirement are, I was shocked. I hadn’t yet thought directly about it,” Seema says.

“Now, with only six years left before my retirement, I am more aware than ever before about my needs and dreams; I am thinking of opening my dance school or starting a social service,” she adds, making her point: “Live for yourself after you are done living for everybody else”.

“Remember, financial independence is a journey, not a destination, so stay focused and resilient in your pursuit,” she stresses.