Moms play an important role in our lives, they usually spend more time with us. After all, they did not take us for 9 months. Still, its main purpose is to prepare us for life.
Incredibly you can apply the most famous phrases that our moms used to tell us about our finances. Do not hesitate to apply them or give them the necessary sense to improve finances
This advice was applied when they gave us the allowance and advised us not to visit the neighborhood store and spend everything.
In adult life, it is applied through intelligent planning and spending. Having well identified the necessary expenses of the whims can make you allocate your money to the correct concepts.
If finances are not going through the best time, regular evaluations and budget restructuring is a great solution.
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Of course, our mom was worried about the electricity bill and family finances. here you can improve finances. So maybe I could have money to use on something better. It works the same for us now that we have become independent. If you are not using any appliance or are in a room, turn off or turn off the lights.
Being able to save those expenses means that we can make smarter use of that money. From fulfilling dreams and goals, start making savings or retirement funds.
This phrase we surely heard a couple of times during our adolescence. Our mom did not like any of our friendships or because they were the bad influence.
In our current age, it works in the same way when “friends” invite us to go out to eat or shop and we do not have much money. Also when they give us savings or investment advice based on personal experiences. Be careful when you are invited to a new way of saving or investing and it could be a pyramid scam.
To know saving or investment tools go to professionals.
Mom was interested in us taking precautions before making decisions. In that case, it was crossing the street.
Applied to modern life we can protect our finances by saving emergencies and insurance. So if the car breaks down you should not borrow. If you get sick you should not suffer until you feel better.
Ensure that money is deposited monthly to your emergency fund by adding it to the budget. Similarly, it is recommended that it be equivalent to at least 3 months of what is earned. As for insurance, if you go to the doctor more than twice a year you may have to consider hiring a health provider.
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Whenever you use money from any of your savings funds do not forget to replace it when the situation has passed. See it as a loan to yourself.