When it comes to financial planning, our fathers have always played a profound role in shaping our financial habits. Whether it is in terms of planning your career, how much to pay for a first home, starting your own venture, or keeping the whole family financially secure, Dads have guided us to stay on the right financial path.
On the occasion of Father’s Day, let’s revisit some of the best financial advice given by all the Dads ever since our childhood days.
Piggy Bank is your first Savings Account
Back when we were young and not aware of a Savings Account, our Fathers were the ones who introduced us to the concept of filling up a piggy bank to save amounts starting from Rs. 1 to Rs. 10, teaching us the habit of saving money, from an early age. Gradually, as we began to experience the benefits of savings firsthand, he helped us open our own Savings Account to continue this habit. This was the most valuable lesson he instilled in us since our childhood.
Make a wish list of your goals
Making a wish list never gets old! Many of us still make a wish list of our goals in order to achieve them, all thanks to our dads. It was your first step towards budgeting, as by setting your priorities you learned to manage your expenses accordingly.
Plan for tomorrow
Fathers always plan for the family’s future, so you also start thinking ahead from now. Whatever amount you earn, you should save a substantial amount of money, you do this by cutting out unnecessary spending. You would rather struggle during your early years but by saving, you will be able to live a comfortable lifestyle later in life. With savings you’ll also be in a position to invest and increase your earnings.
Avoid impulsive buying
The best advice that you must have received from your father is to save more than you think you can and don’t make impulsive purchases. It may seem insignificant or challenging at the beginning. However, by prioritizing savings over spending, it could help you to cultivate a mindset of frugality and reduce unnecessary purchases. Slowly and surely, your wealth will snowball once you start to adopt this concept.
Invest your first salary in savings
The best feeling ever is when your bank account gets credited with your salary for the first time. Fathers are foresighted, when the right time comes and our first salary is credited, they teach us to put aside some of the amount for our future and build the habit of spending less than what we earn. In that way, you will be left with some amount of money by the end of every month.
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Be financially disciplined
Not only do Fathers teach us about behavioural discipline but they have also taught us financial discipline by keeping a track on our expenses. Tracking your spending on a regular basis can give you an accurate picture of where your money is going and where you would like it to go instead.
Checking your account statements and categorizing your expenses are some ways through which you can keep a track of your monthly expenses and be financially disciplined.
Fathers are our primary teachers of financial literacy in our lives. This Father’s Day, let’s celebrate and be grateful for our first and best financial advisor by heeding to the pearls of financial wisdom our fathers continue to impart to us.