Moms are the economic axis and the most important mentors when it comes to managing, spending and saving money. Therefore, Principal Financial Mexico prepared a list of the four most important financial councils that they teach their children and that you should never forget:
Money does not grow on trees
Remember that Mom did not always buy everything you wanted or asked, do you know why Because she knew how much she could spend and in what. Having a vision of your personal finances will allow you to control your expenses wisely and have financial priorities. To help you, you can use the saving formula: Income Savings Expense, so start saving and define your monthly expenses.
You can do it and never give up
When a mom sets a goal, she always gets to it. Paying tuition each month, saving for vacations or finishing paying the house is possible thanks to the fact that she knows the benefits of saving in the short, medium or long term. So think about your future visualize how you would like to see yourself in a few years when you are your mother’s age and how through saving you can more easily meet your financial and life goals.
Do not throw your money in broken sack
As for example buying in excess, debt with your cards, having many expenses escape, not saving, not investing. Asking for loans are ways to throw your finances in broken sack and contrast your projects and goals. What would your mother say, if she knew the current management of your finances in those topics? Be honest and get down working to correct the most important slopes.
When you have children, you will understand
How many times have you not heard your mother say this phrase? It is not easy to provide education to children, control of family expenses, other activities in and outside the home. Today that you have your family you will understand better the importance of words and the great responsibility towards your child and values such as the importance of family friendship or saving.