Financial Concerns of mothers for her children
A mother is all the times concerned for her children.
When a child is infant, She is concerned about taking best care of them.
For a toddler, she is concerned about taking growing up needs of a child.
When the child starts going to school, the concerns of getting the best education for them.
And so on..
Not to miss the utmost concern is Financial concern, Giving quality education and life requires allocation of finances in right way.
Here in India, the most important goal for any parent will be Children education and their marriage. Surprisingly planning for retirement kitty comes later on.
Being a daughter and mother at the same time, I have experienced various financial concerns that run in the mind of a mother all the time. Sharing few of them:
1.Saving for education: I have seen my mother telling me all the time to not splurge and saving whatever small she can for higher education and I have seen her doing the same. She used to cut off on her expenses and made sure that she saved regularly for our education.
2. Savings in hand for non accounted expenses: Apart from school fees, there are ’n’ number of expenses that come up, mothers make sure that these expenses are met in a non-compromised way. They usually keep such expenses as part of emergency fund that they build.
3. Savings for children’s marriage: Saving for marriage comes automatically to mothers specially when it is for daughters. They start thinking and saving from the day a child takes birth. When I was about to get married, I realized it is no easy to get child married in our culture and especially middle class families, the amount of savings that goes into a marriage is basically what one has been saving for the entire lifetime. That is the reason
4. Separate planning : I have been approached by lot of mothers in last few years for separate planning for their children’s future needs than their spouse. An extra little money of her own saved is very powerful.
A lot of mothers have have actually given their best years of life for upbringing of their children. We as children can acknowledge this and give her one tight hug for all that she has done. All that has been done over the years was without any self interest and expectation.
A little expectation though is that she wants respect and love of her children.
About the author: Gurleen Kaur Tikku is a Financial Consultant and devotes her time to her company www.hareepatti.com. She has done her Bachelors in Finance and Investment Analysis(BFIA) from College of Business Studies (CBS, Delhi) and MBA from IMT, Ghaziabad . She can be contacted at [email protected] .