The demonetisation in 2016 may have failed in unearthing the entire black money, but it forced mothers and grandmothers to dig out the money that they had saved by curtailing household expenditures and kept hidden in improbable places.
The money dug out from the households may have been put in the circulation, but it also highlights the fact that women are more aware about the needs of savings than men.
Moreover, women are not only more aware, but are more proactive also in saving money by minimising the wasteful expenses.
Such saving habits often come handy at the time of emergencies, when quick money is needed, and also to grab lucrative investment opportunities by paying at least the advance money.
“Our mothers know the compounding effect of saving money better than anyone by just keeping small amounts in the rice box. So, on this Mother’s Day, I would request everyone to plan their savings and spend time wisely before investing in their finances,” said Vikesh Agrawal, EMSME.
Taking the cues from the mothers and grandmothers, Agrawal suggests the following habits that would help you in saving and investing:
The best money advice is also to look at your finances square (at all times) and save early by saving daily expenses.
You must always be prudent about money management; if you have minimal savings, you can often use your savings to invest intelligently.
You can also invest your money in the right financial education, and fixed deposits, which will serve your future requirements.
Lastly, consult a skilled financial advisor to make informed decisions while investing for a better future. Remember, it’s never too late to start saving and investing.
“The above are some crucial lessons you can learn to stay debt-free for a long time. All this will also empower you to be a smart and humble person that is required to live a fulfilling life,” said Agrawal.