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To say that mothers are all-rounders would be an understatement. For children, a mother is not only a caretaker but also the first teacher. Mothers teach their children everything while growing up, whether it is taking their first steps or even academics. 

Moreover, if mothers are financially savvy, they can impact financial literacy in their children right from the beginning.

Here are some pointers on how –

• Weekly or monthly allowances instil the value of money in children. Mothers can give their kids an allowance for their personal spending.

• As your children grow older, mothers can teach them the importance of disciplined spending. Rather than spoiling them by giving in to their demands, mothers can ask their children to save up for big-ticket purchases. Children can save up their allowances and then buy the things accordingly. This would teach them to spend responsibly.

• Mothers can also motivate their children to earn their keep. Children can be made to do chores for which they can be rewarded with money. This would be another way in which a child can earn and save money for buying what he/she wants.

• With her acumen in managing the household budget, mothers can show their children how to create a budget from their monthly allowances to spending on the things they bought.

• Lastly, mothers can motivate their children to become financially literate which would help them in future as they become independent.

Mothers do their best in imparting the best knowledge to their children, financially or otherwise. As a child, it's your turn to reciprocate.

While your mother teaches you the important lessons of life, you can also teach her a thing or two about finances.

While mothers are acute in budgeting household expenses, many of them draw a blank when it comes to planning their personal finances. This is where you can lend a hand. You can empower your mother financially so that she can take charge of her life, financially. 

Here are some financial aspects that you can help your mother with –

Giving them the fintech knowhow

The fintech domain is innovating and expanding every day. While our financial planning has been simpler, your mother might find the process confusing. 

It is no wonder most mothers prefer the cash alternative to digital means! 

In your role as an educator, you can teach your mother about the fintech world and how to digitize her transactions. Help your mother link her bank account with mobile wallets and UPI platforms. This would simplify monetary transactions. Teach her how to shop online so that grocery shopping is simplified. Right from cab bookings to fund transfers to ordering food, show your mother the beauty and convenience of the online platform. This would not only lend her a helping hand, but it would also simplify her household chores to give her much-needed time to herself. 

Making her aware of precautions to take against cybercrimes

Cybercrimes, data theft, online phishing, etc. are becoming commonplace as more and more individuals are going digital. While the online mode is convenient, it is also a trap for the gullible, if not used correctly. Your mother needs to know this.

Teach your mother about cyber security and how to keep her online transactions safe. Any OTP shared must not be shared with anyone else, even if it is a family member. Also, educate her about fraudulent calls asking her about her credit card/debit card/ bank account number. She should not entertain such calls and fall prey to scams. Educate her that there is no concept of easy money and that people luring her towards quick returns are possible frauds that she should be careful against. 

The gift of health insurance

A health insurance policy doubles up as a useful and considerate gift. Primarily because it allows your mother to avail of quality healthcare facilities without worrying about their costs. 

Chances are that your mother is already insured under a floater plan taken by your father. Even if that is the case, you can gift her another policy to double up her coverage. 

Alternatively, a critical illness plan would be a good addition as it would pay a lump sum benefit in the event of covered critical illnesses. Opt for a women-specific critical illness plan available in the market. Such plans cover female-centric illnesses and prove relevant. 

If your mother is not insured under any health plan, a comprehensive, indemnity-oriented health policy would be the best option. Opt for an individual plan and give her the coverage that suits her needs and requirements. 

The icing on the cake is that your gift of health insurance would not only benefit your mother, but it would also benefit you in the form of additional tax savings under Section 80D of the Income Tax Act, 1961.

The 1-2-3 course on financial literacy

While your mother taught you the basics of finance in your childhood, it is time you teach her the basics of handling her money right. Teach her the three main things of financial planning -

Budgeting
Budgeting is an inherent quality in all mothers. You can simply contribute to her acumen by asking her to budget for herself too, besides the family. If she has a personal income, ask her to create a budget of her income and expenses to know how her income is being used up. Alternatively, if she is a housewife, help her start a side hustle to earn some income while managing the house. Once she gets an income inflow, she can plan her budget too.

Saving 
Saving is an essential aspect of financial planning and, thankfully, most mothers have the innate ability to save, even on a limited budget. Help your mother get tech-savvy to hunt for online deals and discounts so that she can save up money not only for your family’s needs but for hers as well.

Investing 
Lastly, most importantly, help your mother channel her savings into fruitful avenues. While mothers have the ability to save, they usually keep their savings in the safety of their wardrobes or safes, never using them to earn returns. This is where you can be the nudge. Educate your mother about the available investment options and help her invest. Help her start a SIP or a recurring deposit or even a fixed deposit. 

The bottom line
While you might buy gifts or cards for your mother, let’s do something different this Mother's Day, something that would add value to your mother’s life. Give your mother some financial know-how so that she can chalk out her finances and become financially independent, a role model that you can look up to.