This Father’s Day, make your old man proud by upholding his lessons in managing finance in your actions
Father’s Day is just around the bend. It is that time of the year again when we honour and cherish the contributions and sacrifices made by dads all around the world for the sake of their families. And what better way to honour them than by implementing their time-tested teachings in our lives. Now, Indian fathers hold a reputation for giving out the best financial advice under the sun. Trust on them to inculcate the value of saving money and respecting hard work in their children’s lives from an early stage. While the counsel may vary from father to father, the essential crux remains the same – Save money, spend wisely, and invest smartly.
Change in terms of your financial habits is a difficult one but the nudge given by the government to digital India has made an impact on our older generation as well. Though it has been a while since the arrival of digital finance and credit cards, most Indian fathers are still somewhat sceptical of these novel forms of money.
Although some of them have accepted the paradigm shift in the way transactions are conducted today, many of them prefer carrying currency notes as their preferred mode of payment. It is not an uncommon sight to see Indian fathers sticking to paper money in a world beset with digital wallets and online payment systems.
Moreover, Indian dads are known for being ardent sticklers of sound financial principles. They can surely teach their offspring a lot when it comes to financial prudence and practical management that can take them far ahead in their lives. Here’s a rundown of some of the best money-related nuggets of wisdom passed on by Indian fathers to their children:
Practice Financial Independence
Only with a stable income, is it possible to be financially self-reliant. However, it’s not just the money that you earn that will take you through; you also need to well-versed with the basic tenets of financial management. Indian fathers are well known for devising numerous ways of upbringing their children with a firm understanding regarding monetary affairs and ‘ways of the market’. Indian children can consider themselves lucky as they often have their father or any other adept household elder to guide them across the various ups and downs in the financial world. It is also admirable to see the painstaking approach fathers in our country assume to instigate good financial sensibilities and forethought in their children. No wonder, a plethora of youngsters in our nation still consult their family patriarchs when procuring a new credit card, making intelligent investments, or simply ways to manage money more efficiently.
Saving as a Habit is a Must
Most Indian fathers insist on teaching their kids the need to save money as an essential life rule. And this lesson is sown deep in their child’s life from the very offset. Be it large amounts or even just a few coins, Indian parents are always keen on teaching their children the important merits of saving money. When this habit is initiated early in children, they often turn out as responsible and financially proficient when they, later on, mature into adults. Just as each droplet combines to form the sea, every penny saved later may prove to a financial asset with significant returns in the future. Remember the age-old adages:’ Money Saved is Money Earned’ and ‘If You Save Money, Money will save you!
Paying one's dues on time is indeed an admirable quality in any person. Indian fathers generally teach their children that money should be borrowed only when it is necessary and when you do, make sure you pay it back on time. Timely repayment is therefore highly appreciated by banks and financial institutions as well when it comes to paying back credit card payments or monthly EMIs. Paying back loans on time also keeps you in the good books of your financers as failure to repay your dues on time can invite significant backlash in the form of heightened interest charges and a drop in one’s credit score.
Practical Knowledge is Necessary
When it comes to matters about the financial realm, you would have rarely seen your father making hasty conclusions or jumping into untested waters without prior knowledge or experience. Indian fathers are well esteemed for practicing the utmost diligence as part of best financial practices when it comes to making decisions that involve capital expenditure. No wonder your dad always instructed you to stay well informed and aware before finalizing any substantial monetary decision. This is, ostensibly enough, the golden rule of financial management. This entails that if you own any credit card or financial instrument, it is essential to gain practical knowledge beforehand. Make sure you commit ample research to inquire about the intricacies of any financial matter to reap the best possible reward afterward. It is also pertinent to read between the lines and scrutinize your bills deftly to steer clear of any hidden costs or secret charges.
Plan to Stay Ahead
Indian fathers are so efficient and judicious with their money that they can give any professional financial planner a major run for their money. Our dads have always planned their expenses well in advance to ensure social security and comfortable life for their family. This means adhering to a pre-set budget, spending only when necessary, and knowing the thin line that demarcates actual needs from whimsical wants. Therefore, it is a common sight in Indian households for fathers to guide their children about the plus points of financial planning from their early days. Children who learn the essence of planning naturally tend to stay ahead when they become adults. From managing their investments to credit cards, these childhood lessons come most handy when making big decisions in life.
This Father’s Day, make your old man proud by upholding his lessons in managing finance in your actions. Let him know that you are grateful for all the wisdom that you have received from him through the ages. To see you living an honest, well-earned, and comfortable life is the best possible gift that you can ever present to your father.
The author is Co-Founder & CEO, Smartcoin
DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.