GENERATIONS OF MOMS TALK MONEY
Moms have to make many decisions every single day, including financial ones.
We spoke to three different generations of moms from the same family to see how they manage their money.
We started with the eldest of the family Rakhshi Asghar, mother of four, grandmother of 11 and great grandmother of 8, self-described as “very careful with money.”
“I have always been a saver, and very frugal,” she laughed. “Everything I buy I see as an investment. I always say ‘take care of your things, and they will take care of you.' This is a money lesson because each thing we buy should be done carefully and then treated with respect. It should last for you.”
Rakhshi also shared the money tip she picked up from her own mom, maintaining a money diary or ledger.
“My mother wrote down each rupee she spent. Whether it was groceries or a small buy like a hair clip or something from the market, even today I write everything down as I go,” said Darakhshanda. “It’s a good practice so you never guess where your money has gone or how much you have spent”
“It’s something I told my daughters and their daughters to do as well.”
“Well, I never did that,” said Tina Malik, daughter of Rakhshi and mother of two. “My mother was always pushing us to save but I did not listen, something I regret now.”
“One lesson that did stick though - whatever I have if I can spare for others, I must,” said Tina, “if you can, always give. But otherwise, I am definitely a big spender, a sort of 'hope for the best' big spender.”
Tina’s sister, Reama Malik, a mother of four and grandmother of two, taught her kids to invest in important items. Her philosophy was quality justifies high price points, and to make heirlooms purchases.
"You should splurge when it's jewelry, furniture, property or even clothing which can be passed down, or seen as an investment," said Reama. "Clothes of higher quality last longer, same with furniture."
But for items like household cleaning supplies or snacks, Reama continues to ditch brand names for the best prices.
For her niece Sheza Hamza, a mom of two, her mother's money lesson she has adopted is simple, “do not buy stupid things."
“Impulse buying and frivolous spending were always a ‘no,’" said Sheza. "It’s okay to treat yourself now and then but for the most part she made it clear we would be happier having the money later than the pleasure of a silly buy at the moment."
Her sister Shehreen Farhan, also a mom of two, has approached saving more meticulously, “70% spending, 20% saving and 10% charity. That’s my philosophy. Both my parents were careful but they were not very rigid or have a plan in place, for me that’s been a necessary step to learn as a mom now myself.”
To wrap up all the money lessons, I asked family matriarch Rakhsi her thoughts on a mom’s role in teaching her kids about money.
“For me, a lot of it was learning on the go. Kids are expensive, unexpected things can happen, and life changes in an instant, so you cannot be afraid of counting your money,” said Rakhshi, “and counting it is how you learn how to manage it. That should have been my top tip!”