1. More money does not mean better management!

Mothers should be among the faculty at business schools. They are possibly the best money managers around.

"Get rid of the misconception that you are not making enough money," mine one day confronted me. "Just face it. You don't know how to handle your money."

That accusation was followed by an illustration.

Money management is like trying to fill a jar with stones. Put the larger stones in first and then the smaller ones. The tiny stones will automatically fill in the gaps.

In case you missed it, this is the lesson: prioritise your expenses wisely. Handle the larger, more necessary expenses first.

From all the money you have at your disposal, only allot 80% for expenditure. Keep the rest in reserve for emergencies or for unforeseen expenses.

Money is power. Save it. Don't splurge unnecessarily on your fancies.

Your say: What I learnt from mom!

Text: Sachin Lele
Illustrations: Uttam Ghosh