Moms have been with us through the good times and the bad. They are always there when you need a hug or hand to hold — our biggest cheerleaders. But best of all, they always have the answers to all of our questions, particularly our money ones. We asked our Intuit Turbo moms the most important financial advice and values they want to pass on to their children and here are some of our favorites!
“Start saving from your very first paycheck even before you enter adulthood.” – H. Ly, Marketing Manager
“When my kids get money, they want to spend all of it ASAP. I always remind them to take a deep breath and wait before making a knee-jerk purchase. When they realize if they save their money they can combine it when they get more money, and then the can make an even bigger purchase, they get really excited! Today that translates to bigger Pokemon toys, but my hope is in the future it translates to things like a car, college, and a home.” – A. Roberts, Sr Communications Manager
“Get an early start and save as much money as possible. Open a savings account when you get your first summer job. Don’t open and use any credit cards unless you have the intention and money to pay it off immediately.” – S. Kuang, Sr Marketing Manager
“My best financial advice I pass on to my kids or any kids is to start saving early for retirement and other assets that will earn money or appreciate. I know it may seem too early to think about, but time flies and contributing automatically to your retirement through your paycheck becomes a good habit that you don’t even notice and pretty soon your retirement account will grow more than you ever imagined. Plus you will be reducing your taxable income and may be eligible for the Saver’s Credit on your taxes. If your employer matches your contributions it’s really a no brainer. I also advise that if you get a windfall or some unexpected money, don’t blow it all. Use some of it for something that will appreciate and earn money in the long run like contributing to your retirement, investing in stock, or save it to invest in real estate. I remember getting a windfall and saving part of it for a down payment on my first house.” – L. Greene-Lewis, Sr Communications Manager
“I hope to teach our daughter that it’s normal to talk about money, the good, the bad, and everything in between. In our household, we want discussing money to be as common as talking about what’s for dinner. Not only do my husband and I talk about big financial decisions, but we share our dreams and discuss everyday expenses. This helps ensure we stay connected as we support each other through both big milestones and learning opportunities. We’re not perfect and it’s great to open up about mistakes we have made and work through them together. While our daughter is only three, she’s part of our conversations as we talk around the dinner table and I hope that she’ll enjoy discussing her finances as much as we do.” – M. Pullen, Sr Communications Manager
“In a cashless generation, where kids don’t SEE money changing hands, I think it’s important for them to see and manage physical money in learning to be financially responsible and resisting impulse buys. My kids think that paying for things is “magic” since pretty much all of our family’s purchases are using a debit or credit card or bought online. I want my kids to understand that you need money to buy things. In the same way, my husband and I work to provide a home, healthy food, clothing and vacations, I want them to start practicing the “work to earn” mentality so they can learn to save, budget, set goals and – the trickiest at this age – impulse control and delayed gratification.” – K. Danielski, Sr Communications Manager
Do you have a favorite money tip(s) from mom? Tell us her best advice on social with #RealMoneyTalk. P.S. don’t forget to thank her for all of her guidance and give her an extra big hug the next time you see her.