Whether we like to admit it or not, Mom always knows best. Whether it’s telling us to put on sunscreen, helping set up our first savings account, or reminding us to eat our vegetables, she is always there to help. Most of us wouldn’t be where we are today if it wasn’t for the advice passed down from our mother-figures!
With Mother’s Day this weekend, we want to honor all the times our moms sprinkled wisdom in our everyday lives. We asked several moms to share their best financial advice that they’d like to pass on to their children. Take a look through their great advice!
“Always “sleep on it” before making a purchase — more often than not, you won’t want it the next day. This saves money for the things that will bring you real fulfillment like experiences, education, and the freedom to live life on your terms.” – Kristin S.
“Pay your future self first. That means putting money into retirement and savings automatically each pay period. What you don’t see you won’t miss, and it will accumulate under your nose.” – Sarah T.
“Always have your own money (separate from your partner)” – Erica. B
“Put away as much money as you can for retirement. Parents can even open a 401k for kids to invest money their children earn from something as simple as mowing lawns or babysitting, teaching them how to save is a great habit that will pay big dividends later on in life.” – Sylvia B.
“Put a $2 bill in your wallet, it’s good luck!” – Kayla W.
“Learn how to budget and look at it every month – you should always know where your money is going.” – Marika A.
“When our kids started elementary school, we opened a savings account for each of them. Every time they chose to save and deposit money into the account vs. keep it to spend now, we doubled it. So if they got $25 for their birthday and put it in their savings account, that deposit became $50 immediately. Usually it equaled $15-20 deposits per month. By 6th grade my daughter had $1,500 in the account and is now well on her way to saving for a car down payment! Best part is it’s created habits of being choiceful of what to spend now, versus what I might want later (that only came recently though)” – Kelly R.
“You don’t need rescuing, having a spouse doesn’t mean having someone else who will pay for everything.” – Meg I.
“Contribute the maximum to your IRA or 401K. When you’re 21, retirement may seem like a long way off, but compounding interest is a powerful thing! Then, pay off your credit card bills each month – if you can’t afford to buy something within your budget, don’t buy it. APRs are crazy and a terrible way to spend your hard-earned pay. And, don’t go to the grocery store when you’re hungry. You’re more likely to make impulse buys that weren’t on your shopping list.” – Nicki P.
“Split your money three ways (we used to get a $3 allowance): $1 to spend, $1 to save, and $1 to give to a cause/someone in need.” – Angela D.
We hope you pick up some tried and true financial advice from the tips above. What’s the best tip you’ve learned from having the #RealMoneyTalk with the mom in your life? Tell us in the comments below!