Practical Money Advice from Moms


Practical Money Advice from Moms

We all know the saying “Mother knows best.” And when it comes to money advice, it seems that mom definitely knows best and plays a big role in how we make our financial decisions. According to a 2011 study from CreditCards.com,1 moms were found to be the most influential family member when it came to shaping the financial habits of their adult children.  According to the study, mom’s influence is strong because her habits are what children see on a daily basis.  Kids tend to go everywhere with their mothers when they are young, so they see her making various day-to-day decisions about how to spend money, including whether to use cash, a debit card, or a check. 

 

Although our mom’s influence on our spending habits may wane as we get older, we can still learn tips and tricks from mom on how they manage their money. This article shares our best quotes from our moms on how they handle their personal finances.

 

Practical Money Advice from Moms

“I always say that the best thing you can do with your money is to budget! It doesn’t have to be complex, but I think that knowing where your money goes after it comes in is super helpful for financial success.

  • I write down a list of the expenses that I have in a month and subtract them from my overall income.
  • Then if there is any leftover, I know that I can save or put toward repaying debt.
  • If I don’t have enough to cover my expenses, I can either cut some expenses (going out money, subscriptions, or even some grocery budgets) OR I know I need to find a way to bring in some extra cash. Side jobs or even selling items that are cluttering up your home can be a great way to help you reach your goal of additional income.

The other advice I would give is to save a little bit every month for unexpected or yearly expenses like car maintenance, Christmas, or birthdays. Even if it is $25 a paycheck, it can make a big difference when something like an emergency or a yearly event like Christmas comes up.”

Briana Hernandez, Digital Marketing Manager

 

 

Make Mom feel special all month! Send her money to spoil herself using MoneyGram!

 

“I am very grateful to my parents, especially my mom.  The one thing they taught me early in my life is to be independent.   ‘The only people you can depend on in this world is your parents and nobody else’ is what my mom always said.  Her words were always in my mind when I grew up, and in my 50s I can proudly say I am close to my goal of financial freedom.  I have two daughters, and I told them the same thing.  Be independent, spend less than you make and save as much as you can.   The following are some examples of my advice.

  1. When my daughters had summer jobs in high school or college, I advised them to save part of the money in a Roth IRA.
  2. When my older daughter started working, I told her that she needs to save as much as she can to her 401K.  She listened and maxed it out every year. 
  3. Never buy things you cannot afford.” 

Lan Yu, Analytics Manager

 

“One of the most helpful bits of advice about money I’ve ever gotten is ‘sleep on it’ before making large purchases. Set an amount for what equals a large purchase to you, say $100. When you get the urge to purchase a non-essential item that costs that much or more, take a few days to think about it instead of buying it on the spot. Use that time to do some research:  Is the item available at a lower cost someplace else? What are the reviews like?It’s such a simple concept (and one our parents and grandparents have probably been telling us for ages!), but it can really make a difference if you’re a person who is prone to impulse spending, like I am. This tip makes me be more intentional about my purchases and makes it a lot easier to stick to a budget, because I am more aware of where my money is going.”

Shonte Eyre, CRM Manager

 

Check out our blog post on dad money advice that we shared near Father’s Day.

 

 Poll: Mom matters most in shaping our financial habits - CreditCards.com