Mom Knows Best: Money Advice from Moms

Posted on 04/23/2010

Mom knows best when it comes to a lot of things: stain removal, dinner preparation, and money management, to name a few. In honor of the upcoming Mother’s Day holiday, we’re saluting moms for their stellar financial advice. Even if they don’t have accounting degrees, moms have a lot of wisdom when it comes to our wallets.

Wal-Mart Jeans are Just as Good - While you may have been begging for Guess or Girbaud jeans, mom probably took you to the nearby discount chain to pick up new denim. Even though you may not have believed her at the time, mom was showing you that just because something costs a lot doesn’t mean it’s more valuable.

Coupons Aren’t Dorky - Couponing has probably changed quite a bit from when your mom was clipping. But it’s still a great way to save money on everyday necessities like food and toiletries. Follow mom’s lead and start using coupons as a way to cut costs.

Don’t Be Late - Mom may have been talking about family dinner or your first day on the job at the fast food joint, but it’s still great money advice. Don’t be late when it comes to paying bills or you could see your credit score suffer. Plus, you may get penalized with late fees, which mom would surely say is wasteful.

Waste Not, Want Not - If mom ever told you that starving kids in Africa would love to eat your vegetables, she was teaching you a valuable money lesson. Being thankful for what you have will limit the tendency to become materialistic, spending money on things you don’t need. Focusing on how blessed you are will also help you realize that there are more important things to spend your money on than the latest gadget or name brand clothes.

Respect Money - Moms usually agree that money is something that needs to be respected. If you are frivolous with your money you likely will have a hard time holding on to it. Keep your wallet organized and your finances in order.

Balancing Your Checkbook Won’t Kill You - You may not even use a checkbook anymore, but mom’s money advice is still valid. Just like a balanced checkbook, an up-to-date budget that shows you where your money is going is a must when it comes to responsible spending and saving.

You Don’t Need a lot of Money to be Rich - Perhaps mom’s most important financial lesson of all is that money doesn’t determine your wealth in life. If you’ve got family and friends, you are already rich.

By Alison Storm

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