Moms (and really anyone who played an important role in your life) usually pass down nuggets of wisdom on everything from manners to money matters. We asked Brigit users to share the best money advice their Moms ever gave them, and here it is!
Unique money advice from Mom
- “My mom would have me hold a quarter up to my eye and she said what do you see? I said the quarter. Then she said extend your arm, now what do you see? I would say the room, furniture, windows, etc. She would smile and say never hold money so close that you can not see anything else.”
- “If your child must have name brand cereal, buy one box and keep refilling with the off brand cereal.”
- “When it comes to payday, pay all your bills first and then go get your groceries for the next 2 weeks . Put at least 15% in your savings for emergencies. When it comes to spending your money after you take care of your responsibilities, if you can’t purchase the item at least 3x with the money you have then simply don’t buy it.”
The top things most Moms tell us
Budget, budget, budget
Paying your bills on time, keeping track of your expenses, and living within your means all fall under budgeting.
- “Always budget and keep a bill book. Log into my account weekly and make sure my bills were being deducted properly.”
- “In order to create a realistic budget and help yourself in the long run, track every penny you spend for a whole year. Don’t change the way you spend, just track. Then after the first year, sit down and see where you are going to make changes and create your budget.”
- “The best advice my mom ever gave was to create a budget and stick with it. She also told me her hierarchy for bills which is rent first, then your car payment and utilities. The extras like phone, internet and cable are last.”
Save for a rainy day
Building emergency savings was high on the advice list from Moms. Being able to cover a few months of expenses is the goal, but even having a little money set aside can go a long way.
- “Start a bank account early and save continuously for emergencies.”
- “Never give up, always have some money put to the side for a rainy day, and always save a small portion of your paycheck.”
- “Create an emergency fund in a savings account with 3 months worth of bills in it.”.
Stay on top of your credit
The value of good credit can’t be overstated. Good credit can get you far and save you money.
- “Don’t ruin your credit; cherish it and keep it safe as you would your children or your finest pair of diamond earrings.”
- “Be patient with your money, and remember that your credit will follow you for life!”
- “Pay your bills 1 week apart for on-time payment scores on your credit to trend upwards and use credit cards for daily coffees and pay it back 5 days after.”
Wise spending
If you don’t need it, don’t buy it. Basically, be smart with your money.
- “If you don’t have the money, don’t buy it. Necessities come first.”
- “If you can’t afford to buy it twice, then don’t buy it once.”
- “Buy generic, it’s just as good as the name brand.”
Plan ahead
From being prepared for the worst to thinking of your retirement and children (or future children)—consider your goals and what you’ll need to reach them.
- “The best plan for your children is preparing for your own retirement.”
- “Start saving for the future. The more money you save, the more you can control your own destiny. It’s great to have a savings plan for something specific, but saving money is important even if you don’t know exactly what you’re saving for.”
- “It’s never too early or too late to start building a secure financial foundation.”
Invest when you can
Saving is the minimum, but taking it a step further and being able to invest that money can provide a nice return in the long term.
- “Invest in a Roth IRA early.”
- “Save $100 out of every check and put 25% into an investment account. Later in life you will be set to travel and not worry about expenses getting in the way of living your best life.”
- “Save and invest your money in something that will provide a great financial value IRA or even a 401K.”