Mother’s Day is just around the corner, and whether you are 21 or 51, your mom probably still plays a huge role in your adult life. While many of us look to give credit to our moms on important days, and hopefully throughout the year as well, one thing we often forget is how good with money our moms can be.
Today, women are doing a whole lot better in terms of finances and finally getting closer to that goal of making the same amount of money as their equally qualified male counterparts. In the past though, many women had to do more with less. There’s a good chance your mom was among that group of women.
A new survey showed that 8 out of 10 Americans have learned money lessons from their moms. According to a survey by BeFrugal.com, 55% have learned the overall lesson-live within your means from their moms and also learned the difference between a want and a need. 67% learned about sales and 57% learned about coupons from their moms. 44% learned that it is important to be self-sufficient.
So what does all of that mean? It means that you really should look to your mother as a financial role model for a variety of reasons. Keep reading to learn more about why moms are some of the wisest people out there when it comes to saving and spending money, both for themselves and their families.
Mom Taught You Value of Money
If you’re like most kids, it was your mom who would give out your allowance. Whether you got a dollar a week for taking out the trash, or you did some odd jobs around the house and paid for your own school lunches, chances are your mom started to instill the value of a dollar in you early on in your life.
Now that you’re an adult, the value of a dollar is probably one of the most important things that you know. It keeps you from over-spending on purchases you don’t really need and makes you save money instead of keeping it in your wallet for frivolous purchases.
Don’t you think you should thank your mom for that on Mother’s Day? After all, she’s the reason you hopefully have a secure financial future in sight.
She Showed How to Handle Financial Responsibilities
If you’re an adult with children of your own now, you likely know exactly how much money it takes to care for children when they’re growing up. Even with inflation, your mom still had to spend close to the same amount of money you’re spending now to take care of you when you were still in diapers and jumpers.
Do you remember how mom taught you to budget by buying you one toy at the store that was on sale instead of three toys that weren’t? Somehow that toy seemed even more special, right?
Kids are expensive, but your mom made it work. Today, that information they passed on to you is likely playing a major role in your own life with your very own children.
Sometimes there’s nothing quite as helpful as having a financial role model that was your own mother to help you get through the financial woes of a new parent.
She Gave Credit Card Wisdom
Credit cards are a major part of most people’s financial lives at this point in time. However, how you use credit cards directly influences your financial present and future.
Back when you were a kid, your mom probably taught you about how to be responsible with credit. Whether it was limiting the amount of things you bought on credit to only the essentials, or just keeping an emergency card valuable, your mom was pretty smart about the way she used credit.
For the most part, that’s because people viewed credit a little bit differently when your mom was raising you, even if that doesn’t feel like that long ago. Credit wasn’t an extension of cash in somebody’s wallet, and if you think back to your childhood, you probably remember that lesson.
Credit card wisdom plays a big part in your financial future, so say thanks to mom the next time you see her. Without a good credit score you’ll find it hard to buy a home, get a car loan or even open a department store credit card!
She Taught How to Live Within Your Means
Do you remember when your mom didn’t use to buy things she could not afford? She would have also not allowed you to spend all your pocket money. She taught you how to save and prepare for any financial emergencies. She made you understand the difference between a want and a need.
It’s important to live within your means. This will help you save your money, avoid debt and reduce your credit card bills. You should know where you are spending your money and how you can save it by cutting down on unnecessary expenditures. Distinguish between your wants and needs to save your pennies.
Just live with what you have and you will be happier!
Moms Guide You on Spending Less Than Your Income
Moms continue suggesting spending less than what you earn. If you spend above your income, you’re headed down the route to debt, stress and perhaps even bankruptcy court.
Spending less than your earnings will help develop a cash cushion that will prove convenient when you are jolted by inevitable forces.
Encourage You to Save for a Rainy Day
Moms frequently advise saving for a rainy day or the day you encounter a financial crisis.
You should be prepared for those emergencies by creating a dedicated savings account, opting for a high-return savings account. If you’re financially stressed, begin by collecting pennies and make up your emergency fund. Sooner or later, you’ll desire to hold enough in the bank to have at least a few months’ worth of expenses.
Enlighten You to Make Rational Choices Based on Facts
Money can induce emotional bouts in anyone, but mom understands it’s never wise to make abrupt decisions.
Whether you are excited to receive a bonanza or panic about a sharp stock market dip, your moms would perhaps tell you to relax and sleep on it. Being money wise means making rational decisions driven by the facts instead of going by your whims or emotions.
Say Thanks to Mom on Mother’s Day
No matter how much money you earn today, or how much you’re able to save, your mom was essential toward putting you on the right financial path. So for Mother’s Day, make sure you say thank you in an appropriate fashion.
You can still take mom out to lunch, but make sure you do something financially responsible too. Try picking neighborhood flowers and telling her she taught you the value of a dollar.
That sentiment can really mean a lot to most moms on Mother’s Day.
Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to get a same day cash advance when they need it most. Kimmy has over 20+ years’ experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business. She has also spent time in the mortgage industry prior to her move into the payday lending field.