Mother’s Day is a time to express gratitude to the mothers who raised us. And here at Money Under 30, we especially want to honor all the thrifty moms who taught us how to balance our ledgers.
That’s why we asked our network to share some of the best financial advice their mothers gave them. From how to save to how to negotiate, here’s what they said.
1. Save your pennies
Thomas Fultzfounder and CEO of Coffeeble, says that:
“My British mum always used the classic British saying when she taught me how to handle money: “Take care of the pennies, the pounds will be taken care of.” themselves.’ It was just a way of saying: be careful and focus on saving small amounts of money and you will soon accumulate a large amount. She taught me that a little bit of consistent work can lead to something big, which applies to many things, including finance.”
Thanks to this advice, Thomas became a successful businessman with a solid financial position.
2. The Art of Delayed Pleasure
It may be tempting to immediately give in to your desires. After all, if you have the opportunity to buy a new device or dine at a restaurant, why not make a purchase? Unfortunately, this kind of thinking can lead to a short-term attitude that can push away long-term financial goals, such as building an emergency fund or savings for retirement.
Charles McMillianHis mother taught him the art of delayed gratification. Throughout his life, his mother helped him restrain impulsive decisions, knowing that over time they could turn into something more.
McMillian shares that this lesson in delayed gratification gave him the financial flexibility to work in your business and secure the financial future of your family.
3. Everything is discussed
Many of us believe that prices are set in stone. But Ankita TerrellHer mother taught her differently, teaching her:
“Everything and I mean allcan be negotiated.”
Over the years, Ankita has managed to save money on unnecessary payments. With such a monetary mindset, anyone could save.
Connected: How to Negotiate Anything (Even if You’re Shy or Scared)
4. Modesty can be fun.
Linda HobbisMother grew up during World War II and had to rely on ration cards.
Through this experience, Linda’s mother became a very frugal woman and taught her daughter that there is nothing to be ashamed of. In fact, Linda’s mom taught her how to “learning to ‘make, make and fix’ can actually be fun.”
As Linda’s own children grow, she teaches them how to reuse them.
“I teach my kids that we all have limited resources and reuse is good for us and the planet.”
5. Always save something
Jacqueline Sanchez learned the simple lesson of saving something from every paycheck from her mother. The amount itself was less important than constantly putting something off for the future.
With this advice in mind, Jacqueline was able to budget for all of her household expenses and fund several savings goals.
“When it comes to spending on family trips, restaurants, or investments, I don’t worry because I already have a budget for all these activities.”
All of these savings resulted in a total net worth with her husband of over $800,000. In addition, she was able to share her knowledge with other parents on Parent portfolio.
6. Keep an emergency fund handy
Kelly Maxwell‘Mom taught her how to create a reserve fund. With several months of expenses on hand, Kelly found herself breathing easier.
In fact, she still maintains an emergency fund.
“In the past, when I was young, it helped me between jobs because you never know when you’ll need it.”
Read more: 5 Ways to Quickly Start Your Emergency Fund
7. Try a side job
While the idea of a side job may seem new, side jobs in many forms have been around for decades.
Tana WilliamsHer mother taught her the importance of trying different part-time jobs to increase her finances.
“Seeing her work on multiple streams of income has ingrained me with a strong work ethic, as well as the idea that you can speed up debt repayment, savings, or investments by choosing freelance work. Seeing her and even helping her with this job, part time jobs were a normal part of life and essential to moving forward. Because I’ve watched her balance the hustle and kids, now I’m doing the same.”
Williams has taken on a variety of part-time jobs over the years, including freelancing, shopping on Etsy, and blogging on Debt Free Forties. The money she earned from part-time jobs allowed her to pay off debts such as student loans and hospital bills and save more for her retirement.
8. Avoid Credit Card Debt
Credit card debt is a trap many Americans fall into. Actually, Americans have an average of $6,194 in credit card debt, according to Experian.. High interest rate debt can make it difficult to get out of credit card debt.
Fortunately for Avery Kingstad, his mom taught him to avoid any credit card debt by never spending more on a credit card than was in his bank account. With this advice, he always tried to pay off his credit card in full.
This financial decision allowed him to avoid the trap many of us fall into.
Connected: How to pay off a credit card quickly — smart way
9. Invest in yourself
Ivana Lekoher mother taught her to invest in her education and business.
Those words of wisdom are the reason she was”never afraid to invest in useful education and tools to improve my business.” Over time, this led to successful photographer with funds to invest in your business along the way.
10. Don’t go grocery shopping on an empty stomach.
It’s no secret that grocery shopping can take up a large portion of your budget. Aga CeyrowskaHer mother taught her never to go to the grocery store on an empty stomach.
“When you want something to eat, you buy extra and buy something that will be wasted. Everything looks delicious, so you get three types of cheese, two packs of cookies, three packs of chips, etc. You won’t eat it, you don’t need it. It’s a waste of money.”
This practical mindset allowed Cherevskaya to go through life without allowing her food budget to inflate to the limit.
Summary
The money lessons these outstanding moms teach can help you on your financial journey. If your parent taught you about the key features of financial literacy, you are already ahead of the curve.