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| The Basics | What Mom taught us about money
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Readers share their mothers' best financial advice. And hey, it turns out, you really shouldn't spend it all in one place.
By Amy C. Fleitas, Bankrate.com
In honor of Mother's Day, we asked our readers to send in the best financial advice their mothers ever gave. And hey, it turns out, money really doesn't grow on trees and you shouldn't spend it all in one place.
Here are the best of our entries.
To save or spend?
I will always remember mom saying, "You spend your money like it's burning a hole in your pocket. Why can't you hold onto it?" To this day when I get a tax refund or a lump sum of unexpected money, I think about what mom said. I put the money in a savings account for at least one month to allow me time to think about my desires. I still end up spending it, but I am more satisfied that I made the right decision instead of buying the first thing that popped into my head.
Don't tell me how much you earned -- tell me how much you saved.
Save, because you never know what's around the corner.
Take care of your money and your money will take care of you.
If you watch your nickels and dimes, your dollars will take care of themselves.
Love and money
When going on a date, make sure you have taxi money to get back home on your own.
You can't buy love.
It's just as easy to marry a rich man as a poor man.
Finding bargains and counting chickens
When my mom gave us our allowance, she would always say, "Don't spend it all in one place," so I learned to shop around and get a good deal.
My mother always said: "If it's not in your hand, don't count on it." I don't plan or make decisions unless the money is in my hand or in the bank.
If it's free, take two.
My mom always used to say, "Just when you think you have everything paid off, some other expense will pop up." This is why whenever I get a tax refund or some unexpected money, I set it aside to cover some unexpected bill, rather than spending it. It's like financial karma or something like that.
Neither a borrower nor a lender be
My mom always cautioned me to be careful how I spent my money. Mom always said, "You can't spend it twice!" Those words proved true when I got my first credit cards -- I thought I could 'spend' it twice. As I got deeper into debt and couldn't pay all my bills, I realized mom was right you can't spend it twice. I'm out of debt now and more careful about my spending. I am passing this on to my children and hope that they understand the power of money and that if you pay cash, you know that when that dollar is gone, it can't be spent again.
Never lend money you can't afford to give (in case the loan is never repaid). If the people in the business of lending won't give them credit, why do you think you should extend them yours?
Living frugally
My mother used to say, "If you want to have money, you have to act like you don't."
Two comments my mother said that always stuck with me:
"If you want anything out of life, you better start working because you'll never get a penny from me!" I got a job the same week and have not been without a job since then, except for three days between positions!
"See that newly-constructed home for sale? It's for sale because somebody got sick and couldn't make the mortgage!" While many of my 30-something friends are taking on mortgages they can barely afford, my house is almost paid off at age 34 -- and I'm single! My home is modest -- and small -- but I have lots of equity and will pay far less interest over a lifetime than they will. Mom's subtle brainwashing paid off, literally, in thousands of dollars saved on mortgage interest! "Live below your means and put all bonuses, raises and extras into savings." My mom practiced this concept as a single mom and was able to raise four children comfortably, purchase a home in a nice neighborhood and provide her kids with a quality lifestyle all year round on a salary of $28,000 a year. I follow this concept and let me tell you -- it works!
It was actually my grandmother, but I've pretty much benefited from it for 52 years: "Use it up, wear it out, make it do or do without."
"Make your trips count." My mother always said not to drive into town for any little thing but to make a list and do everything in one trip to save on gas.
My mom always said, "The rich get richer by acting poor and the poor get poorer by acting rich!" This has added perspective to my buying and savings decisions.
Know when to spend
Spend it if you got it -- life's short!
Mama said, "Behave yourself and have fun. You can do both!" This applied to spending money and personal relationships.
My mom always told me to pay my bills on time because the most important thing was to always have good credit. She was right.
And then, Mom's not-so-good advice
"If I don't open it, it doesn't exist" -- for example bills and overdraft letters. This attitude taught me a valuable lesson on how to NOT manage money. I began working in the financial planning field after college and the Navy and have worked the areas of mortgages, stocks, and overall financial planning. I think my mom's attitude towards money growing up gave me an early education about taking care of one's finances -- and I try to incorporate that lesson into my work. Thanks, Mom!
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