Sunday is Mother’s Day. While every day is a good time to tell mom “thank you” for all the love and lessons, Mother’s Day is about the positive impact we receive from mothers and mother figures.Moms are known for wearing many hats. For instance, did your mom teach you how to read or cook? Did she take you to cultural events? What about lessons in personal finance?
More than likely, the most frequent lessons taught by our mothers pertained to money management. From taking you along to the bank and grocery shopping to helping clip coupons, hanging out with mom is like having a front row seat to personal finance 101. And it shows among the MyBankTracker staff.
MyBankTracker’s editor and writers got together and shared lessons from their moms and mother figures that are still implemented to this very day. In their own words, here are money lessons the MyBankTracker staff learned from these great ladies.
“The biggest lesson my mom taught me is to only spend money on things you need. I know it’s cliche, but she also used to tell me that material possessions don’t matter; it’s just stuff. She only spends on things that she absolutely needs and always reminds me that having a rich heart is most important.” – Claire Tak, Chief Editor
“If you’re going to pay for something, make sure it is of good quality — even if it costs a little more. The advice has extended to not just food, but to everything else. She believes that if you buy something of quality and you take care of it, it’ll last for a long time and possibly save money compared to buying something of low quality over and over again. – Simon Zhen, Writer/Analyst
“My mom always says Vitamin ‘M’ doesn’t grow on trees. My mom is the most frugal person I know, and the most hard working also.
My mom works two jobs, and never buys food outside for lunch, dinner, or even a snack. She brings everything from home, and diligently eats all her leftovers. So when I go shopping, I have my mom’s voice in my head, and the truth is, I’m glad it’s there. It’s important to know that your money should go towards savings so you can buy something bigger than clothes: a home, a life, a family. And my mom is a constant reminder that working is a gift.” – Katherine Muniz, Writer
“My grandmother taught me a very valuable money habit that I exercise all the time. She taught me to save half of my paycheck, and spend the other half. That way, I’m never without an emergency fund.” – Gerry Morales, Writer
“My mother taught me from a very young age why it’s important to save money. From giving me a mini bank in which I could save coins to encouraging me to save my allowance money, my mother has always emphasized saving money and not spending on frivolous items. She has always been very good at saving, which is how she managed to send her three kids to private middle and high schools despite being a mostly single parent.” -Daryl Paranada, Writer
“My mother encouraged to not just buy things, but make investments. The frugal key to success is purchasing staple items that are classic and timeless. Quality always over quantity.” – Theresa Kim, Researcher
“My mom would always say that you can’t bank procrastination. I didn’t quite understand what she meant until I graduated college and began my career.
Simply put, make your money now. Don’t just save for retirement. But, save for tomorrow, and the day after that, and the day after that. From a broken down car, to an unexpected bill, to a major medical emergency, our lives can change in the blink of an eye.” – Destiny Lopez, Social Media
Mother’s Day is also the last day to enter our #MomTaughtMe contest! Share a money lesson from mom for a chance to win $100. Check here for contest rules.