Sunday is Mother’s Day, and to honor the wonderful, inspiring women in our lives, the editorial team at MyBankTracker discusses how our moms influenced our money habits.
Claire: My mom recently visited NYC for the first time, and I was so happy to see her! My mom has always been a frugal person. She’s the kind of person who cuts those round, cosmetic cotton pads in half (with scissors) because she feels it’s wasteful to use the whole thing, plus the pack lasts twice as long!
As a child, I used to tag along with her to various thrift stores in our neighborhood. When we moved to the suburbs, her favorite place to shop was on the top floor of a (now closed) department store called Bullock’s. The top floor always offered insane discounts for high-end clothing.
I’ve not only learned how to discount shop from my mom, but as I’ve gotten older, I’ve also become way more conscious about my spending. “There is a big difference between want and need,” she’d say. Whenever I make a big purchase, to this day, I think about what my mom would say and react. Would she gasp at the price? Probably. Do I absolutely need this item? Probably not. I always consider all these two things when I make a purchase. More times than not, I end up walking away from spending my hard-earned dollars. Thanks, Mom!
Amy: Be prudent with spending. Money is meant to be spent, but it shouldn’t be spent perilously. If you don’t have the money, don’t buy it. Don’t chase after material things. Live a life within your means, and don’t owe anyone money!
Katherine: My mom has taught me that Vitamin M doesn’t grow on trees. Yes, she actually calls it Vitamin M. In a sense it is true — it’s something we need in order to survive and needs constant replenishing. My mom has shown me the true meaning of hard work.
She has always worked incredibly hard to earn money, sometimes working 60 or more hours a week. Money is not something given, it’s earned, and sometimes at a high cost. My mom has shown me sacrifice, and it makes me aware of how hard people work for their money. She’s instilled in me a sense of appreciation and awareness. I never take money for granted, and my savvy financial mindset is due to my mother.
Simon: Don’t put all your money in one place. You can’t save money unless you’ve made money. Get rid of debt as soon as you can, and do your best not to borrow money. She also believes it’s okay to pay more for quality.
My mom told me to never buy anything with a credit card unless I could pay the credit card bill in full each month. — Abfantom
Save 10% of your paycheck! — Betty A.
Learn how to cook great meals — better for the wallet, fun for the family, and good for your health. — Cliff W.
Always save for a rainy day and NEVER keep all your financial eggs in one basket! I planned my retirement in my 20s and have always keep multiple savings and investment accounts! — Golden Orchard
Best advice I got from my mother came after we watching TV and there was a story about some guy who got arrested for stealing $50 from a bank. She told me: “Son, if you’re going to rob a bank, steal a LOT of money. It’s not worth getting caught for $50.” — Ron S.
Put money aside from every paycheck that you know you aren’t going to dip into. Don’t tell yourself that you’re saving up to BUY something… You’re saving up to START something. — Malika T.
Treat credit cards like they’re cash — Mom instilled in me long before I ever got my first credit card, that I should treat it no differently than cash. This single tip has probably saved me thousands of dollars over the years due to not falling into credit card debt and making expensive interest payments. Judging by the amount of credit card debt most Americans carry, more people should have listened to my mom! — Sandy K.