10 Financial Lessons from Mom

Mother’s Day may have come and gone, but we’re still relishing in their resounding wisdom. Every parent is unique, but we’ve all heard the same phrases as children. Review the following tried-and-true lessons your mother taught you. You’ll find monetary significance in her words.  

  1. Pick up your room. Also known as “organize.” The habit of organization translates into every area of life. Maintaining a solid budgetis the best way to tidy your finances. Picking up those socks wouldn’t kill you, either.
  2. Put your hat on! Unless you are blessed with job benefits, sickdays can create serious problems for your budget. Losing money during cold and flu season can lead to unpaid bills, depleted savings and other worries. Stay healthy by washing your hands, exercising and taking vitamins. And don’t forget your hat!
  3. Share your toys. Philanthropy is an important part of community. Sharingyour success with others enables you to make positive changes while gaining money management skills. Consider giving back to those who have invested in you.
  4. If you act like a child, I’ll treat you like one. You’ll discover this lesson the hard way with bad credit. Overdue bills, collections and bankruptcy are just a few of the issues that lead to low scores and high risk. Consequently, a lender will treat you like a child by denying your loan application and preventing you from inflicting further credit damage. Your mother said it first: If you want to be treated like an adult, it’s time to act like one. Honor your financial commitments.
  5. Turn off the lights! Wasting money on utilities is frivolous and unnecessary. A nightlight may have protected you from monsters, but an idle hall light won’t protect you from inflated bills. Do yourself a favor by valuing your cash. Make an effort to maintain reasonable expenses.
  6. Are your legs broken? Get it yourself. We are a cultureof convenience and waste, two things that are sure to erode your bank account. Why pay for something you could do yourself? Stop relying on others to clean your home, cook your food and make your coffee. Save money by learning to care for your own needs.
  7. Clean your plate before leaving the table. Yes, your mom wanted you to be healthy, but she also didn’t want you to waste food. The average family spends more than $6,000 a year on at-home meals and dining out. Make the most of your budget by aiming for consistency in this category. Shop smart by using coupons and reusing the same ingredients in several meals. Saving as little as $100 will pay off big in the long run.
  8. “Can’t” never “did.” Self-doubt knows no age. Whether it was trying out for the baseball team or applying for a new job, self-esteem issues can last a lifetime. Don’t allow your inner child to prevent you from pursuing a better life through credit repair, career or higher education. As your mom said, “You’ll never know until you try.”
  9. Would you jump off a bridge if your friends did? Keeping up with the Joneses is the wrongperspective, period. Don’t measure your success based on the lives of others. Focus on your own goals.
  10. Money doesn’t grow on trees. You’ve probably discovered this truth by now. While your mother was undoubtedly saying no to a new toy, you’re learning the value of savings as an independent person. An emergency fund will protect you from unforeseen medical bills, home repairs and unemployment. Start by saving at least six months’ worth of living expenses. Your foresight will help you maintain a stable (and adult) lifestyle.