- 8-Year-Old YouTube Star Makes $1.3 Million a Year
- 6 Ways to Ensure You’ll Have Enough Money in Retirement
- Your Early Holiday Present: Gas at $3 a Gallon or Less
- Nearly Half of US Workers Don’t Have a Work-Based Retirement Plan
- Lotteries Are Losing Their Allure With Some Customers
- Pop Quiz: Can You Profit When Stocks Fall?
- Cold Is Coming: 10 Ways to Winterproof Right Now
- Government Sues AT&T for Allegedly ‘Throttling’ Unlimited Data Customers
In a few short days, it’ll be time to once again recognize the most important woman in many of our lives.
Yes, Mother’s Day is almost here. You haven’t forgotten, have you?
In honor of the occasion, Money Talks News finance expert Stacy Johnson hit the streets to find out what people say is the best money advice they’ve received from their moms. Turns out, moms are a sensible bunch.
Watch the video below to see what they had to say and then scroll down for a recap. Don’t forget to leave a comment at the end with your own mom’s best money advice.
Don’t spend more than you make
That’s the advice Stacy Johnson’s mom offered him. Given that advice, we’re sure she could lay claim to helping turn him into the finance expert he is today.
Her words of wisdom underscore the most basic truth of money management: If you spend more than you make, you’re headed down the path to debt, stress and maybe even bankruptcy court.
Don’t borrow unless you have to
Along with not spending more than you make, Johnson’s mom advised him to never borrow unless needed.
Getting a mortgage may be a necessity in the modern world, but we doubt Ma Johnson would approve of going into debt for a big-screen TV.
Save for a rainy day
Another piece of money advice regularly dispensed by moms is to save for a rainy day. One day it’s going to pour – and despite what Geri Halliwell says, it won’t be raining men.
Be ready for those emergencies by having a dedicated savings account. If you’re squeaking by financially, start by rolling coins and work your way up. Eventually, you’ll want to have enough in the bank to cover at least three to six months’ worth of expenses.
Splurge after a job well done
Moms are sensible, but they also know life needs to be savored.
If you reach a goal, complete a difficult project or come to a milestone, feel free to treat yourself to something special. However, be sure to keep your splurge in line with your budget. If you’re living on ramen noodles, going on a cruise isn’t the right way to celebrate a raise.
Stock up smartly
Moms with hungry mouths to feed and small bodies to clothe are masters of spotting a deal and knowing when to buy extras.
When you find a great buy on something you use regularly or will definitely use in the future, buy extra at a bargain price rather than paying full price later on.
Keep a cool head
Money can make us emotional, but Mom knows it’s never smart to make knee-jerk decisions.
Whether we are thrilled to have a windfall or freaked by a sudden stock market dip, our moms would probably tell us to take a deep breath and sleep on it. Being money smart means making rational choices driven by the facts, not our whims.
Everything will be all right
And even if our stocks tank or the boss hands us a pink slip, don’t worry. Everything will turn out OK in the end. After all, Mom’s got our back.
What about your mom? Share her best bit of money advice in the comments below or on our Facebook page.