What’s the Best Money Advice Your Mom Gave You?

Chances are, your mom is (or was) one smart cookie. So tell us the best piece of money advice she ever gave you.

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.

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  • Beverly Gore

    My Mom’s best money advice was to buy the best clothing I could afford. Items last longer, fit better, and make one feel better. Also, to wait for sales and almost never buy anything at full price. Her advice has withstood the years. Thanks, Mom!

  • Nancy

    Mostly my mother taught me never to talk about money, which led to all sorts of problems for me. However, she also taught me early how to calculate unit price to choose the best deal.

  • John Allen

    Mom taught me that there is more to life than money.

  • Tom

    Don’t put all your eggs in one basket.
    If something sounds too good to be true, it probably is.

  • njmom

    “Get a good education and be independent so you don’t have to put up with the crap I have to.”

  • http://blog.catchopenqgates.com/index.php Göran Nitsche

    Be sure you have a plan about spending your money for whatever item. And always think of this: „If you by cheap you’ll probably have to buy an item twice, three times or even more often. So better to collect and use the money for high quality items instead of buying bad quality items!“

  • Lorilu

    We didn’t have much money, but my mother knew how to make the simplest things fun. One thing I learned from her is to make a conscious decision to be happy with what you have–don’t allow yourself to pine for things you can’t afford.

  • John Dyson Hunt

    One of the best things that my Mother taught me was to open an IRA when they were first introduced, and add to it/them every year. It has made a BIG difference.

  • Kathleen Martin

    My mother taught me to pay yourself first, in other words always put money in savings first then pay your bills.

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