Mothers tend to have the wisest advice for everything. And when it comes to money, we should be paying double attention. Studies have shown that moms usually run the household and family finances – even if they are or not the primary breadwinners.
Given that status, and in honor of Mother’s Day, we’ve asked some fellow MoneyStranders what they learnt from their mums about money. And here’s what they said:
1. Budget – for everything
Anna Oriola – UX & UI Designer
“Create a budget to track what’s coming in and what’s going out. It’s one of the best ways to identify areas where you can save money”. Anna’s mum created her own method of budgeting by using envelopes for different categories: clothes, food, trips… Times have changed and technology has evolved, but the concept is still the same.
2. Minor spending counts
Albert Morales – Product Manager
Do you ever feel like you should probably have some money left over at the end of the month, but don’t – even though you didn’t make any huge purchases? Albert’s mother had a point: no matter how small, all those minor expenses add up – so don’t ignore them! That’s why keeping track of all your spending will help you see the bigger picture. The good news? If minor spending counts, so does minor savings!
3. Save first, spend afterwards
Felix Garcia – Mobile Tech Lead
Felix’s mom told him this obvious-to-awesome thing about money that has served him well in life: “you must learn to save first, and spend afterwards”. If you want to make a meaningful difference in your ability to save, take an active part in changing your situation – starting today. That’s it: simple yet so profound.
4. Unexpected happens – build your e-fund
Juanma González – Usability & Integration
This is life. You’ll never ever have absolutely everything under control. But that isn’t an excuse to live financially unprepared for unpredictable situations. “You’ll know this first hand when you grow up, but for now keep a separate cookie jar with emergency money”. Juanma doesn’t keep his rainy day fund in a jar anymore, but he didn’t forget his mom’s tip when organizing his accounts. And did it ever come in handy when the time came to pay that unexpected car repair!
5. Be the hero of your own story
Miriam Ballesteros – Marketing Manager
“There’s no Prince Charming that will come on a white horse and save you financially, Miriam”- my Mother told me. “You have to get an education, live well within your means and be self-sufficient”. And I took that to heart. No one should ever take away your ability to make money nor stop you from living the life you imagined. Not depending on anyone to pay your way in life is definitely paramount.
What is the best financial tip your mom has given you? Let us know in the comments below!