Mom's Money Tips

We learned our first lessons about money (not to mention hygiene) at home. What better time to celebrate those cherished life lessons than this weekend? After you call your mother, of course.

Nearly half of us picked up financial habits from our parents, according to a study by Money Management International and Quest Business Agency. We revisited our childhoods by calling our mothers and therapists to dredge up the following bits of time-honored wisdom. And we've added a few ways to heed Mom's advice while still maintaining that rebel reputation you've carefully crafted over the years.

"Money doesn't grow on trees." And it can't be counterfeited easily, either. A dollar spends the same, no matter whether it goes toward Botox or the baby's college education fund. Treat it with care, and don't take any five-dollar bill for granted. Job loss, transmission issues, and teenage dentistry can blow bills out of your wallet faster than an F4 tornado. Tending to an emergency stash of cash can give you and your family shade from life's unexpected storms.

"Do as I say, not as I do." Declaring the house a "disco-free zone" and treating Crisco as a major food group are not habits to emulate. Nor is living on credit or ignoring your future financial needs. Even if you weren't taught good financial habits growing up, it's never too late to pass on what you've learned to your kids. First, have "the talk," and then email them a link to the Fool's Teen area to get them started.

"Do I look like I'm made of money?" Not in that plaid muumuu. Mom cut corners to make ends meet, and so should you. There's a big difference between needs and wants. (EZ Bake Oven, anyone?) Examine each expenditure in your budget and prioritize. We wrote a grown-up workbook that can help.

"You don't always get what you want." Despite the fact that Madame MasterCard is cool with your frequent cash advances, Mom probably wouldn't be. Even grown-ups have to make choices. When you look at what it costs to borrow money vs. taking time to amass the funds and pay in cash, you'll feel very grown up when you make the right choice.

"Don't leave any crumbs on the counter!" Has your wallet sprung a leak? Small amounts of dollars can add up to big bucks. Clean up the big financial messes first, and then pay attention to the smaller cash spills in your daily routine. There's nothing like coming home to a clean sink with a lot more spare change in your pocket.

Common sense and caring are the cornerstones of motherly advice. Now go wash your hands -- with soap! -- and get to work on your finances.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 492004, ~/Articles/ArticleHandler.aspx, 10/25/2016 8:50:08 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,169.27 -53.76 -0.30%
S&P 500 2,143.16 -8.17 -0.38%
NASD 5,283.40 -26.43 -0.50%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes