In honor of Mother’s Day, we asked some local moms about what they teach their children about finances. They also explain some monetary wisdom they wish had been imparted. We hope you enjoy these financial tips from mothers.
Dedicate yourself to your education first and find a job in which you can share your best talents — where you can see and feel the difference you make in others’ lives. Start your retirement planning now and build your deposits as you make more money. Choose your spouse carefully. Look for someone [who] has good saving habits. Put away money by being frugal now and you’ll be able to live comfortably later. You only need one credit card, that is attached to your deposit institution, so you can pay it off monthly.
It’s important to understand the difference between needs and wants. Normally when a child says, “I need this,” it really means they just want it. Help them understand that sometimes wants have to wait or may never happen.
Hit the clearance racks first. Rarely pay full price for anything.
Balance your checkbook. Start teaching your children early about finances. Even though you teach your children about finances, it does not always mean that they will understand. Let them learn from their mistakes.
First and foremost, try to save at least $10 to $20 every paycheck as a starting point. Don’t worry about coupon shopping—the discounts are often only on name-brand products. Do not encourage your children to think that name-brand clothing is the only way to dress. Have your children do chores to earn things they are aspiring for, even if your child is 18!
From the time you start earning money, have a budget. That way you will always spend within your means, be able to save, and never go into debt.
Know the difference between needs and wants. Set a goal for your savings. Sometimes it’s easier to sacrifice with the end goal in mind. You can’t save money by spending.
Live within your means—in other words, don’t spend more than you earn. In our world today, everyone feels like they need everything right now. Young, old, newly married, married forever. I hope my children will understand the key to happiness is being happy with what you have and not always waiting to get more to find happiness.