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May 08, 2020
May 08, 2020
She taught you how to make her famous chicken soup, the importance of standing up for yourself and the trick to applying lipstick without getting it on your teeth. (It’s all about the “O” shape.) But your favorite person in the whole world also knows a thing or two about budgeting, finding a bargain and controlling the family purse strings.
Here is the best financial advice we got from our moms.
“Always select the highest percentage option for retirement from the beginning (i.e., your 401(k) plan), so that you get accustomed to living with the lower income from the get-go.” – Corley, Terri’s daughter
“Pay off your credit card every month. Simple, but smart.” – Anna, Natalia’s daughter
“Stop going to Bloomingdale’s. (I haven’t listened.)” – Mary, Carol’s daughter
“Need and want are two very different things.” – Alana, Andrea’s daughter
“Spreading debt across multiple credit cards is like moving your deck chair around the ’Titanic.′” - Nina, Tricia’s daughter
“Start saving and investing early because every little bit counts and you can’t get back time for growing your money with compound interest.” - Grace, Jung’s daughter
“Emotionally categorize all big purchases into two categories—smart money and stupid money. Smart money is for things like retirement, vacations and kitchen renovations. Stupid money is for things like paying to get your car back when it gets towed to the Navy Yard or having to replace the boiler when it gives out mid-winter. Budget for both, but don't beat yourself up when the stupid expenses arise: Acknowledge them, pay them and move on.” – Jillian, Marjie's daughter
“Always make sure you can provide for yourself and don’t need anyone else’s financial support. #independentwoman.” – Anne, Sacha’s daughter
“It’s better to be a big fish in a small pond than a small fish in a big pond. She meant that you’ll get the best deal and quality when you shop locally and consistently (i.e., going to your neighborhood butcher twice a week rather than getting chicken from a big grocery store every Sunday), but I think it applies to a lot of different things.” – Alexia, Monica’s daughter
“When I was in college, I used to complain to my mom that going to the movies was so expensive and she told me to never skimp on purchases that give you something valuable in return. I now use the same logic for grocery shopping and health items.” – Katie, Karen’s daughter
“My mom would kill me if she knew that I shared this, but her funniest advice was: ‘Don’t tell your father.’” — Catrina, Susan’s daughter
“Use store cards to get the points and perks but pay them off right after the purchase in-store—most places let you.” – Courtney, Linda’s daughter
“Get a job, you lazy slacker.” – Chris, Florence’s son
Are you looking to start saving for a car, house, or rainy day? Check out our savings accounts that can help you get there.