There were many things I learned from my mother, some of the most important being to work hard, save like the dickens and have the ability to have financial freedom for special occasions and other circumstances.
As a mother, I have tried to impart the same advice on my teen daughter. My husband and I have set up a system where my daughter deposits monetary gifts and 50% of her paycheck into her savings account to be used for college. She can use the other 50% as discretionary spending, saving up for extracurricular school activities or other occasions. She is also saving up to have extra cash to invest in the stock market. Instilling savings at an early age was and still is very important in our family.
In celebration of Mother’s Day this past Sunday, I have asked other members of the Legacy Team to share financial advice that mothers in their lives have given them. Read on below to see what they have to share, and we hope every mother had a very Happy Mother’s Day!
“My mother is very generous and giving. She taught me to give money to the church and to cherish your family.” – Michael
“My mother was a spiritual person and giving to others was extremely important to her. She lived by the tenet ‘from those to whom much is given, much is expected.’ Having grown up during the depression, she was also averse to borrowing and cautioned against acquiring debt. She stressed that we pay off our bills before buying something new, because you never know what tomorrow will bring.” – Brenda
“I was lucky to get an allowance growing up in exchange for chores to buy things I needed or wanted. My mother gave me a checkbook, taught me to balance it and expected me to manage my money. If I ran out mid-month because I bought something at the mall or went out too many times with my friends – too bad. There was no advance; I had to get some babysitting jobs to earn extra money. It was a good lesson in learning how to budget and prioritize purchases and that there was no excuse to overdraw my account.” – Marguerite
“My parents had a tight budget and my mother taught me how to stretch a dollar and how to live within your means. She taught me not to buy something I couldn’t pay for. We didn’t have credit cards growing up. While raising my own children, I tried to impart on my daughters the difference between wants and needs. I bought them what they needed and they had to buy what they wanted. I’d like to think that created a work ethic.” – Luanne
“I stressed to my son the importance of paying off credit cards every month and that when he got his first job that he needed to start contributing to his 401(k), even if just a little bit.” – Shawna
“My wife does a great job of teaching our children to live within our means, while the occasional indulgence is OK. She is also very talented at finding awesome items at garage sales and estate sales instead of buying them full price.” – Sam