Mom and Daughter Hugging

08 May

6 Financial Tips Your Momma Told You (And You Forgot)

Our moms are a source of wisdom for many of us. But, sometimes we’ve decided to do things our own way and have forgotten some of the lessons they taught us in years past. 

This is especially true where finances are concerned. You might have bought a house when maybe you should have kept saving. Or, maybe you decided to keep spending, even though you knew your credit card was almost maxed out. Or, maybe you just forgot that sometimes it takes a little extra work to reach your financial goals. 

We thought we’d offer a little refresher course of 6 lessons your momma probably taught you that are definitely worth remembering. These may be basic principles but they’re core to living a financially healthy life. 


  • Save 20% and give 10%; the rest goes to pay your bills. If you’re paying off debt you may not be able to live by this rule, but even if you are, you should always be saving a small portion of your income. You never want to be in a situation where you have to acquire more debt because you couldn’t afford to cover a small emergency. Then, when you are out of debt, remember to give back. Whether this is to your church, a local food bank or a charity you strongly support, remember that everyone needs a helping hand at times. 


Mom and Son sitting on couch taking a selfie


  • Only spend the money you have. And if you don’t have it, figure out how to get it. Sometimes this means humbling ourselves and saying no to some fun things. But, it’s better than worrying about debt piling up. Keep working toward your financial goals and career dreams. It might take longer than you would like, but the work will pay off. 


  • Never put all your eggs in one basket. This can mean a lot of different things in a lot of different contexts. But, especially keep it in mind when you decide to spend your savings. Will you have anything left if you buy that house? That car? Make sure you’re not putting all of your money into one investment. 


  • Don’t rob Peter to pay Paul. Basically, don’t go into debt to pay off another debt. It can be tempting to add a credit card to the mix just to be able to pay that one month of debt payments. But, once you do it, it becomes harder to stop and easier to get into more financial trouble. So, pay off your debts before accruing more. 


  • Buying something on sale doesn’t mean you’re saving money. If you’re only buying something because it seems like a good deal, then you’re not really saving anything. You just spent money which is the opposite of saving it. If it really is something you want, first make sure it’s in the budget before you ever even consider purchasing.


Mom and Daughter shopping together


  • Don’t be afraid to invest in yourself. This one can be difficult for many of us. It doesn’t mean investing in a new wardrobe, unless that wardrobe is needed for your next job interview. But, it does mean that when you want to try something new or switch career paths, sometimes it takes investing in yourself through education and mentorship. This could mean a lot of different things like investing in your marriage, your self-care or your mental health. There are many ways to invest in yourself to live a healthier, happier life which usually leads to making healthier financial decisions too. 


So, this Mother’s Day, or whatever day you end up reading this, be sure to call your mom and thank her for all of the lessons she instilled in you. And, if there are lessons you would add to this list, post a picture of you and your mom on our Facebook page with the financial lesson she taught you!

Check out more financial lessons straight from 101 of our Signet members.