Best Financial Advice From Mom (And Grandma!)

In honor of Mother’s Day, we’ve compiled some expert financial advice from the matriarchs of the family, Mom and Grandma, as these women definitely have their childrens’ best interest at heart.

Financial advisors, fiduciaries and accountants provide expert insight in regards to the financial marketplace, forecasting and portfolio management. Their professional advice helps shape future financial success by helping you budget and save for you unique needs. Moms, however, know you better than anyone else and are beacons of invaluable advice in most aspects of life, including finances. Taking financial advice from both parties might be a good idea.

To pay tribute to Mom and Grandma, as the generations have a profound impact on their children, we consider some of the wise ways these women taught us to save and spend money.

Mother Knows Best: Financial Advice From Mom and Grandma

Here are some top financial tips and pieces of advice that our employees and readers say come straight from their Mom, who often learned from her Mom.

1. Spend Less Than You Make

This makes perfect sense: If you spend more than you make, you’re going to accumulate debt, stress and other possible headaches such as bankruptcy or foreclosure. Spend wisely when it comes to your discretionary and non-discretionary expenses.

2. Comparison Shop

‘Shopping around’ is important to get the best price. Many Moms, who were taught by their Moms, are masters when it comes to finding the best deals. Shopping is even considered a sport for some Moms and Grandmas.

3. Borrow Only As A Last Resort

Borrowing money you don’t have leads to debt and obligation. While getting a car or mortgage may be unavoidable in the 21st century, getting into debt over a big-screen TV or phone or shopping spree is not recommended - especially by Mom and Grandma.

4. Get a Higher Education Degree

Graduating and getting a higher education degree helps set you up for future success; if the degree is a good fit and you can make a tangible living from the skills and credentials you earn. According to the U.S. Department of Labor, the average high school graduate earned a median $712 per week in 2017, compared to $1,173 for college graduates and $1,401 for people with doctoral degrees. Your Mom and Grandma know there are more opportunities if you have the right education and professional training.

5. Ask Your Father

In many families, Dad is in charge of the money. Having open communication about finances and getting help from Dad is a signal that managing finances is an important skill. Financial cooperation and open communication between families is also a best practice when it comes to money-management.

6. Find a Job You Love

Mom knows that if you find a job you love, you’re work will be much more enjoyable and you’ll probably be more successful as a result. The saying goes something like: “Find a job you love and you’ll never work a day in your life.”

7. Don’t Buy Expensive Brands and Labels

The fanciest car model and name-brand clothes may provide immediate gratification, but the cost makes it hard to save money. If the goods are financed, you’ll pay exponentially in interest and fees. It’s more important to budget for your wants and needs, shop around and buy something that you like that doesn’t break the bank.

8. Be Frugal

‘A penny saved is a penny earned’ may be a little excessive today considering inflation, but Benjamin Franklin and your Mom have the right idea. If you are frugal and only buy what you need, you’ll be able to save your money, invest and hopefully reap the financial rewards of compound interest.

9. Work Hard and Don’t Rely on Someone Else

Hard work pays, literally. You will get noticed, get promotions and have a more stable and successful career. You can’t always rely on someone else to ‘bring home the bacon’ - hard work and building valuable skills and work ethic brings a better financial situations.

10. Delegate to Get Things Done

It’s not always practical to do everything yourself. Sometimes your time is worth more than the money you wind up paying, so it makes sense to get help.

11. Buy Things When They Are On Sale

Why buy something full price when you can get it for a fraction of the cost? Mom knows that sales provide an opportunity to save, and for many moms, a fun excursion to find deals on everyday needed items. The stock market is the same. If you can buy low and sell high, you’ll grow your money substantially.

12. Save For a Rainy Day

Mom knows that some days are better than others, financially, so it makes sense to save for those days that pour. Basically, be ready for those emergencies by having a dedicated savings account, preferably a high-yield savings account. If finances are tight, start by pinching pennies and set goals for success. Eventually, you’ll want to have enough in the bank to cover at least three to six months’ worth of expenses.

13. Use Common Sense

The reality is that there’s no great ‘money magic.’ You have to use some basic common sense when making financial decisions. Spending more than you have should not be an option as it’s important to make the numbers work; even if that means living at home, not eating out, not owning a car or not taking expensive vacations.

14. Donate to Charity

If you’re fortunate to have enough money, donating to those in need is good for the soul and pocketbook. Helping the community or causes you’re passionate about helps build character while helping others. Kindness is important, people respect the kindess and it teaches your family lessons. Charitable donations are also often tax deductible.

15. Enjoy What You Have

Materialism is not good for anyone . Enjoy what you have instead of focusing on what you think you need, or what others have, and you’ll be happier. Mom knows you can find pleasure in a good book, the outdoors or other inexpensive ways.

Seek Mom’s Financial Advice and an Expert’s Financial Advice

Mom and Grandma are smart and often know what is best for you; but expert financial advice from a fiduciary financial advisor is worth the investment as a professional knows the marketplace and can help grow your money exponentially over time. Find an financial advisor to get your finances on track for a successful future.

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