Motherly advice: best financial tips from mom

This Mother’s Day, we wanted to reflect on the wealth of knowledge that moms, aunts, grandmas, and women we love have shared with us over the years. So we asked our employees to share the best financial advice their mothers or motherly figures ever gave them.

Think of the future now

Some of mom’s best advice follows the old adage, “If you fail to plan, you are planning to fail.” The future will be here sooner than you think, and there is no better time than now to start making smart money moves such as creating a budget.

“My mom instilled in me the importance of saving and planning for the future. She helped me learn how to be wise with my money. When I got paychecks from my first job, she would help me divide it in four ways: saving, investing, giving, and spending. She also instilled the idea that if you don’t have the money to buy it, don’t. This has helped me stay out of debt and budget my money!" – Amy Athen, Operations Training Advisor

Let’s face it, eventually, you’ll find something you want or need in the future, like a new home, a car, or a dream vacation. It’s also important to keep future plans like retirement goals on your mind.

“Whenever I received money as a gift my mom would always have me put half of it in savings. I never liked having to do that as a kid, but now I’m thankful she taught me the importance of savings from an early age.” – Lisa Edgette, Manager, Life New Business

“My mom encouraged me to start saving money at a very early age, including starting my first job at age 14. That allowed me to save up for college and get a great head start on adult life!” – Nicole Oswald, Accountant II

Watch what you spend

Your mother knows it’s important to be careful with your spending. If you have trouble with overspending, it's a good idea to reevaluate your habits and priorities to prevent your budget from spiraling out of control.

“Always have a list! My mom taught us to make a list before going to the store. We would sort it by necessity on top, followed by a few wants if budget allowed. Of course, now that times have changed, I research prices on my list before heading to town so I stay on budget.” – Stephanie Wallenstein, Internal Auditor II

“Don’t fall in love with something that won’t love you back.” Advice from my mother when I ‘fell in love’ with a car that was out of my budget.” – Amy Fox, Manager, Independent Audit

A great way to help you from overspending? Practice impulse control. Mom, as always, has some great tips for how to avoid rash spending.

“From my mom, evaluate the opportunity cost when you are purchasing. If you buy something, you cannot use that money for saving or something else that may be important.” –Michele Kulish, Strategic Project Compliance Consultant

“Don’t buy anything you can find in the check-out lane! You don’t need it!” – Elizabeth Zink, Manager, Customer Contact

Manage your debt

Almost everyone has debt. You aren’t alone. But to keep debt from taking over, you need to be mindful of your loan payments and credit card use, and pay off any balances as soon as you can. Getting out of debt may require some money moves like refinancing your home loan or consolidating your debt on one card with a low-interest rate.

“If you use a credit card to build credit, always pay the full balance.” – Kary Austin, Business Analyst II

“Make sure anything you go into debt for will have a value that is higher by the time you pay it off. Looks are deceiving.” – Michele Kulish, Strategy Project Compliance Consultant

You don't have to feel regret for every expense

Sometimes, you wish to purchase something, but you're afraid to take a big step. While saving and being conscious of your debt is vital, there are some cases where you might want to let go. 

“My mom recently shared with me to not miss out on or regret taking action on something that could slip away. After she said that to me, I felt better about my decision to purchase my last house. (I’m really frugal.)” – Betsy Sprenger, Manager in Quality Control

"Take the trip! You will have opportunities to make more money, but only sometimes opportunities to enjoy spending it. Of course, only if you have the money to do so - don’t spend above your means!" - Shauna Wright, Program Manager of Corporate Strategy and Privacy

Don’t be afraid to ask for help

There’s a lot that goes into managing your money and your Mom can be a great resource for making ends meet. But don’t be afraid to seek advice from a financial professional who can help you navigate your finances and create a plan that works for you. To find the right agent who fits your needs, submit your information through our find an agent page.

“It doesn’t hurt to ask. If you don’t ask, the answer will always be no.” – Gail Dixon, Graphic Designer

B10-MN-5-25

REV 5/2022