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.

“Budget and stick to that budget! If there’s something you want, instead of just going out to get it with a credit card or loan, think on it first.” – Dineace Minnick, Case Manager

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.

“Do your research before purchasing expensive items, you will come ahead in the end.” –Heidi Ridnour, New Business Specialist, Annuity “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

Don’t be afraid of going above and beyond for a better deal

It’s easy for us to accept the status quo. But sometimes, especially when it comes to your finances, it pays to work for a better option.

“My mom taught me how to negotiate during the purchase of my car as well as how long to financing it.” – Brittany Crawford-Purcell, Actuarial Associate I

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