Growing up in my house meant many things, but it never meant being afraid of your finances. There are six money lessons that my mother taught me which have stuck with me all of my life and have allowed me to be in control of my money.
Never Buy Anything Full Priced (If You Can)
If there is a coupon or sale, my mother knows about it. I swear this woman never buys anything full price. Seeing her save just by waiting or comparing prices, helps me to limit my impulsive buying and stay more aware of my spending.
Know Where Your Money Is
From early on, my mother put an emphasis on teaching my brother and I about finances. Every time we got a check for our birthday, she took us into the bank and let us make the deposit. We often sat together and reviewed our statements; she wanted us to know where our money was and the value of saving.
Credit Cards Aren’t Evil
Credit cards never had a negative stigma in my household as they often in society. My mother has always believed that credit cards can work for you but, only if you let them. I learned early on that credit cards should be used to purchase things that you can afford and plan to pay off quickly.
Learn to Balance a Checkbook
One lesson that my mother made sure was never lost on me, was how to balance a checkbook. The skill may not be seen as valuable now with mobile banking logging your every transaction instantly, but it helped me to understand the flow and balance of money in a household.
There are sometimes when higher costs really do mean higher quality. The ability to tell the difference is another skill my mother instilled. If a more expensive product provided additional value or would last significantly longer than a cheaper alternative, it is worth it to splurge.
Time is Money
Though she is a frugal woman, my mother taught me that time really is money. There are some things (like butter or clothing) that you could make on your own but if you don’t enjoy it and it would fill a great deal of your time, just buy it. Your time is often more valuable.
What money lessons have you learned from your mother or other women role models in your life?