As the month of May quickly approaches, so does Mother’s Day. It is a day to celebrate the matriarch of the family, and everything she has done for us. They have molded us into the adults we are today with love and affection, and instilled in us the morals and beliefs we need to live productive and happy lives.
Understanding what your mother taught you about money is an important lesson. There are numerous situations that can impact your financial life in a negative way, but if your mom has given you the tools you need to have a healthy and smart relationship with money, you will probably come out on top in the long run.
Most of you have heard the saying, “Save for a rainy day.” Few adages ring truer because it is so incredibly important to have a financial cushion in place when an unexpected expense hits. Sooner or later, we all hit bumps in the road, and if you don’t have a savings safety net in place, you could need to turn to a car title loan for emergency cash.
Avoid living from paycheck to paycheck with no room to breathe. Your mother knows what she is talking about. She most likely has had experience in this area at some point in her life and is trying to save you from the same hardships. By spending less than you make, you can ensure that you will always have money in the bank.
Making impulsive money decisions without considering the consequences can have devastating consequences. You always want to make sure that any type of financial decision you make is in your best interest.To do that, you need to thoroughly evaluate your spending at every level, and always research and do your due diligence before making important purchases.
Did your mom clip coupons? If so, she obviously understood the value of a dollar. Why pay full price for an item when you have online access to so many discounts? Sites like Retail Me Not, Groupon, and many others provide coupon codes to save on just about any item you want to purchase. Shop smart and save big in the long run.
Don’t apply for any credit card that has a high-interest rate. You could end up basically throwing money away by paying more in interest than you do on principle, which is never a sound financial decision. Take advantage of cards that offer no-interest introductory rates, and always pay in full before the grace period expires.
Paying your bills on time can help to ensure a good credit score, which is the key to paying less for just about every financial product out there. Keeping up to date on your monthly expenses can also reduce financial stress, and help foster a healthy relationship between you and your money.
Listen to your mother when she says to not over-extend yourself financially by overindulging yourself. You can treat yourself to something special after a job well done or a special occasion, but don’t overdo it. It is important to enjoy your life – just be sure to do it responsibly.
Investing your money in an IRA, Roth, or a 401K is an essential part of preparing for your future. If you are not sure how these investments work or which of them is the right choice for you and your situation, make the commitment to sit down and speak with a financial advisor. Knowing where your money is going and how to make it work for you is the foundation of real financial success.
If your mother has stressed the importance of having good credit, she was absolutely right. You need good credit to purchase anything of importance, like a home, car, business, and even a cell phone or cable subscription. Nurture your credit like a garden and it will reward you for your efforts many times over.
Your mother has experience in so many of life’s lessons, so why not listen to what she has to say? Many children live to defy their parents or struggle to pave their own path in life, but wouldn’t life be much easier if you just listened to your mother’s advice? Imagine the headaches and expense you could avoid.