Take some advice from mom!

With moms, every moment can easily turn into a “teachable” moment. From day one, mothers begin the process of transferring their wisdom and values to their children. In fact, a recent NFCC study found that 44 percent of consumers named parents as their primary teachers of financial habits—the basics of spending and saving are learned at home long before they’re taught at school.

As Mother’s Day approaches, apply some of mom’s conventional wisdom to your financial situation — coupled with tips from the financial experts here at MMI.

  • “Money doesn’t grow on trees.”  Think about how you spend your money, and don’t go beyond your means. Reserve any money left over at the end of the month for savings — you never know when an unexpected expense may arise.
  • “Do as I say, not as I do.”  If you were not taught good financial habits growing up, start now. Good habits you learn now can be passed down to your children, starting a new generation of financial responsibility.
  • “Do I look like I am made of money?”  Studies show that nearly 80 percent of women consider themselves the primary spender in their household, but don’t let this be the only thing your children see you do. Make an effort to discuss saving, long-term goal planning and budgeting with children so they learn there’s more to money than bills and shopping.
  • “If I catch you doing that one more time …"  We’re all guilty of using that “for emergencies only” credit card on a selfish splurge, but have we ever looked to see how much it adds up to be in the long run? Track spending for 30 days to see just how much small insignificant purchases add up to be in the end.
  • “Eat every bite.”  Remember that every little bit counts. Place your spare change in a jar, along with any extra money that is above your regular monthly income, and deposit it into your savings account monthly.
  • “If all your friends jumped off a cliff, would you?”  You are in control of your money, and your budget should be unique to your personal needs and lifestyle. Stick with it, regardless of how others around you are spending.

As much as it hurts to admit it that your mother was right, her common sense tips, when applied to your pocketbook, can lead to financial stability and success. After all, as mother says, “You can do anything you set your mind to.”

Tanisha (Warner) Smith is a former communications manager at MMI.

  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.