In celebrating Mother’s Day, I realize most people try to honor their mothers every day by applying the lessons shared throughout their relationship. I wanted to hear some of this insightful advice, the mommy-isms around finances. So, I enlisted the power of social media to learn some of your great financial tidbits.
Growing up with my grandmother, I learned the importance of maintaining good relationships and always paying your bills. If she ever encountered an issue with paying a bill, especially since she was the primary breadwinner in our household, she would contact her creditor and make payment arrangements.
My mother-in-law, Gladys Harris, shared that “I learned [my Mom] was smarter than the average Mom and my Dad about finances. She gave me a strong work ethic. She intentionally “taught” me how to look for quality in what I bought and not to waste my money.”
Maintaining a good credit score is important because it impacts the rates received on loans and follows you everywhere, even when you apply for employment. Marcia Church-Lynch stated that her mother taught her to “keep [good] credit and don’t let somebody ruin it.” Know yourself, managing debt can be hard. Other money tips shared are:
Track Your Spending:
- Never spend your last dollar
- Don’t spend more than you make
- Keep track of your spending by reconciling your bank account
Make Saving a Habit:
- Make do with what you already have and save your money for funding an IRA
- No matter what, save something
- Pick up pennies, for pennies make dollars
Manage Your Money:
- Balance your budget, because it is a very important family responsibility
- Always be in control of your money, don’t relinquish total control to a partner or professional
- Organize your financial affairs in the event of critical illness or death
Minimize Your Borrowing:
- Borrowing money ruins friendships, so don’t do it
- Cash and carry, buy with cash instead of using credit cards
Look at these wonderful lessons and tools for financial success. What we see growing up impacts our money decisions. These are such powerful examples of how to manage money and should be shared with our children and community.
Zaneilia Harris, CFP®, is the president of Harris & Harris Wealth Management Group in Upper Marlboro, Maryland. Follow her on Twitter at @hhwealth.
Tags: African American Finance Blogger, African American Woman Financial Advisor, African American Woman Financial Planner, black woman blogger, female blogger, Mom Knows Best, Mommy Blogger, Moms and Finance, Moms and Money, Mother's Day