by Heather, March 22, 2012
Growing up the majority of us came from families where the mom stayed at home and dad worked outside the home for the most part. This is always evolving and ever changing but I know from my home life, that is how it worked for us. My mom did work some out of the home, but that was after we were older. My mom also dealt with all of the bills and had to stretch that dollar as far as it would go so she was a pro at teaching me some of the best financial tips I ever learned. Here are some I will share with you.
1) Take your savings out of the check first. My mom got the amount of money she was able to pay bills with each month and she had to make it work. Savings was never ever touched unless it was for a crisis. My folks retired at 57 so I guess it worked for them.
2) Buy only what is needed first. Once the basic needs were covered then if there was any left over we could shop for the wants. But the wants were few and far between as most extra money was in savings.
3) Don’t run up credit cards. Do have some credit cards, but keep a careful eye on the balances and interest rates.
4) Never put food or gas on a credit card. Once you use these items, they are gone and you have nothing to show for it.
5) Shop the discounts and deals hard for larger purchases. Take your time to find the perfect item and the right price. You are going to have it a while so you want it to last.
6) Pay bills on time or early. Write your personal check at the beginning of the month or the first payday of the month and when the bill comes in, mail it out. This will save on extra fees and get them paid off quicker.
These six financial tips have stuck with me for my whole adult life and I am working hard to keep them going as well as share them with my kids. Sometimes moms can be so smart about things, don’t you think?