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Ask Earnest: Money Advice From Our Moms

Parents can play a huge role in their child’s financial future, and frequently are the first to teach kids about money. Sometimes with direct lessons like an allowance, but also from leading by example. As Mother’s Day is around the corner (May 13th), we asked Earnies to share what money advice they learned from their moms, or what they wish mom had brought up when they were younger.

“Don’t buy things on impulse. Better to sit a day or two and make sure it is something you actually need vs. just want. And my grandmother taught her to always put away part of everything you earn, from babysitting money to maxing out your 401(k).” – Carolyn M.

“First earn, then spend! While good advice, I wish she had told me to earn, and then save before spending!” – Reeva N.

“First and foremost, my mom taught me to never pay full price for pretty much anything—but to appreciate quality and not just buy disposable goods. Clothes? Wait for a sale. Groceries? Use coupons. Cars? Used, always. To this day I adhere to her teachings, using platforms like Craigslist and eBay to buy high-quality furniture, electronics, etc. rather than paying retail price.” – David Z.

“Experiences are worth more than spending money on things. What you spend your money on should be worth the time it took to make the money. Using money to give back is the best thing for your soul.” – Katie M.

“My mom has always encouraged me to live and spend within my means. She stressed the importance of having 3-6 months emergency savings put aside just in case something happens.” – Dora M.

“I wish we had talked about the difference between an asset and a liability, and that I should aim to acquire assets.” – Early E.

“My mom has always handled balancing the checkbook and knowing where the family stands financially. Growing up under this umbrella it became natural for me to own my cash flow and balance my own checkbook. My financial independence is due to her teaching and showing me personal ownership and responsibility. “ – Sara L.

“My mom taught me that cooking and budget-conscious grocery shopping can be a great (and healthy!) way to save money. When I moved into my first apartment, she made me a recipe book of simple, yummy recipes to help me get started.” – Zoe F.

“Frugality is second only to patience.” – Doug C.

This Mother’s Day, we will all be calling our moms to say thank you for the financial advice, and everything else they taught us. We recommend you do the same!

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Earnest is a technology company using software automation, smart design, and exceptional service to restore trust in the lending industry and help clients take control of their finances.