Marcia's Blog

Financial lessons from Mom on Mother’s Day

Mother’s Day is a time when we reflect upon all of the lessons that our mothers and other important women in our lives have shared with us.

So in honor of Mother’s Day, I ask you, what did your mother teach you about money? A poll conducted by the National Foundation for Credit Counseling found that 65 percent of Americans believed that their mothers were either intimidated about money, didn’t like to manage money or never managed money. Why is that important? It’s important because we learn many things either consciously or unconsciously from our parents.

  • If your mother never talked about money, you may have learned that it’s something you don’t discuss.
  • If your mother let someone else handle all the bills, you may have learned that women don’t need to understand how finances work.
  • If your mother never had enough money for day-to-day life, you may have learned that financial struggle is simply a part of life.

But your mother’s financial mistakes don’t have to be yours too. One of the best ways you can honor your mother is by thinking honestly about what she taught you about money and making a conscious decision to up your game.

  • If your mother taught you a valuable financial lesson, such as the importance of saving, you can take that financial education a step further by reading a book on investing.
  • If your mother had a bad financial habit that you inherited, such as making impulsive purchases, you can turn things around by getting financial counseling.
  • If your mother always dreamt of being a homeowner but never managed to accomplish it, you can work with a nonprofit homeownership organization to get your finances in order to buy a house.

The best thing about committing to improve your financial standing is that once you learn those new financial lessons, you can share them with your mother and other women in your life.

That’s one of the best Mother’s Day gifts anyone can receive.