From the course: Personal Finance Tips Weekly

Mother's Day: Learning from savvy moms

From the course: Personal Finance Tips Weekly

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Mother's Day: Learning from savvy moms

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- My mother stayed home and raised eight kids, somehow stretching my father's salary to keep us warm, fed, clothed, and put through school. Her goal was to raise a family of strong individuals. A big part of that was demonstrating healthy financial practices, and giving insight into how to make money work for you, verses you just working for money. Thanks, mom. As we approach another Mothers Day, let's look at what savvy moms can teach us about managing and growing our money. Be realistic on wants versus needs. Most toddlers learn the word want early, and when the wants aren't met, tantrums can follow. It's perhaps the best training for parents to learn how to say no to the wants, like candy and cookies, and focus on the needs, like healthy food and sleep. This is a huge lesson in financial health. Does your inner toddler really need that purchase you're considering? Or is it your inner toddler stomping their feet? Channel your inner mom, and make a healthy choice. Keep a long-term view. A mom makes decisions every day on what's the best long-term for their family. This is an investment mindset, actions today that will pay off tomorrow. Prioritize the financial health of the future you versus the short-term wants the the present-day you. Have a budget mindset. Want to take a family vacation? Rather than making it additive, find places to cut back on spending. Know the size of the pie, and slice it up differently versus borrowing to eat more pie. Be creative with your income. Who says you only need one source of income? Moms have a way of making it work, whether it be through a side hustle like selling things on eBay or starting a small business or doing consulting work while taking care of small children. Take things one day at a time. It can be very overwhelming to raise a family. The challenges from an hour to hour and day to day basis never seem to let up. Think of the moms you know. Do they fall apart and give up on the long-term health of their children, because it's hard in the short term? No, moms are the masters of being in the moment and adapting to change. If there's one big lesson to learn, it's that. Life's a marathon, not a sprint. Rough patches can be expected. Remember, mothers are usually the gatekeepers of family spending. With 70 to 80% of all consumer purchases being made by women, it's safe to assume they've learned a few things along the way. Regardless of your relationship with your own mother this Mothers Day give thanks to the unsung financial prowess of mothers everywhere.

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