Tried and True Financial Lessons from Mom
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Moms deserve a lot of credit for what they teach us about money, and with Mother’s Day this weekend, it's a perfect time to celebrate their financial lessons. We’ve rounded up some of the best financial and money-saving tips that every mother knows to be true.
1. Know how you’re spending your money
Create a budget and track what you are spending. It’s one of the best ways to identify areas where you can save money.
2. There’s a difference between need and want
Anytime you make a purchase, ask yourself is this a need or a want? And if it’s a want, is the price you're paying worth it?
3. Avoid impulse purchases
Sales are great but often lead to impulse purchases. If it’s something you didn’t even realize you needed or wanted, chances are you’ll regret buying it and you’ll have wasted your hard-earned cash.
4. Don’t spend money you don’t have
Use your credit card wisely and with discipline to ensure that you don’t dig yourself deeper into debt.
5. If it sounds too good to be true, then it probably is
Don’t get scammed or tricked into spending money. Ask a lot of questions, and remember if it sounds too good to be true, it probably is.
6. Start saving early
Start saving early, especially for retirement because interest compounds and can really affect how much your little nest egg grows.
7. You need to save for a rainy day fund and an emergency fund too
A rainy day fund is for those unexpected bills that are bound to happen—sudden car repairs, a broken down dishwasher—and an emergency fund is for bigger life events like unemployment. Try to save at least three month’s worth of normal living expenses to avoid going into debt when the unexpected happens.
8. Shop around
Whether it’s for groceries or car insurance, there is money to be saved simply by shopping around.
So here’s to all the moms out there, imparting financial wisdom in ways only they seem able to do.
Even with financial pearls of wisdom, it’s important to note there are still things that can happen making budgeting or money planning difficult. If you are facing overwhelming debt, remember that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page.