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My mom has taught me just about everything I know. From learning how to tie my shoes to riding a bike, my mother has given me the right knowledge and tools to help me succeed in life. With years of experience and many more life lessons learned, I can always look to my mom for advice. As I get older, my mother has taught me about finances and how to be smart with my money (at least most of the time). I can definitely say that I will also carry with me what my mother has taught be about money.

Here are some of the tips my mom has given to me throughout my life about how I should love and savor my money.

Know The Value of a Dollar

Being a parent, it’s important to make sure your child knows the value of a dollar, this will help them appreciate what they have in life, something my mother definitely taught me.

Although my mom is very generous with me, working was always mandatory in order to make sure I appreciate and realize how hard it is to earn a dollar and how quickly it can be spent. Working for your money will allow you to be more smart and cautious with your spending and will teach you to question if the purchase is worth the money, considering how hard you worked to earn it.

Keep The Change

It’s amazing how much money can be accumulated and saved over time when you keep track of every dollar. Since I was very young, my mom bought me a piggy bank and encouraged me to save as much change as I can, everyday day. Within a few months, I would have to empty the jar because it was so full. A quarter may seem like useless pocket change, but many quarters over a long period of time can multiply quite quickly.

Buy Items on Sale (if they’re of good quality)

There’s no reason to spend full price on big ticket items when you can get the same product half the price. For instance, if you’re in the market for a large ticket item, wait for it to go on sale. Additionally, if you notice things on sale that don’t usually go on sale often, consider making the purchase early in order to avoid paying full price in the future. Sometimes, my mom buys present a few months early if she finds something that she knows someone will like.

Spend Money on Quality Over Quantity

This is something my mother has been encouraging for as long as I can remember. Buying items on sale can save a lot of money, but there are some things you just can’t buy on sale, like a new car. If you try to spend the least amount of money on a new car, it may end up having a reverse effect and you could end up spending, even more, money due to repairs and maintenance costs every few months. In the moment you may be spending more, but in the long run, you save more money and stress.

Everything in Moderation

My mom always told me life is about having a good balance, with regards to everything. Eating junk food is okay in moderation, drinking wine is acceptable on occasion, and going out for lunch is okay every now and then. However, making it a constant habit could be an expensive problem. For instance, every few months my mom will pay for me to get my nails done. But, going every two weeks is not a sustainable or realistic way to spend your money. Spending money on anything in excess will cause major issues for your long-term financial goals.

Set Money Goals

Without one, you may not be as motivated or driven to save. My mother has always encouraged me to set goals and dates for when I want to achieve those goals. Doing so allows you to keep track of your achievements and in turn, motivate and encourage yourself to continue. A trick my mom told me was to print a picture of something I really wanted, like my dream car, and stick it on the wall in my room. This way, I’m reminded every morning and night of my goals and I’m more motivated to go out and achieve them.

Sometimes You Just Have to Say no

If you say yes to every immediate craving or desire you have, there would be significantly less money available for your basic, necessary expenses. Impulsiveness is dangerous, especially if you have a bad habit of spending spontaneously. My mom denies herself at times, as well as her children, in order to save more money and appreciate spending that money later on. Additionally, doing so will make those outings that much more enjoyable because you don’t do them as often.

Don’t Pay Someone Else to do Something You Can do Yourself

My mom prides herself on being independent, productive, and self-sufficient. She saves money by doing things on her own, rather than paying for others to do because she’s lazy. For instance, my mom would rather make her own salad instead of paying 17$ for essentially, the same salad from a restaurant. Similarly, if she needs a car wash, my mom will go outside on a nice day and clean her own car and have fun with it instead of paying $20 for someone to do the exact same thing. These are just a few of the many things she does instead of paying others to do for her.

Be Generous

My mom, being the selfless and caring person that she is, always advised me to donate to charities and give to those less fortunate. Not only with strangers, but even with the people she loves, she never fails to give more than expected. While generosity is important, she still makes sure to know her limits and not let people take advantage of her.

If You Don’t Have The Money, Don’t Spend it

As my mom always says, shopping is endless. There is a never-ending stream of products and items being pushed to customers on a daily basis. While many of us want to go on a vacation or spend $80 on dinners at fancy restaurants, many of us can’t afford to do so. A big problem arises when people who can’t afford certain things buy them anyway. It’s important that you know what you can and can’t afford, and it’s even more important that you stay true to yourself (and your finances) and don’t spend what you can’t afford. Reckless spending will eventually catch up to you and result in long-term debt.

Caitlin Wood, BA avatar on Loans Canada
Caitlin Wood, BA

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

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