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Mothers Help Children Understand Financial Planning

The Money article, “Why Mothers Know Best About Money,” illustrates how mothers can make valuable contributions to their children’s understanding of money and financial planning.

Some of this motherly advice connects to financial planning in a direct way; the Money article notes that high percentages of the participants in a survey say their mothers taught them to look for sales, to use coupons, and to recognize the difference between a want and a need.

But there is so much more advice children get from their mothers that does not necessarily relate directly to money and finance yet it still can guide them as have more financial resources to manage and enter the workforce. As the article suggests:

“Life lessons like “don’t be late” and “practice, practice, practice” and “don’t be afraid to ask for help”…have direct application to the money world.”

Money connects “don’t be late” to the notion that it is important to pay bills on time. It also pays not to be late to work in order to stay employed and advance.

Not being afraid to ask for help means not being too proud to seek expert advice from a Fee-Only financial advisor. You may be very capable but that doesn’t mean you should rely totally on your own knowledge.

As you reflect on what financial advice you may have received from your mother, also consider the example you are providing for your children. The Money article sticks to tradition, describing the financial advice mothers impart as being on the ‘softer’ side. No matter how you characterize the financial advice a mother imparts, the important thing to remember is that whether you think about it or not, you are teaching your children about finance. Part of what they do with money will be a result of what you say but a good portion of your legacy of them will be based on what you do. They are watching your spending and saving habits carefully, so act accordingly.