When it comes to managing your personal finances, there’s plenty of complex advice out there. But often, simpler is better. It turns out Mom really did know best when she laid down essential truths to live by. Here are some Mom-isms that have stood the test of time.
WASTE NOT, WANT NOT
Being mindful about spending got many of our parents and grandparents through tough economic times. Be honest: How much unnecessary spending do you do? Here are some painless ways to waste less of your money so you have more to put towards your life-goals and passions.
BUY QUALITY, NOT QUANTITY
From candy to playing cards, this one could be a struggle for kids. But as adults, that nugget of wisdom can apply to both the objects we buy and the services we use, including your financial products.
SAVE FOR A RAINY DAY
What’s your “rainy day”? An interruption to your income? Retirement? An unexpected medical bill? A once-in-a-lifetime opportunity? The point is, becoming a world-class saver puts you in a better position to handle anything—good or bad—life throws you.
SLEEP ON IT
Research shows many financially and emotionally confident working Americans put a premium on planning and getting information before making a financial decision. Taking a step back and assessing a situation can help you make the right choice.
BRUSH AND FLOSS YOUR TEETH
Sure, Mom was trying to save on dental bills. But mostly she was trying to teach us the value of protective measures to prevent future pain. As adults, we take that advice to heart when we consider ways to protect our income and our loved ones in the event of the unexpected, with things like individual disability and whole life insurance.
PUT YOUR TOYS AWAY
Taking care of what we love is one of our earliest life lessons. Later in life, our toys have been replaced by cherished assets, many of which we want to pass on to the next generation. Take time to protect what you love with legacy and estate planning.
LET’S PLAY THE QUIET GAME
While mom usually pulled this one out when there was just way too much chatter, it helps to take quiet time for yourself. It can help you make thoughtful, long-term financial decisions, rather than react impulsively to the next big thing.
TREAT OTHERS THE WAY YOU WANT TO BE TREATED
This classic certainly applies to your social interactions, but it can also apply to your financials. By taking steps to protect yourself, you are protecting the ones you love, just as you would want them to do for you.
A BIRD IN THE HAND IS WORTH TWO IN THE BUSH
One of the more esoteric mom-isms, this can apply to retirement planning. By selecting the right mix of retirement income solutions now, you can set yourself up with guaranteed income for the full length of your retirement.
Never knew mom was such a financial guru, did you?