Mothers: Powerful Financial Role Models

Mother’s Day is usually a day where we give thanks to our mothers and show our appreciation for all the hard work they’ve put in to raising us. They guided us through school, helped us make decisions about our career, and been there as a shoulder to cry on when a relationship went sour. We also have them to thank for, for better or worse, our money management skills. Indeed, our mothers are powerful financial role models, whether they planned to be or not. What type of mother did you have? Coupon-Clipping Mom: Were you raised by a mother who knew the value of a good store discount? This type of mother taught you to be thrifty. She taught you about priorities and you were able to save your money so you could spend on what matters. Extravagant Mom: Was your mom a tad bit careless or clueless about managing money? This could actually work out in your advantage. Seeing your mother’s extravagance with money can inspire most daughters to get their own financial acts together. Hopefully, you will have learned that while its nice to be generous, you need to think of your long-term goals and think long and hard before spending money on low priority items. Head-In-The-Sand Mom: Women who grew up in the ‘60s and ‘70s got mixed messages from their moms about whether you were supposed to be in control of your finances or wait for your husband to do it. Many mothers simply avoided the whole money topic with their daughters. As a result, you have a harder time taking the financial reins in your own life. Your mom may have taught you to spend wisely, but she may not have taught you about how to invest for the future. You may feel a mix of things about the financial example you got from your mom, so here are some tips for working with inherited money habits. Acknowledge your mother’s influence – whether she was a positive role model or not, it’s important to be aware of the ways you’re following in her financial footsteps or if you are the opposite. Don’t point fingers – seeing yourself as an objective and separate financial person from your mother can help you avoid the same mistakes she made. Finger-pointing won’t help your finances, but observing your mother’s habits and understanding that there are better ways is a better way to cope with your mom’s money messages. Make your own choices – you may be stuck with your mother, but you are certainly not stuck with what you’re raised with. Be grateful for the money skills you received from your mom, but realize that you can be even more proactive about money. That’s the one wish I’m sure every mother wishes for their daughter.