This year is my first year celebrating Mother’s Day as a mom. My eight-month-old baby girl amazes me every single day. As she gets older, I keep thinking about the things I’d really like to teach her, especially where money is concerned.
Financial Lessons My Mom Taught Me
When I think about the things I’d like to teach my daughter I always think about all the things my mom taught me that I carry through my life. One of the biggest lessons I learned from her regarding finances is that there is always more money to be made. Mom hustled a lot while I was growing up. She’s always worked a full-time job and played in multiple orchestras as a violinist. It meant she was gone a bit from October through May, but she made things happen.
I also learned that managing your finances is difficult. As a kid, I was aware of our money struggles. I watched my mom sell a number of her prized possessions so that we could pay our mortgage. We had cars repossessed (my parents would park it in the road and go get another before it hit their credit). Eventually, we lost our home too. At the end of it all though, we were alright. We made things work, we survived.
In our home now, until recently, we were still living paycheck to paycheck. Still, a very small upheaval could cause a big problem in our lives financially. While my mom taught me that money isn’t the end-all-be-all, I entered adulthood still lacking some basic personal finance skills.
What I’d Like to Teach My Daughter
Similar to how my mom taught me that there’s always more money, I’d like to instill in my daughter that money truly isn’t everything. While it is a necessity in the world, it shouldn’t be what you center your life around. Make money, manage it wisely, and life your live to the fullest.
At the same time, I’d like to teach her some of the things I’d wish I’d known. For example, I would like to help her understand budgeting. I’d also like to help her understand loans, interest rates, education and debt. I took on a lot of debt as a young adult that I would’ve probably avoided if I had some additional guidance. As I’ve mentioned here on the blog before, I’d like to be able to set up a savings account for her education and set her up for success.
That said, my mom did such a good job. I was aware of our finances and knew that money was an aspect of life, something most kids aren’t able to wrap their brains around.
Moms are special people. If you are a mom celebrating Mother’s Day this weekend, remember that you are making a huge impact on the world. Everything you’re doing is making a lasting impact on your kids. Most of all, you’re doing a good job.
Happy Mother’s Day!