Listen to Your Mother
Readers share the best financial advice they got from their moms.
A heartfelt thanks to all of you who wrote to express your sympathy on the death of my mother. Some of you also reminisced about the financial lessons your own mothers taught, and I'm happy to share your stories.
From reader Bill Nievera: "My mom is 82 years old, and I am reminded on a daily basis of my financial education, at a very early age, while sitting at her kitchen table.
"When I was just 16, she and a branch manager of a local bank sat me down and explained consumer loans, then proceeded to write a loan for a Vespa motor scooter, which Mom co-signed. That loan was paid off six months early.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"My entire childhood was filled with sage advice on the benefits of saving that seem to have paid off for my wife and me. We have been married nearly 40 years and have a daughter who has received her financial education at our kitchen table in much the same manner.
"All the while I can hear Mom saying, 'If you can't afford it, don't buy it.' Or, 'Do you really need that?' Instruction doesn't get much simpler than that."
From my Kiplinger colleague Joan Berne: "Your mother sounds a bit like my mother, who always insisted that we write thank-you notes and encouraged us to save (remember those cards you'd get from the bank to save dimes and nickels?).
"My mother is 96, and though she's been slowed somewhat by a recent accident, her eyes still light up at the thought of getting a bargain. And she can remember the price she paid for everything."
From reader Jenifer Foley: "My mom, too, taught me how to save and how to buy, and I'd like to pass along an interest in money and saving to my grandson, who will be 13 in October.
"I have already asked my daughter about giving him something money-related. Should we open a savings account for him at an online bank? Or buy him a small certificate of deposit? They are stationed on Okinawa and there is a bank on base. I'd like to do something that he could watch online. Thanks for any suggestions."
Any of those is a great idea, although a savings account would give you more flexibility than a CD. You could open an account with an online bank such as ING Direct, HSBC Direct or Emigrant Direct.
Or have your daughter check with the bank or credit union on base. Local banks or credit unions are often kid friendly, offering perks or educational materials to encourage young customers to save.
Your grandson would probably like to plug numbers into a compounding calculator that would show him how fast his money can grow at different interest rates.
-
Stocks Chop as the Unemployment Rate Jumps: Stock Market TodayNovember job growth was stronger than expected, but sharp losses in October and a rising unemployment rate are worrying market participants.
-
Should You Renew Your CD?With rate cuts impacting earnings, we examine if now is a wise time to renew CDs.
-
7 Ways to Plan Now to Save on Medicare IRMAA Surcharges LaterUnderstand the critical two-year lookback period and why aggressive planning before you enroll in Medicare is the most effective way to minimize IRMAA.
-
Smart Strategies for Paying Your Child an AllowanceBy giving your kids money to spend and save, you’ll help them sharpen their financial skills at an early age.
-
I Need to Cut $1,000 From My Monthly Budget, and I've Already Given Up Starbucks and Dining Out. What Else Can I Do?Here are some creative ways to save up to $1,000 a month, even if you feel like you've already made all of the obvious cuts.
-
I'm a Government Employee and Need to Get By Until the Shutdown Ends. What Can I Do?The second-longest shutdown in history is leaving many federal workers with bills due and no paycheck to cover them. Here's what you can do to get by.
-
What Does Medicare Not Cover? Eight Things You Should KnowMedicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
-
The 50-30-20 Budget Rule: A Simple Way to Save MoneySaving Using the 50-30-20 budget rule is an easy way to save. It helps you prioritize saving while paying off debt.
-
'Food Tax': Which States Still Tax Groceries in 2025?State Tax Ten states still tax groceries, but that figure is shrinking.
-
How Our Family Fights InflationBudgeting Millennials typically spend more than other generations on certain expenses that have been increasing most rapidly. Here are some tips to cut your losses.
-
Gas Prices Around the WorldBudgeting Many world gas prices can make what Americans pay at the pump seem like a bargain. But not all.
