I love my mom for many reasons. Just one reason is because she raised me to be so responsible, especially when it comes to my finances. She showed me the importance of savings and having an emergency fund. She uses her credit card only when necessary and pays it off in a timely manner. She meets with a financial planner whenever she undergoes major life changes.
My elementary school did a banking program through Bank United for kids to help teach money basics at a young age. I remember my mom going with me and enrolling me with a small starting amount. She and my dad started giving me an allowance. I was raised Jewish, and every time I was at Sunday school, they passed around a tzedakah box. The money is collected for charity. When I was a wee one, my weekly allowance was $1 for my savings account at the bank, $1 for fun spending money and 50 cents for tzedakah. As I got older, those amounts increased. But in retrospect, that was such a smart way to teach me the various ways money can be used smartly.
When I started college, my mom took me to Bank of America and got me a new account for college students. She took one for the team and linked her checking account to mine, so if I overdrafted, it would automatically transfer money from her account to mine. It saved my behind many times, and every time it happened, I paid her back as soon as possible. Sure, I struggled with managing my finances a bit when I first got out of college and had my own income, but I’ve found a good balance and gotten into the swing of things. And I have my mom (and dad) to thank for setting me up for success. Did your mom help give you a good financial start?
Continue reading for this week’s roundup of my favorite personal finance blog posts.
1. If you haven’t bought a Mother’s Day gift yet, don’t fret. Barbara Friedberg Personal Finance suggests several cheap gifts perfect for moms that don’t seem cheap. Many of which can be done at the last minute.
2. Mr. & Mrs. Not Made of Money provides tips on how to have fun and be entertained on a small budget.
3. On a similar note, Thousandaire offers tips on how to save money on a date.
4. So Over Debt explains why it’s so important not to spend money before you have it and why it’s a common behavior.
5. Live Real, Now uses a personal anecdote to convey the importance of having an emergency fund at your disposal.
6. Good Financial Cents shares four easy steps that new college graduates can use to manage their money, especially when it comes to debt.
7. Just because home prices are low right now doesn’t mean you should be buying one. Million Dollar Journey explains how to know if you’re ready to be a homeowner.
8. Narrow Bridge Finance discusses how anyone can travel if they put their mind to it and how to prioritize their budget for travel expenses (and an airline credit card helps!).
9. Dinks Finance discusses the urge to spend money, especially when there is no particular reason or thing you want to buy.
10. Enemy of Debt lists the four “P’s” of debt reduction according to her experience.