Moms through the years have always given their kids good advice when it comes to money — and Mother's Day 2022 is the perfect time to share some of the wisdom they've passed down to their children over the years.
Any of these sound familiar?
"Try not to borrow money. Try not to lend money."
"Listen to everyone but take your own (financial) advice."
"Always save a little something for something special."
"Money is a very complicated subject. It’s just not worth risking relationships over."
"Put enough away for a rainy day."
"Never get in a financial bind if you can help it."
"Pay yourself first."
"Use your money wisely."
"Talk to your own kids about money."
"Make sure you have a little money saved off to the side."
"Careful who you give your money to. It matters."
"Watch every dime."
"Make an extra mortgage payment."
This latter piece of advice can help get a principal down, plus allow a faster rate of paying off a home and save money on interest, according to Debbie Andersen, as quoted in GoBankingRates.com.
She said her "home loan was paid off years before its time and my husband thanks me constantly."
Personal trainer Jillian Michaels, creator of The Fitness App, shared this anecdote in honor of Mother's Day 2022: "Both my parents always said, never borrow or lend money. If you want to give someone money, then give it, but don’t give away anything you can’t afford to lose," as Reuters reported.
"This advice is the most significant, because if you lend someone money and things get screwed up, that can compromise relationships," she added.
"That is something you never want to go through."
"My mom did end up telling me, ‘I told you so.'"
Michaels also said, "I have made this mistake in my life, and learned the hard way. One of my friends got into a situation, and I lent more than I could afford to lose, and that’s where everything went sideways."
"My mom did end up telling me, ‘I told you so,’ in her very lovely way. Money is a very complicated subject. It’s just not worth risking relationships over," added Michaels. "Like Suze Orman always says: People first, then money."
Then there's this bit of wisdom: "Have a good time. Spend your money; you can't take it with you. Enjoy yourself."
Nicole Pelletiere of FOX Business, as well as Reuters, contributed reporting to this article.