Money

We Asked Our Mums For Their Best Money Tips

Life experience tends to produce wisdom. You live, you learn, you vow to never again get a haircut that bad.

But wouldn’t it be nice if there was somewhere you could go for some on-tap wisdom? Well, there is. Mums.

Most of us have had a few, “I wish I’d listened to my mum” moments in life, and there the pain of hindsight is especially hard when it’s money related. So, we hit our mums up for their money wisdom. Here’s what they said.

Learn how to save

A lot of the mums we consulted focussed on the importance of figuring out how to save money.

“Saving now means that you can spend later. Don’t live beyond your means. And please remember that you will need to look after me in my old age, so put a bit aside for that!”

“Look after your cents and your dollars will look after themselves. If you’re careful with your money and don’t waste it on small things you don’t need, you’ll accumulate larger amounts. Always spend only what you can afford”.

Some of them also emphasised the importance of keeping those savings out of reach, so you don’t make the mistake of spending it.

“Always have two accounts so your living expenses are separate from your savings and you’re not tempted to spend all your money each month.”

One of the mums emphasised independence:

“Always have a Secret Account that no partner or children are aware of. It’s a Get Out Of Jail Free Card.”

While another suggested being smart with credit.

“Pay off your credit card in full by the due date every month.”

Plan for the future

Of course, saving is a crucial part of setting yourself up for your future. Another key part of that? Your superannuation.

“Put some money aside for the future. It’s hard to believe but one day you might be old, jobless and in need of support. Think about adding a bit more to your superannuation or set up some sort of long term investment where you can’t access the money easily.”

“As any ageing hippie/surf type I would encourage you to not think that youth is forever… One day you will need to support yourself and still have a life you enjoy. It’s a continuous flow – you need to squirrel and stack away the nuts so that when the hard times hit, you are still safe and happy. Keep an awareness of the future tucked away. Oh, and always get the best you can afford when you purchase items – quality lasts and is better for the environment and the workers. And NEVER buy cheap wine.”

While we’ve been known to disregard our mum’s advice in the past, this is some advice we’re determined to follow. Thanks, mums.