17 Moms Share Their Best Financial Advice

17 Moms Share Their Best Financial Advice

Moms just like you dish on their best money moves and financial advice.


By Wendy Robinson

One of my least favorite expressions has always been, “It isn’t polite to talk about money.” I think talking about money is actually really important, especially for those of us with families. As we work toward finding or maintaining financial security, it can be so helpful to get good advice and to hear from others about their keys to financial success.

We can’t learn if we don’t share, so I’ve asked some smart ladies to not worry about being polite and to share their best financial moves and advice. While not every piece of advice works for every family, maybe you’ll find a helpful hint or two on this list:

  • Natalie bought a fixer-upper house in a “less than desirable” neighborhood, and it has now “nearly tripled in value.”
  • Leah finished college with zero debt. “I had scholarships and worked.”
  • Elsha never uses credit cards.
  • Stacey uses credit cards for all her monthly spending, pays off the balance every month, and “racks up the points for a sweet vacation!”
  • Danielle suggests not using balance transfers and not acquiring more debt as the first step to paying off debt.
  • Roberta and Jonna are big fans of having automatic savings pulled out of each paycheck, “You’ll never miss it if you don’t see it.”
  • Gaby and Leandra both suggest the snowball method to pay off debts.

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  • Jennifer suggests having a savings account in a different bank from checking to make sure it is harder to dip into.
  • Jen is proud when she’s driving a paid-off car.
  • Melissa is putting all her extra money toward paying off her mortgage as part of her retirement plan.
  • Kristen reminds us, “If you can’t afford it, don’t buy it. Seems a very DUH thing but soooo many people charge things …”
  • Miriel thinks you should, “Marry a doctor! (joking, OBVIOUSLY!)” Perhaps her better advice is to remember that when you marry someone, you also marry his student loans -- marry for love, but make sure you know his financial situation before you say, “I do.” And on the same note, take note of what Cindy’s mom always said: “Women who marry for money end up earning every penny.”
  • Toyia: “Always opt in to any voluntary retirement plans offered at work.”

My best piece of advice is simple: know how much you actually spend every month. You can’t grow your wealth or pay down debt unless you actually know where your money is going.

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Wendy Robinson is a writer, working mom, and graduate student. Someday she'd like to sleep in again. She also blogs at www.athleticmonkey.wordpress.com.

Image ©iStock.com/piranka



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