Sometimes everyone just needs a little advice from mom. Parental figures can have a big influence on our lives, especially when it comes to the financial lessons that we learn from them. This Mother’s Day, we wanted to reflect on the wealth of financial knowledge that moms, aunts, grandmas, and women have shared.
“Save for a rainy day.” 
It’s easy to believe that emergencies will never happen. Creating an emergency fund is important for those unexpected expenses that seem to sneak up on everyone.
“Pay yourself first.”
Save at least 10% of each paycheck and if you can automate that, you will have no problem staying within your means.
“The earlier, the better.”
Starting a retirement plan as early as possible will only help you in the long run. Don’t wait until you feel like you have extra money, that feeling may never come. Even if you can only save a little bit, start there, and keep going.
“Think about your future.”
Maybe you’re looking to go back to school, buy your first home, or even take that cruise you’ve been debating. The first step is knowing what you want in the future and the second step is planning how you’re financially going to achieve that goal, then it’s up to you to make that.
“Manage your debt.”
To keep debt from taking over, you need to be mindful of your loan payments, credit card usage, and pay off any balances as soon as you can. Getting out of debt may require some money moves like refinancing your home loan or consolidating your debt on one card with a low-interest rate.
“Do you really need that?”
Before making a purchase, it’s smart to get into a habit of taking a step back and contemplate the purchase first. Could the cost of this item go towards something that you want more, like a vacation or paying off your student loan payment?
“Reward yourself!” 
On the flip side, it is important to reward yourself for a job well done. The important thing to remember is to not get into a habit of doing it too often and of course staying within your means.
“Don’t be afraid to ask for help.”
There’s a lot that goes into managing your money and your mom can be a great resource. But don’t be afraid to seek advice from a financial professional who can help you navigate your finances and create a plan that works for you.
Reach out to Financial Advisor Shelley Hertel in Credit Union of Denver’s Investment & Retirement Center for more advice. 303.239.1179 Shelley.hertel@lpl.com
Always keep these mom-approved financial tips in mind and you're sure to make her proud!