We all have heard the timeless phrase, mother knows best. At cPort, we’ve decided to put that phrase to the test! With Mother’s Day right around the corner, we asked our staff what valuable money advice they’ve learned from their moms throughout the years.
Here are a few gems we’d like to share:
Always keep six months of cash reserves.
These financial words of wisdom come from the mother of our Augusta Branch Manager, Michelle. We take these words to heart. Especially at times like these when you could suddenly find yourself out of work because of circumstances beyond your control.
Never carry a balance on your credit card.
Liz, Quality Control & Training Coordinator at Riverside shares that her mother is great with finances. Liz follows this particular rule she learned from her mom to this day. By paying off your credit card each month, you avoid falling into debt. Instead of paying interest to the credit card company, the money can go into savings or toward something for yourself.
Put a portion of each paycheck into savings.
Ashley, a Teller at our Augusta Branch, said her mom taught her to set aside at least 10% of income for savings. Earning money isn’t about how much money you make, it’s about how much you save.
Don’t forget to treat yourself.
Our Senior Branch Manager in Scarborough, Ember, says “I’ve learned to be smart with my money from my mother; save where you can, but don’t be afraid to add in some fun to your budget!” Ember’s mom has always been frugal with money. When Ember was a baby, her mom’s money goal was to cut the grocery bill in half each week by shopping sales and using coupons. But Ember’s mom has never been afraid to spend money where it counts, on experiences, as long as she planned and saved up for it.
Money can make you happier when given to someone else.
We leave you with another wonderful lesson from Liz’s mom. Liz’s mom enjoys travelling and also loves to see her kids travel. She encourages her children to save for family trips but will chip in if they don’t quite have enough. The joy the family experiences from the trip is felt by all, but mostly from Liz’s mom.
From all of us at cPort, we wish all the moms, stepmoms, and Grandmothers a Happy Mother’s Day!