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Five Financial Lessons We Learned From Our Mothers

May 10, 2019

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This Mothers’ Day, we’re reflecting on the financial lessons we’ve learned from our moms over the years. While some of our mothers worked and others stayed at home, they all had timeless lessons to share about budgeting and saving, recognizing value, and keeping our family’s finances in order. We’ve carried these lessons throughout our lives, passed them down to our children and now we look forward to sharing them with you.

mothers day

1. Stretch your dollar

Jennifer Eby, Receptionist

My mother shopped the sales, used coupons for groceries and stocked up on items with deep discounts – you could always tell what was on sale at the grocery store by looking in our pantry! My mother instilled in me the idea of shopping smart and to see how far my hard-earned dollar could go. 

2. “Buy nice, or buy twice”

Jennifer Belfry, Qualified Insolvency Counsellor

My mom taught me to always think of my clothes as an investment. To take my time, research the best deals and put careful thought and consideration into the items in my closet. Purchasing a quality clothing item can come with a heavy, up-front cost, but over a long course of time, that item will inevitably save you money.

3. The rewards of saving

Cynthia Collyer, Insolvency Coordinator

My mom gave me a clear glass jar instead of the cute, pink piggy bank that I wanted as a kid – but there was a method to her madness. With the clear jar, I could see my money growing right before my eyes. With this money, I could buy whatever my little heart desired and it helped me realize that in order to buy things I really wanted, I had to save for them.

4. Have a strong work ethic and save your pennies

Lesley Neish, Qualified Insolvency Counsellor

My mum was incredibly hard working and frugal, and she lead by example. She instilled in us a good work ethic – encouraging us to find a summer/part-time jobs and to be responsible and independent. She also put a huge emphasis on saving our hard-earned money and taught us always to look for a sale or discount. 

5. Save some money for a rainy day

Kristin Schick, Qualified Insolvency Counsellor

My mother always taught me the importance of saving. One of the biggest lessons she taught me was building up an emergency fund so that I would be prepared if I found myself in a situation where I really needed the extra money. Her motto was to account for what you owed and be sure you can handle twists and turns along the way. I was so grateful for this advice when I had to take my cat to the vet and, thanks to my mom, I had the money saved to cover this unexpected major expense that month.

We want to wish all the mothers in our lives a very happy Mother’s Day this year!

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