Whoever your mother-figure is, they probably had some influence on your life now – like encouraging you to make the most of your money or demonstrating good financial habits herself.
Here are three pieces of monetary wisdom your mums may have shared with you:
1. Develop financial responsibility
Financial responsibility is an essential skill and increasingly, it’s a skill that is taught as early as childhood. Did your mum encourage you to develop basic money skills by helping you earn and save pocket money, balance your income against your expenses and find a home loan and bank account?
2. Manage day-to-day expenses
At one time or another you may have heard that “Money doesn’t grow on trees”. Your mum may have run your family’s household and managed a weekly or fortnightly budget and, by doing these things, helped you understand the value of money.
Many mums use a budget to manage day-to-day expenses while aiming to put aside money for longer term investments―set up your own budget today so you can keep your spending on track while saving for a longer term goal.
3. Set yourself up for the future
Many mums often earn less than their male counterparts. What’s more, with a generally longer lifespan—women tend to outlive men by an average of five years and the gap is increasing —your mum may be aware of the importance of future financial security. And she may encourage you to focus on building your own financially secure future.
Making sure you have enough super is a simple way to set yourself up for a comfortable future. You may be able to boost your super using our free super services to consolidate your super and find any you may have lost. What’s more, setting aside some extra money to invest more in super or an investment like property can help you build long-term wealth.
It's not just those aged 20 to 24 living at home - about 5% of people 40 and over are also sharing a roof with mum and dad.