What did your mum teach you about money?

Mother's Day is a time to celebrate all the things mums around Australia have shared. From favourite recipes and remedies to advice about money, it's a time to acknowledge and remember the wisdom of mothers young and old, grandmothers, mums to be, single mums, honorary mothers and new mums. 

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.

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© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.