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What Would Mom Do? 12 Money Tips From Financially Savvy Mothers

Here, we survey some real moms for top advice on navigating your financial life.

May 6, 2021

Let’s face it: Most times, moms know best.

They’re the first ones to tell you when you’re dating a dud, they know exactly where to look when you lose something important, and they’ll coach you through that kitchen crisis before the homemade meatballs become mush. Since most moms speak from a wealth of personal experience, they’re known to give great money management advice as well. 

In celebration of Mother’s Day on May 9, we asked a few money-savvy moms what their top piece of financial advice is. Their answers did not disappoint. Check out the full collection of motherly financial wisdom, featuring popular topics like savings and investments, spending, credit card management and much more.  

Responsible Spending

There are loads of easy ways to be more frugal, and these moms draw the line with responsible spending habits: 

  • “Buy Disney gear for the kids at Walmart prior to your park visit. Bring it with you on the way there. You’ll get extra mom points when the kids wake up to a present from Mickey on their pillows, and it’ll cost you about $5 versus $30.”– Mandy Torres 

  • “I personally will never buy anything full price off of Amazon. There are several Facebook groups you can join to get discounts on almost everything. I've even gotten a ton of free stuff like headphones, slippers and beauty products. I saved over $800 last Christmas just by using Amazon coupon codes. They're amazing!” – Aven Flanigan

  • “You shouldn’t spend more than what you make in a week on your mortgage or

    payment. Also, have money automatically taken from your paycheck and deposited into various accounts (Roth IRA, savings, non retirement accounts, etc.) so you don’t have to physically transfer the funds.” – Jessica Leporacci Stadel

Saving and Investing

These mothers think boosting your savings and making sound investments are some of the best ways to strengthen your financial future and stay prepared for anything: 

  • “Set up a 529 college savings fund for your child as soon as they are born. Start

    money and get a tax break at the same time!” – Christina Curtin

  • “Always invest in

    insurance, especially as you get older. Men and women plan, and the universe laughs.” – Maureen Leydon

  • “Pay yourself first. That means two things: Some portion of every check ought to go straight to savings, and it means you never wait to start contributing to your

    especially if your employer matches. Even a small amount at the beginning of your working life increases every two weeks and will grow! Autopay is the way to go, so it’s as easy as possible.” – Faith Salter


Keeping track of expenses and creating a budget you can live with comes highly recommended by these mothers:  

  • “Once a year, go through all of your bills/expenses/monthly charges and get rid of anything you are paying for that you don’t use or need. I can’t tell you how often I

    and completely forget about it, then it continues to charge me month after month.” – Stacy Katzenstein. 

  • “My issue with modern money management is that, since transactions are conducted online or in cyberspace, it’s really hard to think of money as real. But, if you have cold hard cash and watch it visibly disappear with each transaction, it makes one think twice before just handing it over willy nilly. Kids have to learn that fact,

    their allowances, and watch their money either disappear or grow.” – Mary Giroux

Debt & Credit Card Management

According to these moms, getting a firm grip on credit cards and debt management can pay off in the long run: 

  • “Put everything on a low- or no-interest credit card that has points or cashback. Your bills, groceries, coffee. Everything. Make sure it has no fee associated with it.

    every month without missing a payment. At the end of the year, it’s like giving yourself a bonus when you can turn your purchases into cash or airfare. Just make sure you don’t overspend or miss your payments and it pays off.” – Joanna Lemmon

  • “When I went off to college far from home, my parents encouraged me to open my first credit card to use for essentials only. Each month my mom would use the money in my savings account to pay my bill which helped

    . Her rationale was that when I graduated college I would have great credit and a degree and could support myself from that day forward. Note: she did this for my five siblings as well.”  – Katherine Manning

Financial Life Hacks 

These moms are offering personal money management advice and financial life hacks that make saving money easier: 

  • “Keep a separate childcare bank account. It is such a crazy expensive thing for working parents and having specific money go into an automatic deposit account allows it to “not exist” as money that we can otherwise touch. Also, my hope is that we keep that account when the kids grow out of needing childcare, and we can call it the

    account!!” – Michael Chatel Zikias 

  • “Always keep one hidden $20 in your wallet and one in your car. That way, you can always get home or to a safe place in a taxi, always get gas even if you forgot your wallet, and always have cash to grab those amazing seasonal veggies or fruits at the cash-only farm stand.” – Kerianne Regina

When it Comes to Money, Mom Knows Best

If you want some good money advice, you should probably go talk to a mother. She’s seen a lot, she’s spending and saving to support her whole family, and she still finds time to travel, teach, cook, care and make sure everyone in the household is happy.

To all the moms out there: Happy Mother’s Day, from all of us at Tally. 

Tally helps your money work harder for you with debt payoff strategies that fit your unique financial goals.