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  • Money Lessons We Learned From Our Moms

    By | 2018-05-10T16:40:14+00:00 May 10th, 2018|Personal Finance|

    To celebrate Mother’s Day, we talked to the employees of Connexus about the best money lessons they ever learned from their mothers. We heard “a mother is always right,” so check out the great tips below and tell us about the financial advice you received from your mom.

    Todd Will | Learning & Development Manager

    My mom always stressed the idea of paying yourself first. This idea is something I’ve followed throughout my career by participating in my employers’ 401k and other investment programs.

    Jill Jass | Executive Assistant

    One of the many ideas taught and modeled to me by my mother was to have a separate account for 10% of my earnings to use to help others. When I began, I didn’t love putting money aside that wasn’t for me. But I quickly found that fund to be life changing. Without hesitation, I was suddenly able to take a friend out, buy flowers, cover rent, provide a bike, offer a scholarship, etc. Now, when my friends are going through a difficult time, I have the money set aside to take action. Knowing those funds are available helps me to think more generously.

    Nieshell Grant | Learning Consultant

    I am the youngest child in my family. At one point in life, when all the other kids were adults and out of the house, my mother was single with only me. She always told me finances were important, but in that time frame, I learned just how important they were. She taught me how to write checks and use a register, as well as keep it balanced. It was only a part of finances, but it sparked the importance of a budget and being cognizant of my money.

    See Lor | Member Service Supervisor

    These are three lessons that come to mind right away:

    • Learn how to cook so you don’t waste money eating out.

    • Do not plan on what you are going to do with your paycheck before you even get paid.

    • Do not apply for credit cards. If you can’t afford to pay cash for it, then don’t get it.

    Korey Kilinski | Senior Talent Acquisition Specialist

    Before I turned 16, my mom told me it was time to start planning for my future. Along with my driver’s license came my own credit card and check book. I was told if I wanted to buy my own house or car someday, I needed to start building credit and learning about finances.

    I was excited to have that freedom, but the fear of God was put into me about what happens when you can’t pay your credit card bills. My mom showed me the math of how interest compounds, so I balanced my checkbook every day and made sure I could pay my credit card bill every month.

    My mom taught me to spend within my limits. I’ve never missed a credit card payment, and I own my own house and car because of my outstanding credit. Thanks for the lesson, mom!

    Me Nue Vue | Applications Programmer

    Be generous to others and give what you can, but never spend money recklessly or on things that are less important.

    Jake Frisch | Branch Manager

    My mother worked in the credit union industry for many years and made sure I knew the difference between credit unions and banks. She helped me open a checking account, taught me how to keep a ledger, cosigned my first loan, and made sure I knew to make payments. As I left for college, she also convinced me to sign up for online banking. Lastly, she was there to help me through my first home purchase and the many questions that followed. I am very grateful to have a career that allows me to help others as she has helped me.

    Ian McNally | Indirect Loan Processor

    After high school, my mother taught me about budgeting my income. This was at a time in my life when I was working three part-time jobs and would later acquire a full-time internship. She assisted me with opening my first checking account and taught me how to properly write checks. Though I could track my purchase history with online banking, my mother created a spreadsheet for me with a list of recurring monthly expenditures I could monitor. My mom also instructed me on maintaining a high credit score. Coming from past experience of being in debt, my mom advised me to always pay off credit card bills in full. I would not have the sense of fiscal well-being I do now without her.

    Diane Schaefer | Senior Bookkeeper

    I am the sixth child from a family of eight children. We grew up on a farm then moved to Abbotsford, Wis., when I was in third grade. These are a few things I remember my mom saying:

    • “Don’t let any food go to waste.” We always used leftovers in new ways the following days.

    • “If you don’t need it, don’t buy it.” A want is different than a need.

    • “If you don’t have cash, do not charge it.” My parents did not have a charge card until they were well into their 70s.

    Sarah Marten | BSA & Fraud Specialist

    I just remember my mother always saying not to spend beyond my means. It was simple, but effective.

    Did your mother give you financial advice too? Tell us about the best lessons you learned in the comments below!

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