Mother's Day: What My Mom Taught Me About Money [PHOTOS]

Chances are you learned some of your first money lessons from mom.

Arianna Huffington, president and editor in chief of the Huffington Post Media Group, told us that when it came to money and finance, her mom operated like the government does.

"My mother was one of the original deficit financers," she said. "She made ends meet by borrowing or by selling her possessions."

HuffPoster Alex Simons didn't spend his allowance money at the candy store.

"My mom actually came up with a great system," HuffPoster Alex Simons told us. "Save your $5.00 bills in an envelope and use that as an additional savings fund."

Perhaps you didn't realize it then, but that time when your mom convinced you to clean your room in exchange for some extended TV time was really your first lesson in bartering goods and services.

Your mom was likely your first shopping buddy. She may have taken you to your first flea market and showed you how to haggle. Or perhaps she brought you to your first midnight Black Friday bonanza and taught you how to find the best deals.

What did your mom teach you about money?

We asked HuffPost staffers and readers to tell us their most memorable money lesson from mom. Here they are:

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• My mother once told me that she operated like the government -- she first decided what it was that her children needed, and then she set out to find the money. My mother was one of the original deficit financers. She made ends meet by borrowing or by selling her possessions. I remember her selling her last pair of little gold earrings to get me through school. And when I saw a magazine picture of Cambridge and for some reason I felt that I wanted to go there, everybody else laughed at me, except my mother. - Arianna Huffington, President And Editor In Chief, The Huffington Post Media Group

• It was senior year of high school and my mom and I were shopping for a prom dress at a fancy department store on Fifth Avenue in New York City. The two of us spotted a fabulous dress that we both knew was out of our price range, so my mom proposed that we go out to lunch and "think on it." Much to our surprise, when we came back from lunch, the dress had been moved to the 50-percent off rack! It was truly a miracle. I still wear the dress to this day, nearly six years later. I guess the money lesson here is to not make impulse buys and to think things through. Thanks, Mom! - Emily Cohn, Money Editor, The Huffington Post

• Whenever I wanted something that was fairly expensive, my mom would tell me to wait for a week or so, and if I still wanted it, I should go back and buy it. This piece of advice has saved me from lots of impulse purchases, and kept me from buying things that I didn't really want or need. - Zoe Triska, Associate Books Editor, The Huffington Post

• My mom actually came up with a great system (or heard about it somewhere and didn't tell me), which is to save your $5.00 bills in an envelope and use that as an additional savings fund. Her argument is that, if you REALLY think about it, what do you NEED that costs $5...you often need things that cost $10 or $20 and always need your $1s to adjust those amounts. I've actually found that when I save my $5s I don't miss them but also accumulate savings really fast. - Alex Simons, Executive Coordinator, The Huffington Post

• My mom taught me that saving money is like making money. Now I check my bank accounts regularly and buy only what I really need. - Bonnie Kavoussi, Economics Reporter, The Huffington Post

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Comments

[rewith85man]

04:18 PM on 05/14/2012

My mom advised me to save ten dollars or so as well as giving 10% for charity, tithes, or whoever needs it.

It is better to save even a dollar than having no money at all.

[KeyopsBack]

09:28 AM on 05/13/2012

Welcome to the republican big brother police state.

[formontoya]

12:19 PM on 05/14/2012

How is learning about money from ones mom a government conspiracy?

[tienna23]

01:53 PM on 05/12/2012

my mom taught me so much over the years when it comes to money.
"cant always live for today" - I grew up with that 1!!!
"save,save,save-no matter how little"

I was taught to not only save for my future, but to have a separate savings set up for emergencies so that if something came up I wouldn't have to tap into my future savings acct.

she also taught me not to depend on a man for money...
"always be independent, make your own money- if the relationship goes south, you have the means to pick yourself up, and move on just fine without him"

I was also told to have a prenup no matter how much money I have...
"what you don't have today, you can have tomorrow" "always protect your kids, yourself, and your money- plan for your future"

[Fitnesstip]

11:41 AM on 05/12/2012

My mother grew up in a very poor family back in Mexico. She didn't have a college degree and ended up with an abusive man--my father. Afraid of not being able to provide for me and my brothers, unselfishly, she stayed with my father and endured physical and verbal abuse for many, many years. I remember it was always her priority for us to go to school, and on a small budget, she did everything and anything to make sure that we had our books and uniforms to go to school. Without words, my mother taught me the meaning of strong, perseverance, courage and how a woman should NEVER depend on a man. I love you so much mom!

[rewith85man]

04:19 PM on 05/14/2012

So, she had to stay with your father because he had money, food, shelter, and other needs, right?

[JoAnn Forrester]

10:19 AM on 05/12/2012

My Mom taught me ALWAYS have your own money. NEVER depend on a man for your sole support. A woman has to be prepared to take care of herself and if she can , she gets treated better. (I have learned this one the hard way) She also said a woman has to be prepared to be the breadwinner at any given time. My Mom grew up in the depression and went from wealth to poverty almost over night. Her father deserted them when hard times hit and she watched her mother not able to handle it and lost her Mom at 14. She was resilient and tough and taught me a great deal. This is the first year she is gone and I miss her.

[Fitnesstip]

11:27 AM on 05/12/2012

Sounds like your mother was a very smart, loving, and strong woman. All the great things that you remember about her will be the things that will keep her alive in your heart.
Thanks for sharing. :)

[obliviator]

04:28 PM on 05/11/2012

My mom taught me to buy an item because of its value and not because of its price.

[rewith85man]

04:21 PM on 05/14/2012

I used to be so cheap that I would buy lousy and crappy items.

Now, I am more concerned about the brand and quality of products than I am with the prices.

[HijaofMostHigh]

03:40 PM on 05/11/2012

My mom taught me to save save save for the future and to not depend on a man financially. That may be hard when I get married...