It’s Mother’s Day on Sunday, and I’d like to thank my mom for teaching me about money.
My parents had me in their thirties—not common three decades ago—and I remember asking why. They said they wanted to be financially stable enough to give my sister and me the best lives possible.
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But I never felt like we were well-off. In fact, sometimes I wondered if we spent money at all.
Like many kids, my sister and I had to wear matching outfits. My mom explained it made it easier to give my sister my hand-me-downs (and, presumably, to find us in a crowd). As I reached my teenage years, I noticed most of my classmates wore name-brand clothing, while I was stuck in store-brand duds. I was told I had to save my own money to splurge on such luxuries.
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My mom walked the walk: she always bought things on sale, and stocked up—our deep freezer was always full of meat and made-ahead meals. We reused plastic food containers, and we kept the same furniture, dishes and televisions for 20 years.
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As we got older, my sister and I would tease my parents about these quirks. “That’s how we can afford to go on vacations,” they’d reply.
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Saving wasn’t just a matter of sacrifice. My mom took me to the local bank to open an account around age 10. Then, each time a birthday or holiday would pass, I’d excitedly make a deposit and update my passbook. I watched the $8 balance swell to $50 within a year.
When I was in high school, she helped me invest in my first mutual fund. (Sadly, this was the height of the tech bubble, so I know firsthand what a lost decade is.)
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So despite—and actually, because of—my parents’ frugality, I had a wonderful childhood. It made me into the financially savvy woman I am today.
Thanks, Mom. Happy Mother’s Day.
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