My Mom and Money Advice

I think my mom doesn’t know what to give me money advice on anymore.

I took out a loan for part of the cost of my car to boost my credit score. I set it up to pay automatically out of my savings account only over 12 months, so my “payment” was almost $900. After I was done paying the loan off, my mom suggested that I take the car payment amount and pay that into a savings account, so I reminded her that my payment had been almost $900/month and she changed her suggestion to “maybe $300/month”. As you saw, I did that for awhile, but I’ve eliminated that for now to pay off the mortgage faster.

Before I closed on the condo, I was sitting around one evening watching something on TV with my parents at their house. My mom suggested that I should pay an extra $100 or $500 each month on my mortgage to pay it off faster. I responded with “How about an extra $2,000 per month?” She kind of just said “Oh” and Dad was sitting there laughing, maybe because of how easily the suggestion of an extra $2,000 per month rolled out of my mouth?

I was talking to her last night and commented that my first regular payment had gone through on the 1st. I told her that I’d made almost $15,000 in extra payments in July and just how easy it was and that that had shaved almost 3 years off of the loan! Her response? Laughing, she said “Well of course it will with that big of a chunk!” She then tried to tell me that I should keep some money aside in case the appliances break and I reminded her that I have $24,000 in easily accessible cash for when things go wrong. I think she finds me amusing sometimes :)

I know where my spending goes, I pay off my credit cards every month, I pay my bills, I save money easily, I have a plan to pay off my mortgage in 5 years, and I have ample reserves. I think my mom is having troubles coming up with ways to keep parenting me and providing me with money advice!

Readers, what kind of money advice have you gotten from your mom (or dad) lately?

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16 thoughts on “My Mom and Money Advice

  1. Oh man, my parents haven’t tried to give me financial advice since 2008. I didn’t take it – I guess that’s why they stopped. Or maybe it’s because I became such a know-it-all about PF that the advice is flowing from me to them!

  2. Oh man! Maybe you should take it easy on throwing your numbers around with your parents. It sounds like you’re better off financially than they are and maybe they feel awkward when you reply the way you do. And it’s not like their advice is bad, either. It’s good, just on a smaller scale than what you can actually do.

    What if, instead of replying with things like, “How about an extra $2,000 a month?” you said, “Oh that’s a good idea. I was thinking of paying extra on the mortgage and you saying that confirms that I should do it!”

    I think you could still make them feel useful without belittling their financial status.

    • You read this without some context. My parents are well-off. They have a good income and paid off their mortgage on a very nice and expensive house in under 10 years, before I went to college, and paid for my and my sibling’s education in full. They could retire at any time, but choose to continue working out of enjoyment for what they do.

      I think my mom forgets sometimes exactly how much extra cashflow I have when she gives suggestions like an extra $100 per month. She is one of the few people other than my manager who I told exactly how much my raise was this year.

      If my parents weren’t well-off, you’re right, I would not be using specific numbers. But I know that they have more than enough money and that my using specific numbers doesn’t belittle them in any way.

      • Gotcha. Sorry, didn’t mean to sound harsh in my comment! :/

        It makes more sense with your explanation. Maybe too since your parents are sort of in the “coasting” stage of wealth without any debts or mortgages, it is easy to forget what it’s like to be in the thick of it and wanting to get things paid of as soon as possible.

        • No worries :)

          That’s quite possible or that at my age, they didn’t have my income, so have a hard time reconciling that in their heads? I’ve also always been good at saving money, but terrible at spending, so they might also worry that I’m paying off the mortgage at the expense of enjoying life.

    • My parents tried that, but I’m far more receptive to their suggestions than the other one is, so I think they prefer to give me advice that I already know rather than give unwanted advice to the other one.

  3. Omg..I don’t even want to think about the advice I get from my parents about money haha. They are on a different page sometimes. Honestly it’s prob because they’ve never been in my position before and they have a lot of money, they don’t remember what it’s like to be where I’m at. It’s okay though, I try to teach them as much as I can haha.

    • It’s always really hard to offer advice when you’ve never been in the person’s situation before :/ I am completely at a loss when people talk about student loans.

  4. I wouldn’t take money advice from my Mom if I were a compulsive-gambling spendaholic in $100,000 of consumer debt.

  5. My parents don’t give me money advice. But they definitely find me amusing! Hopefully your parents feel proud to have raised such a financially responsible daughter!

    • Sometimes people are just lazy :) In my case, the lazy way is almost pre-pay the mortgage since it’s at the same institution as my checking account that gets the paycheck direct deposited…

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