Mother's Day is an especially great time to listen to financial advice from moms. However, words of wisdom from our mothers are often good all year long when it comes to making smart money choices. 

No matter where you are in your financial journey—and regardless of whether you hope to learn more about debt relief, investing, or budgeting—moms tend to know best. That's why we asked our Freedom Debt Relief team about the best financial advice from mom they ever got.

Here are their tips to take to heart and incorporate into your own life. 

"My mom taught me the art of delayed gratification. It can be really tempting to give in to our desires immediately for something we want. However, this mindset can lead to a short-term perspective that can delay long-term financial goals such as building savings for our retirement.”

“If we learn to deter those impulsive decisions and instead hold out so that we can earn something even greater over time, we can positively impact our financial futures."

Jordan Figueroa, Corporate Trainer

It’s easier to follow this financial advice from mom if you make it harder to pull the trigger on impulse buys. You might start by putting your credit cards away. Studies have shown that people are less likely to make impulse purchases if they pay in cash. 

Second, don’t enable one-click purchasing when you shop online. If you remove your cards from websites so you have to manually type in your number every time, you're much less likely to follow through with a purchase you don't really want.

Finally, sleep on your decision for at least a day before buying big items. Do a little research, make sure the item will truly do what you want, and confirm that you can’t get a better deal on it elsewhere.

“Before you spend your money, ask yourself, ‘Is it a need or a want?’”

Loretta O'Donnell, Supervisor, Talent Acquisition

Personal finance guru Dave Ramsey is big on defining needs vs. wants. Perhaps he got that from his mom? 

According to Ramsey, needs include food, utilities, transportation, and shelter. “There’s nothing wrong, at some point, with having a few toys or eating at a good restaurant once in a while,” says Ramsey. “But again, these things are wants, not needs.”

“Make your own money, then portion to share, portion to save, portion to spend. Also, a separate bank account until you know you and your partner are on the same page financially!”

Melissa Whitlatch, Manager, Talent Acquisition

Allocating your money to these categories can help ensure you're using it wisely—especially if you focus on saving first. The University of Minnesota Extension even offers plans for creating a save/spend/share bank with kids, so if you’re a parent, you can also pass down this good advice.

“There are two really important financial tips my grandma told my mom, and of course, my mom told me. First, before you spend anything, pay your tithe! Secondly, after all of your bills are paid, save a portion from each check. You will eventually be able to get what you want and go wherever you want.”

Natosha Edmonds, Senior Corporate Trainer

The popular 50-30-20 budgeting rule recommends saving at least 20% of your income each month. But if you can’t save 20%, pick a doable amount and start there. It’s more important to establish a saving habit than to hit a high goal when you’re starting out.

“Always leave yourself a buffer, because there are always extra costs. ...Tax, tip, and service fees are seldom remembered, but will still cost you!”

Michelle Hudson, Senior Compliance Officer

There are several types of buffers you can build into your finances—including a checking account buffer to avoid overdrafts, an emergency account for unexpected costs, and getting a month ahead on some of your bills.

“My mom taught me the 10-10-80 rule: Give 10%, save 10%, live on 80%. It was my first example of how to live under my means, and has helped me to stay out of debt.”

Alex Enabnit, Senior Lifecycle Content Writer

If you consistently spend more than you earn, your debt balances grow. This creates a vicious cycle of overspending that’s unsustainable and hard to escape. Living within your means helps you avoid excessive debt and grow your savings.

“Always pay your credit card bill in full and on time.”

Reid Levin, Senior Social Media Manager 

Credit cards are convenient, safer than cash, and can provide rewards like free travel, merchandise, or cashback. You can take advantage of all those benefits and even make money with rewards programs—as long as you don’t incur interest charges by carrying balances.

“Earn before you spend. Don't buy on impulse, and learn to make money work for you, not the other way around.”

Jessica Graham, Social Media Manager

The 1% spending rule can help impulsive spenders stay on track. Under this rule, you have to wait a day on any purchase costing 1% or more of your annual gross income. If you earn $50,000 a year, for instance, and fall in love with a $500 watch, you can’t have it—at least, not for a day.

“Don't use your credit card on poker sites, dummy.”

Julien Barbe, Brand Manager, Lending