Money Advice from Mom

Tip #1: Don’t spend more than you have.

From: Jennifer, CXO
Mom to Grace, Laura, and Lily

Jen’s advice: This may seem like an obvious tip, but it’s the one people tend to adhere to the least when it comes to their personal spending habits. 

Credit cards can be good financial tools when used responsibly, but overspending, especially for “wish” items versus needs, is never a good idea. Spending wisely isn’t about deprivation, but rather focusing on purchases that enrich your life long-term, like education, travel, and hobbies.

Tip #2:  Save for a rainy day (even when it’s sunny!)

From: Melissa, Digital Banking Manager
Mom to Aiden and Alicia

Melissa’s advice:  You will never regret paying yourself first! Savings will come in handy throughout your life, for items big and small, and for circumstances you can predict and those you never see coming. Having a savings cushion, even a small one, also can help alleviate so much stress and worry around personal finances. 

Even just a few dollars here and there will add up over time. Automating your savings, like having $10 every month automatically transferred from a checking to a savings account, will make that rainy day fund grow without you even having to think about it.

Accounts like Cornerstone's Youth HYSA and Young Adult HYSA can help you grow your rainy day savings even faster.  

Tip #3: Practice “the pause” when making important financial decisions.

From: Cassie, Risk Mitigation Specialist
Mom to Jade and Eve

Cassie’s advice: One of the best ways to manage your money is to protect it. If anyone contacts you asking for your banking details like your online or mobile banking login and password, authorization codes, or account numbers, it’s a scam – HANG UP!

Be vigilant of risks associated with quick-buck schemes and give yourself at least a 24-hour “pause” before making any important financial decision.

If you’re feeling rushed to make a big financial choice, take a step back and practice “the pause” to make sure the proposed opportunity is legitimate and safe.

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