Mums have seen a fair bit more of the world than us and have loads more worldly wisdom, including how to manage your finances.

In honour of Mother’s Day last week, here are six pieces of financial advice from the Mums of Employment Hero that have carried many of our staff members through their professional and personal lives.

“To be financially independent and have a nest egg.” – Sarah, Content Marketing Intern

It always pays to have a plan B or an escape if an unexpected situation arises. Make sure to invest 3 to 6 months of your salary in a high-interest savings account, so funds are on hand should you acquire a parking ticket…or five… 😅

“To not spend money that isn’t yours. Even if you have a credit card and are using it to accumulate a credit rating, do not spend more than you are able to pay off at any given time.” – Kerryn, Implementation Project Manager

Debt is one of those things that is super easy to fall into, but a little harder to get out of. That is, unless you manage it well. It’s important that you understand the difference between good debt, i.e. property investment and shares, OK debt, i.e. student loans and a mortgage, and bad debt, i.e. credit card debt. By brushing up on your financial literacy, this sound advice from Mum will serve you in good stead.

“To do what you love, not what you think will make you seem successful or wealthy. It’s easier to get through hard times, or go that extra mile, if you enjoy what you do.” – Dan, Head of Client Services

Some pretty sound advice! 🙌🏻 Whether it’s in your job or another area of your life, it’s so important to achieve a sense of personal fulfilment! It’s something that no amount of money can buy.

“Always put money aside in case of emergency. While it may only be a few dollars at a time, slowly but surely it will start to add up.” – Kama, Customer Success Manager

It’s never too early to start investing! One way you can do this is by starting to develop a diverse portfolio of shares that add value to your assets. There are also a number of micro-investing apps out there (like Raiz!) that allow you to invest the change from your daily purchases. You’ll be surprised how quickly small change leads to a big change.

“To mind your cents and the dollars will mind themselves.” – Samantha, Marketing Operations Manager

Another great piece of advice from Mum! Budgets are a great way to be conscious of how much you’re spending and on what, allowing you to cut down on any unnecessary spending. If you think about it, one small coffee a day is $3.50, which over the course of a week grows to $24.50, which accumulates to $98 a month on coffee alone. This stretches into $1,176 a year, which over a five year period turns in to $5,880. And that’s not even thinking about the amount you probably spend on takeout! Just something to think about the next time you want to buy coffee out – think of all the trips to Europe and swanky dinners you could take your mum on!

“While it’s not financial or career advice, my Mum taught me to always clean my toes in the shower so that you know you will always be able to touch your toes! A stretch a day keeps the doctor away…” – Becky, Customer Success Manager

From the masters of multi-tasking themselves, this advice from Mum highlights how to balance the importance of hygiene and physical health, even when you’re short on time!