Was your mum a savvy saver and someone who taught you the value of a dollar? If her advice shaped the way you manage money or taught you good financial habits, she gave you a great gift: the ability to carve out a secure future for yourself.

And, to celebrate Mother’s Day and all those wise women who came before us, we asked 12 successful women for the best money or business advice their mum ever gave them. Here’s what they had to say.

“Mum taught me how to become an expert saver.” Brook McCarthy, Digital Marketing Coach and Trainer, Hustle & Heart

“Growing up, my sisters and I were always told to save, not to spend too hastily, and to reuse, reduce and recycle as far as possible. My mother was amazing at running the household on a shoestring budget. We weren't given pocket money. What money we had was from birthdays and Christmas, plus whatever we could scrounge, which had an indelible impact on me. I was fiercely independent and first started earning at age 11. Inspired by The Babysitter's Club, my friends and I had a business where we went door to door offering whatever services people were interested in. It was very empowering, and no doubt shaped my decision to start my own business. My mother's opinion was that you should always be saving toward something big and worthy - like travel or real estate or a car - not wasting money on little incidentals. So, I was always an excellent saver, and later, an investor, in real estate, shares and other people's businesses.”

“Mum taught me that financial knowledge means freedom.” Michelle Kvello, Founder of Lantern Partners

“My mum is an accountant and the inspiration for my career – and for my decision to found Lantern Partners, a virtual CFO firm advising start-ups and scale-ups. She offered me a wealth of advice on all things money and finance and taught me so many lessons. From her, I know that risk is relative, that you always need a plan, and that financial knowledge means freedom. Mum had seen friends struggling to leave relationships because their lack of financial awareness and independence left them feeling trapped, and she wanted to make sure that was never the case for her daughters. She made sure that finances weren’t a mystery to me, and I’ll be forever grateful for that both professionally and personally. It's why I'm so passionate about demystifying all things finance.”

“Mum taught me: invest wisely when you’re young.” Pip Harry, journalist and best-selling children’s author, www.pipharry.com

“My mum has always been savvy with money, and looking back, she taught me a financial lesson that has paid great dividends in my own life. My siblings and I inherited money when we were young adults and mum helped us buy an investment property together. We rented that house out for years, paid down the mortgage and sold it – which helped us all buy our own houses. Mum insisted we didn’t fritter the money away, but rather invest in something that would make us money long-term – and she was right. That lesson shaped my attitude to money, so much so that I’ve now paid off my own mortgage. I like to think I’m now passing good money lessons onto my own 12-year-old daughter – we’ve just set her up with her first bank account and encourage her to deposit any money she receives so she can watch her savings grow. Hopefully, she’ll be able to invest in the future, too!”

“Mum taught me that if there’s a will, there’s a way.” Carly Shamgar, Co-founder and CEO of fintech start-up Shouta

“My mum didn't quite sit me down to give me specific money advice, but rather I watched her transform from many, many years as a stay-at-home mum, into a side-hustling saleswoman for a clothing brand. I then observed her go back to study to pursue a dream of becoming an interior designer. This taught me that no matter how old you are, or what your experience is, if there's a will there's a way - the perfect building block for growing and leading a start-up.”

“Mum taught me that you get what you pay for.” Fiona Campbell, Founder of the VA Lead Network

“Mum taught me a valuable lesson at a young age – that going for the cheapest price can cost you more in the long term. It started when we bought a small number of high quality and versatile wardrobe essentials for my first office job, instead of going cheap to get a larger wardrobe that wouldn't go the distance. I still have many of those outfits more than 15 years later, and I saved money in the long run because I didn't have to replace them over and over. It was a lesson I brought into my own business, and a principle I explain to businesses looking for a virtual assistant. When you spend a higher rate to get an experienced and highly skilled VA, you end up spending less in the long run. This is because the VA charging a higher rate is usually going to be more efficient than a junior, so they will take (and charge) fewer hours... AND you won't feel the need to review everything they do. Remember that there is a cost for your time too!”

“Mum taught me to save, create an emergency fund and invest.” Julie Sweet, Psychotherapist – Seaway Counselling

“The best financial advice my mum ever gave me was save at least 20 percent of my income. This was encouraged from the moment I got my very first job at the age of 13 (even if it was at my parents’ office within their business). Mum also advised me to set aside funds for a ‘rainy-day account’ – also known as an emergency fund – and she’s even given me her opinion on which super fund she felt was in my best interest (with evidence supporting her informed decision). Mum walks the talk and doesn’t advise something she’s not willing to do herself, which has always made me feel secure [about following her advice]. Looking back, the guidance I was given around money, savings, super and investing was underpinned by an unspoken theme: to be financially independent. Mum is still a super saver herself at 75, only recently calling to give me three hot tips on shares to invest in. Of course, I immediately followed her lead. I’m not about to stop taking her advice now!” 

“Mum taught me you can have nice things for less.” Sarah Brooks, Blogger at Keep Calm and Eat Ice-Cream

“The best money advice my Mum ever gave me was to shop the specials, especially food. You can have nice things without having to pay a fortune for them. This helped shape my love of food, which I have since turned into a successful side hustle. In addition to my day job, I run a successful dessert blog, Keep Calm and Eat Ice Cream – and I’ve now launched a second blog: The Aussie Home Cook, easy homecooked meals with an Australian and international flavour.”

“Mum taught me to make the most of every opportunity.” Alexandra Ormerod, Co-founder of Luxico

“My mum wasn’t a big fan of giving advice – her way was more to listen, ask questions and lead you to think about your options. There were always options; she was a big believer in that. The biggest thing I learned from her was about making the most of every opportunity. Mum and her siblings were given a short list of career options by my granddad, all involving maths and science. Whether that interested them or not, it’s what they were allowed to do. So, mum choose optical dispensing and was not just the only female in her whole university course, but also top of her class for half her degree. When I was a teenager, she opened her first spectacle store, one of three she set up before selling the business. My sisters and I spent countless hours sitting out the back of the shop doing homework and, as we got older, helping to serve customers, process orders, designing shop window displays and count the daily takings. Whilst mum was more interested in the arts and humanities than maths or science, she made the most of the opportunities she was given and became my business role model and living proof that women can do anything they set their mind to.”

“Mum taught me early how to manage money to set myself up.” Esha Thaper, Founder, Khush Mountain

“I grew up in an Indian immigrant family and my parents were good with money. My parents advised me to get into property early, and I bought an apartment when I was 25. Although that gave me a sense of security, there was responsibility tied up in that; I probably didn’t have as much fun in my 20s as I could have, but on the plus side, it’s meant a lot more financial freedom in my 30s, and it made me good at budgeting. I also had the freedom to think about my other money goals – and as I became more senior in my career, I was able to start saving for what I really wanted, which was financial freedom and the chance to work for myself. I used to be a lawyer before I did a complete career change to marketing, and I now run my own business. Looking back, my mum’s respect for money did influence me a lot. It was a huge part of my upbringing and I think it's always going to be with me. It’s had a positive flow-on effect to many parts of life.”

“Mum taught me to invest in myself and start my own business.” Judy Sahay, Founder, Crowd Media Group

“My mum taught me from a young age to invest in myself first – because when it comes to education, learning and personal development, it produces the highest return on investment. She also taught me to save 20 percent of my earnings, which I’ve done from age 16, and to give 10 percent of my earnings to help others who are less fortunate. She also taught me that if I ever wanted to be successful in life, I needed to start my own business, build my own legacy and create my own financial freedom. As the founder and managing director of a group of three award-winning agencies, I really feel that the financial advice mum gave me from a young age has shaped my success today.”

“Mum taught me that the money will always come.” Katherine Mackenzie Smith, Business Strategist and Leadership Coach

“When I was a freelancer working in TV and I used to stress when a contract came to an end, worrying about where the next job and pay cheque would come from, I’ll never forget my mum saying to me, ‘The money will always come’. I've always remembered that advice and it has never let me down because it's a mindset shift more than anything. When I started my own business, I was already familiar with inconsistent and uncertain income from my freelancing days, but if I trust in that advice, and keep trying different things, I know that something will always come, even if it doesn't look like what I expected.”

“Mum taught me how to stick to a budget.” Bex Harris, Director, On Brand Events

“I’m a small business owner and the best advice my mum ever gave me was to stick to a budget. She was very meticulous with this when growing up and I resented it in my early years and spent everything I earned. But then I was saving to go travelling, and I worked out how much I’d need for the trip and reverse-engineered how I could save that amount. I saved $10,000 in a year and realised just how much I was wasting on non-essentials. I’m savvier now, sticking to a budget and a set of wealth principles, which involves having separate accounts for saving, splurging, bills, daily expenses, donations and dreaming/travel. My mum was great at saving for things she wanted or for things for the family and rarely got into debt. The advice she gave me was very sound and I still live by it today. I know she always thought I should have the security of a job and she worried about me when I left the corporate world, but both my sister and I have created successful businesses and she’s proud of us both.”