My Mom's Number One Money Lesson: PAY CASH

When my dad gave in and co-signed a JCPenney store credit card for me on my 17th birthday (in his defense, I had spent months begging him for this present), my mom was red-hot mad. Back then I didn't understand why she was angry. "What's the big deal?" I asked. "I have a job. I'll just pay the balance in full every month." She told me that in 10 years I'd regret that store credit card. She was right -- I'm still making payments on it!

Mom learned the hard way: She amassed thousands of dollars of credit card debt over 15 years when she herself was younger. To this day, she is working hard to whittle away at that debt. One day when I was in college, I realized how much the obligation -- and not just the money -- troubled her. She pointed to her floral living room set (the one we only sit on during special occasions) and said, "That's not mine. Neither is the Nissan Maxima in the driveway." In my naivete, I asked her whose stuff it was -- she'd had both for well over five years -- if it wasn't hers. "It's Visa's," she said. We both laughed, but I understood what she was really saying. When you work so hard, you want your stuff to be your stuff, not the bank's or a credit card company's.

I've finally learned my lesson and am pleased to say that, while I have them for emergencies, I haven't used any of my credit cards for frivolous/everyday purchases in three years! It hasn't been easy, as I've had to forgo many fun things -- dinners, movies, clothes -- that I couldn't afford with cold hard cash. But I've grown to appreciate the things that I do have because I know that they're really, truly mine, and not some financial outfit's. I earned them myself through my own hard work.

What did your mom teach you about money that will stick with you forever?