Life Lessons

Life Lessons: Money mistakes moms make

Life Lessons: Money mistakes moms make

Former single mom Susan Brown Burklin worked hard providing for her four kids.

As they prepare for college, she says they'll need to provide for themselves soon.

Teaching her only daughter has been especially important.

"Sometimes I think I'm harder on her because I know that some women do feel they have the option [to] marry someone that will ultimately take care of them," says Burklin.

Too many women feel that way according to financial expert Ellen Rogin.

"Sadly, I've had conversations with women in their 20's now and I see although they're really well educated, they still don't have a handle on their money," Rogin says.

She said moms need to teach their daughters about finances in order to avoid the three most commonly made mistakes.

One: being a bad role model.

"Kids learn from us from what we say and they watch what we do," Rogin explains.

"If we're not being a good example, they're not going to learn good money lessons."

Mistake number two is waiting too long to teach.

"In our family we gave them allowance and divided it up into three parts: one was for saving, one was for spending, and one was for giving," she said.

The third mistake is treating their sons differently.

"There really shouldn't be a difference in terms [of] how you're talking about money, whether those are expectations about earning money or saving and investing down the road,"Rogin said.

Susan's daughter, Allison Brown, said even though it would be nice to have a family of her own someday, thanks to her mom she will never have to worry about her financial security.

"It's important for me to provide what I want for myself and not to fall back on someone else taking care of me," says Brown.

Allison's mom says her mother didn't teach her about money when she was younger, and said she struggled quite a bit financially because of it.

She says that's why she's making sure her daughter doesn't make the same mistakes she did.

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