Don’t forget, this Sunday is Mother’s Day! My mom is many things to me, including my first and best personal finance teacher.

Mom taught me many things, but here are 5 most important money lessons (via LendingTree Blog), and I know I am a better and more capable person because of it.

One evening, as CB and I trudged tiredly upstairs to our apartment, burdened by bags of groceries and files from work, I piped, “I don’t know HOW my mom did it.” Now that I have been out in the working world for a few years and know how a full workday can leave you exhausted at night, my respect for my parents – especially my mother- has increased TREMENDOUSLY.

Not that I didn’t love or respect her before, but now I cannot imagine how she was able to work full-time, on the night-shift, and still manage a household, cook almost every meal (we almost never went out to eat while I was growing up), pick me up from school in the afternoons, help orchestrate and coordinate family issues when her parents lived several timezones away, and instill in her daughter a love of personal finance. NOW that’s what I call a supermom! But of course, I only want to be a guiltless mom.

But what mother-daughter relationship is “perfect”? Sometimes, I wish my mother and I have the kind of heart-to-hearts that I see on TV or hear about from my friends. Growing up, we never really did anything very “girly.” No spa dates, no shopping for my prom dress together, no her teaching me doing makeup (it’s actually the other way around!) But that’s how our relationship is – we are close and I KNOW she will do everything she can for me, but our closeness is less cotton candy and more… dark chocolate.

If I were really honest, I’d say I wish she was more excited about my engagement. I understand that she likes CB, she just wants me to make sure I take care of myself and keep moving forward in life. Which is probably why she is more concerned with graduate school and career progression than an impending wedding. That’s OK – on most levels I am too.

We won’t be a mom-daughter pair laughing over champagne while I pick out my wedding dress. But I know, when I finish my MBA or buy my first home, she will be there, proud as ever.

I’ve realized that I spend WAY too much time idly surfing the web when I’m home – which is a little ridiculous, given that I spend all day staring at a computer at work.

So, like my mother did during my middle school and high school days, I’m imposing a Internet Time Limit on myself during weekday nights – 30 minutes (45 minutes MAX).

It’s time to use my evenings for more productive pursuits, such as, oh, I don’t know, studying for the GMAT.

Okay.. my time today is up!

I talked to my mom tonight – she is planning to buy another house next spring and rent out the condo that my parents currently live in. Prices have depressed to around 2004 levels in the area they are looking ($500K for a house). I wonder how long it will take me to buy my own place…

Every time I talk to my mom, I either (1) feel a jolt of inspiration because she has just done so many amazing things, and I’m so proud to be my mother’s daughter, or (2) feel chagrined and inadequate because I don’t think I’m acting enough like my mother’s daughter.

I love my mom, but there’s a whole lot of living-up to do when your mom was the smartest girl in her class, built a life from scratch in a foreign country, and is always right. Some times I don’t want to admit it, but she is right 99% of the time. It’s scary! Fortunately, tonight’s conversation was definitely more (1) than (2).

We talked about the economy, and my parent’s financial plans, and how difficult frugality can be. I told her I’m saving $2,000 a month. She thought I was only saving $1,000+ a month, which means, score! I’m exceeding her expectations in this area. (But of course her saving prowess puts me to shame.)

I told Mom that it’s hard to save $2,000 a month. I know I’m fortunate enough to be in a position to save that much, but it’s hard not to spend just a little more. (For example, there were a pair of darling Nine West Mary Jane’s on sale at the nearby DSW. Don’t worry, I resisted. Barely.)

She told me that I’m to take care of all my parents’ finances when they become older. It’s a good thing I’m learning about all this money stuff now, right?

…but even better don’t shop and don’t buy anything you don’t need.

Hmmm… that doesn’t quite have the same tone to it, does it?

In honor of Mother’s Day, here are some lessons she taught me.

1. Don’t buy something cheap if you don’t need it: I certainly know I’ve been guilty of this many, many times. I got a couple very inexpensive dresses that I’ve never worn. I’d be better off putting my money into classic, quality pieces than buying clothing that I will wear only once or twice (or not at all).

2. Know your wants from your needs: Mom always told me that the desire to acquire and to consume are strong desires indeed. It takes discipline to tell yourself, you don’t need that new purse or computer. You want it. It doesn’t mean that you shouldn’t buy things you want, but you have to realize that everything has a price and that you’ll pay for it (with the time and energy you spent earning the paycheck). Which brings me to the third lesson…

3. Time vs. money: There’s a negative correlation between the two – you can either have more free time, or you can spend your time to earn more money. Mom said she’d rather not work overtime and sleep in, then to work extra hours and pay for a massage. That’s a choice that must be made, because that old economics adage is true, there’s no free lunch!

4. Know what you’re comfortable with: Although we could have afforded a much larger, nicer house, Mom decided to purchase a smaller condo because she can easily make the payments on it. As she said, the extra one or two bedrooms are just not worth the stress of the additional $500 every month.

5. Never have credit card debt: The high cost of financing isn’t worth it.

6. Understand and accept the consequences of your choices: One of my cousins want to become an actress – she’s really quite good and with some lucky breaks, she might make it. Of course, the chances are against her. Mom said to me, it’s fine if my cousin wants to pursue that, but she must understand the consequences of her choices – namely, that she could very well be poor her whole life. Now, if you can honestly say that’s the sacrifice you’re willing to make, then go for it, but if not, then perhaps it’s time to get an accounting degree and do local theater on the weekends. What you cannot do, is expect a third party (your parents, your spouse) to support you.

7. Beware of the rich-on-paper syndome: During the big real estate boom, like the tech boom several years earlier, many people became richer – on paper. They went out and purchased new TVs and cars, remodeled, invested in risky ventures with their new found sense of wealth. But that money isn’t available until you sell the house or the stocks. Don’t be so caught up in your net worth or gains on paper that you toss budgeting out the window.

8. Save! Don’t count on the government, don’t count on a husband, and don’t count on your children. You are responsible for your retirement – the better off you are in your old age, the more you will enjoy it.

9. But don’t be stingy on the things that count: I guess this depends on each person’s priorities – Mom is a very frugal person. She’s never been one to care about clothes or makeup, or what kind of car she drives, but cutting back in those areas allowed her to invest in things that’s important: namely, my education. By the time my four years are up, my parents will have spent $100,000 on me. Mom did that because she wants me to have the best education possible, without a crushing debt. When my grandma got sick, Mom spent 6 weeks taking care of her. Her savings and accumulated vacation hours at work allowed her to spent the time without worrying about whether the mortgage or my tuition would be paid. And ultimately, the purpose of financial security is to have choices. To never have to decide between caring for a sick mother or paying your bills.