Mother’s Day wisdom: Women reveal their worst financial mistake as first-time moms

Here’s a Mother’s Day gift of financial wisdom for all those new moms.

Life insurance company MassMutual asked mothers: “What is the biggest financial mistake you made when becoming a first-time mom?”

The No. 1 mistake: Overspending on non-necessities like clothes, toys and gadgets (40%). Approximately 16% of mothers said they continued to spend on non-necessities like restaurants, self-care and new clothes like they did before they had a child, and 15% said they should have saved more for a college fund, while 4% said paying for a full-time nanny and sending their child to day-care was a financial mistake.

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