16 (Actually Helpful) Money Management Tips People Got From Their Parents

"Even if you can only [save] a little every month, it can really help you in retirement."

Think back to the first time you learned about spending money. Chances are, your parents were the ones who first taught you. So we recently asked members of the BuzzFeed Community to tell us about the best piece of financial advice their parents gave them.

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Here's what they shared:

1. "The best financial trick my mom ever introduced me to was the 'holy shit fund.'"

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"As soon as I got my first job, she convinced me to set up an automatic transfer into a bank account — separate from my savings — that I never touch. I now put $50 from every paycheck into the holy shit fund. And, I only ever use it in holy shit moments, such as a leaky roof or an expensive trip to the mechanic. I never have to dig into my savings."

—katiew470cb3c03

2. "When I started working and had some money of my own, my mom always said, 'When in doubt, don't buy it.'"

"Growing up, we didn't have a lot of money, so buying something required some time to think... It's been years later and I still use this advice a lot."

—s463b03bd4

3. "Treat a credit card like a debit card."

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"Never spend money you don’t already have."

—amyt4c42dd694

"Never have a credit card balance. Always pay off your whole bill, not just the minimum payments."

—zkarach

4. "My parents taught my brother and me how to bargain-shop."

"They'd have us look in the clearance section first to see if there was anything we liked there."

—just_nicole

5. "When I got my first real job, my parents made me meet a financial advisor and set up a Roth IRA. Even if you can only add a little every month, it can really help you in retirement."

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"Advisers often take a small cut of whatever profits they make you, instead of billing for their services; so it's affordable, professional advice! I also learned to always have your IRA contribution come out of your account automatically, so you never count on that money."

—lizs46de7efa5

6. "My mom always told me, 'First thing every month: pay your rent.'"

"When times get hard, I can always mooch food from family and friends, but I sure as hell won't get kicked out of my apartment."

—utimann

7. "Avoid paying interest as much as possible."

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"If all your purchases are on credit cards or loans and you pay interest, every single thing you bought actually cost more than you think you paid. On the flip side, if you can pay everything off in full every month, get a credit card with good rewards for your everyday purchases. You'll not only build credit, but you'll also get money back for buying the things you would've bought anyway."

—melissan40168c557

8. "Banker's daughter here. Any time I wanted to buy anything more than $30, my dad would make me figure out how many hours of work it would take me to pay for the item."

—morganwestbrookd

9. "Carry cash and use it to pay for things when you can."

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"It's easy to gloss over how much you're really spending when you just swipe a card."

—bamabecky02

10. "My mom taught my sister and me how to have a healthy relationship with money — to live within your means and make sure essentials were taken care of first. It’s also completely fine to splurge a little once in a while."

"My parents got divorced when I was about 6. My dad is the definition of 'champagne taste on a beer budget.' We were poor for a while, and my mom would have to go to food banks so we could eat. I believe my mom was making $10K–12K a year for a while, so I knew how much my mom had to do just to get food on the table. Also, my mom has always had a change jar! One in the house and in the car. Every single cent really does add up."

—brittanijuneb

11. "My mother taught me to be a STICKLER about checking my accounts regularly to see if everything was correct. I check almost daily."

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"This way, I’m able to catch pending transactions before they go through and see if there is an error. Another thing it helps me do is see how much I have every day, and I know how much I can spend before payday. It keeps me accountable for how much I am spending.

She also taught me that you’re never too old for an allowance. So every pay period, I give myself an 'allowance.' It could be $5 a day or $20 a day, depending on your financial situation. Having an allowance doesn’t make me feel guilty about buying a fancy coffee or something."

—kasetikal

12. "Start saving for retirement ASAP."

"If you wait until you’re older, you'll have to save large chunks of money at a time, instead of little bits of money over the course of two to three decades."

—camean02

13. "Set aside money each month for Christmas and other gifts. This way, Christmas gifts won’t be one huge expenditure at the end of the year."

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—katieg4dfedb9cf

14. "My dad always says 'pay yourself first,' meaning you put a percentage of your paycheck into your savings."

"That way, you’ll always consider your spending budget in accordance with your savings."

—ejlevan18

15. "When I got married, my parents told us to try to live on one salary and save/invest the other."

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"We definitely didn’t live in as nice of a home as most of our friends did, and we couldn’t eat out or order in as often. But, the lifestyle has really paid off. It has afforded us the opportunity to get ahead in a short period of time. When the pandemic hit, we still had a comfortable safety net and could even continue to invest."

—ddmile

16. "Buy the ugliest house on the best block. I bought a house for $280K. Houses on my block go for about $450K."

"This is big, and I understand that not everyone can buy a house, especially now. I'm gonna make so much back after we spend the next 30 years fixing it up."

—schulzemary214

If this sounds like music to your ears (and bank account), check out more of our personal finance posts.