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."
Here's what they shared:
1. "The best financial trick my mom ever introduced me to was the 'holy shit fund.'"
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."
3. "Treat a credit card like a debit card."
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."
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."
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."
7. "Avoid paying interest as much as possible."
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."
9. "Carry cash and use it to pay for things when you can."
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."
11. "My mother taught me to be a STICKLER about checking my accounts regularly to see if everything was correct. I check almost daily."
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."
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."
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."
15. "When I got married, my parents told us to try to live on one salary and save/invest the other."
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."