On June 19, we will celebrate Father's Day as a way to honor our Dads and everything they’ve done for us. To help mark the occasion, we asked our employees to share the best budgeting tips and tricks their fathers ever gave them.
With so many ways to shop these days, the temptation to spend money on non-essential items is something that can be difficult to resist. Even if you do have the funds to make extraneous purchases, take some time to consider them before committing. If you tend to overspend, you may need to reevaluate your habits and priorities or revise your budget to help prevent it from busting.
“When looking for cars, my dad always told me not to get attached to one. It’s just a car. And if you get attached to something, you might spend more money than you had planned.” – Kristina Mazourek, Life Marketing Strategist
“Just because it’s on sale or you have a coupon doesn’t mean you need it. Also, if you can’t pay cash you don’t need it. And if you use a credit card be sure to pay it off, not just the minimum payment.” – Michell Last, Administrative Assistant
Money savvy fathers know that a budget is a valuable tool for helping to create financial stability. A budget can help ensure you don't spend money you don't have by tracking your expenses. It might make it easier to pay bills on time, allow you to save for major expenses, and most importantly, help you stay in the black. By creating and sticking to a budget, you'll have a way to track how much money you earn, how much you can spend each month, and how much you need to save. Keeping a budget and performing a little math each month may not be a lot of fun, but you could be better off for doing it.
“I don’t know if this was his best advice, but it was his favorite… when you play Monopoly and land on the property tax spot, NEVER pay the $200. Calculate the value of your assets and pay the 10%. You can save $5, $10, or even $30. He was an accountant and loved to make us do the math.” – Resa Hoeller, Director, Marketing Technology
Did your dad ever sit you down and tell you about the value of saving money? If he did, he probably gave you some good advice. The more money you save, the more likely you’ll have the financial freedom to purchase the big things you want in life down the road, like a new home, a car, or a vacation. Saving can also give you a safety net should something happen in your life like a medical emergency or the loss of employment. Saving requires financial discipline, planning, and being mindful about what you purchase. It’s a good idea to create a budget and follow it to help make sure you can keep your expenses under control, and ensure you continually save money for the future.
“Budget tip from Dad: Utilize a sinking fund when saving for a goal. It’s helpful to plan it and have a specific savings amount and location for that expense, instead of just putting it in a general savings account.” – Gail Dixon, Graphic Designer
“My dad always told me to ‘pay yourself first.’ So regardless of lean times (and there have been many) I always put funds into a 401k or college fund automatically. It took some discipline, but now that my daughters are both in college, I’m glad I followed his advice.” – Jacqueline Conley, Director, Operational Compliance
Managing your money isn’t always easy. Your dad may be able to give you some great suggestions, but don’t be afraid to seek advice from a professional financial advisor who can help you navigate your finances. To find the right agent who fits your needs, submit your information through the North American find an agent page.