We 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.
“My dad always looks for the deal or the on-sale item. If it's not on sale and it's not needed, he will pass and wait.” – Samantha Ekle, Policy Change Case Manager
“When my husband and I first married, we started writing down every purchase, even small, which kept us accountable. This saved us from excess spending and led to creating a whole budget on paper to see if we gained (or lost) any at the end of each month. Seeing it on paper is pretty motivating. 31 years later, it still works.” – Michele Goldade, Customer Contact Specialist
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 was big on investing and letting your money make money. He talks to me about making sure we are diversifying our investments and making sure we are being risk aware.” – Krystal Hoag, Policy Change Case Manager
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.