What is your favorite money saving tip that your parents taught you growing up?

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    • Tom Lin
      Participant

        For me, what my mom in particular taught me growing up about saving money is that it never hurts to save. Although you may feel compelled on spending your brand new pay check from your job, it is much smarter to allocate your money by expenditure.

          An example would be to allocate 10% of your pay check to a retirement fund.
          25% to an emergency fund
          Another 25% to retirement
          30% to investments
          6% to any employer matching
          14% remaining allocated to personal spending on whatever.

        By following a system, you will be able to save money and live in a manner that is financially secure if you follow a routine that becomes habit by second nature.

        Does anyone else have any of their own stories to share?

        • This topic was modified 1 year ago by Tom Lin.
      • Albert Fang
        Keymaster

          Thanks for sharing Tom. Definitely some great takeaways.

        • Kitty Davis
          Participant

            Well, my parents weren’t exactly great with their money. Oftentimes, I would get money as a gift or as an allowance for doing something around the house and be questioned as to why I haven’t spent it. Once time I managed to save up over $200 and I think I was 12 at the time, maybe 13. My mom thought I stole it from her. Needless to say, they didn’t teach me much of anything!

          • Allen
            Participant

              My father taught me at a young age that it was a good idea to wait before I bought something. He would say, hold onto your money for a week or two. If you forget the thing you wanted, you didn’t want it that badly and you can use the money for something else. I did take this advice growing up but once I was in college, my spending habits got out of control. It took me years to sort out everything.

            • Sammy
              Participant

                They taught me nothing! LOL! I wish I had listened to my oldest brother because he was smart about it. He actually advised me not to go to college and attend a community school or trade school and focus on a career I know I can find work in first cause I can always go back to school. Mistakes were made. I know better now/

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