- This topic has 4 replies, 5 voices, and was last updated 2 years, 10 months ago by Sammy.
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Tom LinMember
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.
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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 3 years, 4 months ago by Tom Lin.
November 21, 2020 at 6:54 am #3310 -
Albert FangKeymaster
Thanks for sharing Tom. Definitely some great takeaways.
May 19, 2021 at 2:04 am #3391 -
Kitty DavisMember
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!
May 22, 2021 at 12:00 pm #3420 -
AllenMember
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.
May 23, 2021 at 2:48 pm #3452 -
SammyMember
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/
May 25, 2021 at 6:34 am #3475
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