This Father’s Day, we wanted to pay tribute to the advice and wisdom our dads have imparted to us over the years. So, we asked our employees to share the best DIY money-saving tips their dads ever gave them.
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 keep your expenses under control and ensure you continually save money for the future.
“When you are finished paying off your car note, continue to put the monthly payment aside so you’ll have a down payment for your next car! Save, save, save. Always save first and you’ll end up adjusting your budgets to what’s left.” – Brittany Crawford-Purcell, Actuarial Associate
“I recall as a teenager driving by a neighbor’s farm once with my Dad, and commenting how 'I loved their new cars, and that they must have a lot of money.' My Dad said, 'They may. Or they may have a lot of debt. It is important to save for things and then buy them.' I use this logic every day.” – Kevin Waetke, AVP, Corporate Marketing
Money savvy fathers know that a budget can be a valuable tool for creating financial stability. Knowing where your money is going is crucial to maintaining your finances. A budget can help ensure you don't spend money you don't have by tracking your expenses. It should 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 know exactly how much money you earn, how much you can spend each month, and how much you need to save.
“Budget Tip: If you don’t have the cash, you shouldn’t swipe the card!” – Emily Jensvold, Case Manager
“My Dad has been gone for almost 30 years, but he never spent more than he knew he could afford to repay. So my advice is live within your means, pay yourself first, and pay credit cards in full all the time!” – Karen Odens, Actuarial Analyst 2
Even if retirement is a ways off for you, it’s important to have a plan in place and to start setting money aside and investing for when you do leave the workforce. The earlier you start saving for retirement, the bigger your nest egg can be. Many employees’ fathers stressed the importance of enrolling in a 401(k) or 403(b) plan. If your employer offers one, be sure to take advantage of that as soon as possible. Not sure how to follow up on dad’s advice to save for retirement?
“As soon as I got my first ‘big girl job’ in college, my dad told me to contribute money to my 401k. He always said it was important, whether you’re 18 or 70. It adds up over time, so you’ll thank yourself in the future.” – Emily Westergaard, Case Manager
“My dad always says to increase your 401k percentage contribution when you get a raise or promotion because then you never get used to having access to that income. You’ll thank yourself later for the small sacrifices you make to make this happen.” – Alex Collins, Senior Internal Sales Consultant, Life Insurance
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 Midland National find an agent page.