April 16, 2019Share:
It has been said that lessons in life will be repeated until they are learned – so our team has set out to help! We’ve polled our team for their best and worst advice on different financial topics. In this post, you’ll find out some of the best and worst savings advice we’ve received.
Best savings advice you’ve received:
• Put money in something that you cannot touch like a certificate or 401K.
• Take your next raise and put it in your 401K – its money you never had.
• Make a plan and stick to it.
• Start an emergency fund that is difficult for you to get to, and have funds direct deposited there from your paycheck.
• Make savings a priority. Live on less than you earn and save.
• Save with every paycheck.
• Finance your retirement before kid’s college. You can always finance college, but you can’t finance retirement.
• Build an emergency fund & pay off debts first (always pay extra on your highest interest rate items).
• Start early, start small, but always save part of your paycheck or allowance that you can live without.
• Car payments are stupid. Pay cash or drive an older car.
Worst savings advice you’ve received:
• Always choose the cheapest option (often you get what you pay for, so be careful going cheap to save. Buy once, cry once).
• Don’t worry about making a plan.
• If anything is left over at the end of the month, add it to savings (instead you should plan to consistently put money way).
• It’s fine to “borrow” from your own savings without putting it back.
• You can start saving later.
• Have extra withholding taxes taken from your paycheck just to get a bigger refund at the end of the year
• Finance as much house as the banks debt to income ratio will allow.