Throughout life, we often look to our fathers for guidance and advice on various matters. For many of us, father figures have played a strong role in shaping our financial habits. So in honor of Father’s Day, we have compiled some of the best fatherly financial advice.
Practice Self-Discipline with Spending
While it can be tempting to buy the things you want, especially when you can place an online order in a matter of seconds, think carefully about your purchases and how they’ll serve you in the long run. This is key in practicing mindful spending and establishing financial stability.
Prioritize Saving for The Future
Striking the right balance of enjoying the present while saving for the years ahead will allow you live in the moment, without compromising on quality of life down the road. For instance if you get a bonus or other lump payment, put at least one third into savings and another third into paying off debt. With what you have left, you can choose to have a little fun.
Start Building Credit Early
Your credit score impacts many aspects of your life, and it might come into play sooner than you expect. One factor that goes into determining your credit score is your length of credit history. So, the longer you have credit, the better your chances of achieving a higher score will be.
Maximize Your Retirement
For young people, retirement is a theoretical idea that will happen “someday.” But the earlier you start putting money away for that day, the more likely you won’t have to worry about money in retirement. If your company is offering to match a percentage of your 401(k) contributions, it’s a good idea to take advantage of it!
Always Put Your Best Foot Forward
From time to time, life has its fair share of challenges. But with hard work and consistent effort, you can find personal and financial success. You must remember that things don’t always come easy, especially when trying something new. Approaching matters with a positive attitude and your full effort, is both fulfilling and necessary for financial growth.
Thank you, fathers, for being there with timely advice, financial or otherwise. Perhaps you already learned these tips from your dad or someone else in your life. If not give them a try and see how they can help you and your finances. For savings options including IRAs, check out our offers.