Father’s Day is here! From life lessons to how to throw a baseball, we can learn a lot from our fathers, especially when it comes to savings. To celebrate Father’s Day, we thought it would be fun to hear what savings tips our authors learned from their fathers and have compiled some of them for you below.
“Live within your means” was a key savings strategy takeaway my father helped teach me during my formative years. Be careful not to allow the simplicity of the four words to mask its critical nature. While there are no numbers or percentages to memorize or define you, living within your means is the true definition of a balanced, comfortable lifestyle. When you live within your means, you live for today while saving for tomorrow – what could be better? – Michael Rubin, CPA, CFP, Total Candor
My Dad taught me the importance of self-reliance, and saving early and often. He helped me open my first savings account, and after I got my first job, my first Roth IRA. – Phil Taylor, CPA, PT Money
When I was a kid I thought aluminum foil must be the most expensive commodity in the world, because my father would give me a lecture if I used too much to cover a pan. And I still cringe when I see someone wrap a pan all around with foil, when covering just the top will do. Turns out my dad was a conservationist years before it became fashionable. – Ginita Wall, CPA, CFP
My father always stressed the importance of trimming expenses as much as you could so you could spend that money on important things. We would go back to Taiwan to visit family every 3-4 years and flights for the family would cost thousands of dollars. We cut our expenses ruthlessly because seeing our family was so important and that’s a habit that I’ve kept up since. – Jim Wang, Bargaineering.com