15 Best Money Saving Tips from Your Parents

Life

20 Sep

Money, the one thing that causes grief and happiness all in one. Having too much money can be a problem and not having enough can certainly create problems. In fact, it was reported that in 2014, a third of adults with partners reported that money is a major source of conflict in their relationship (source: APA).

There's no denying that money matters yet I can't remember whether or not my parents ever taught me the value of money growing up. That thought led to me surveying my friends on Facebook and coming up with a collection of best money saving tips they received from their parents.

I got a ton of great responses from everyone, however I decided to narrow it down to 15 of the very best (IMO) to share.

1. "Max out your 401K, Roth IRA, and have money in your savings just in case you get screwed." - David Ly Khim, Growth Marketing Consultant

2. "Money is time and time is money. Sometimes you need to consider if spending money will be more beneficial in the long run so you can use your time more efficiently." - Jennifer Wu, Photographer and Influencer

3. "Only suckers work for hourly wages." - Nathan Martell, Co-Founder of ITZ Meals

4. "Start your Roth IRA young. Invest. Residual income. My mom gave me a zillion books to read on financial planning and investing when I was 15 and I have a financial planner as well." - Sylvia Gunde, Foodie & Photographer

5. "When it comes to starting a business, remember that the CEO always eats last. AKA remember that you are last to be paid if you want to be successful and retain great talent." - Nina Ojeda, Founder of The Avenue West and Prete

6. "My mom told me to never trust a man until he opens his financial info to me." - Eugenie Chung, Influencer

7. "It's not about how much money you make, it's about how much money you save." - Anabel

8. "Spending less than your earning." - Ferial Qamar, Co-Founder of The Collective Affair

9. "Can't afford to pay for it cash, you don't need it. Prioritize your needs vs. wants." - Robert Herrera

10. "Bueno Bonito y Barato, which translates to good quality, beautiful, inexpensive. My mom applies this to everything from shopping for clothes to a car, and even when I was looking at apartments." - Kristen Gaithe, Owner of Black Slate Co.

11. "If I were to ever get married, to make sure that even if I had a joint account with my spouse, to also have another stash hidden for a rainy day." - Katharine Nicole, Head & CMO of Bare Bones Body

12. "Buy property when you can, even if it's a remote/undesirable area, rent it out and have it generate passive income. Or buy just to renovate and flip to make a quick profit. Rinse and repeat." - Tommy Lei, Influencer

13. "Sometimes it's best to take a chance - spend your money so you can make more money." - Mary Vallarta, Founder of FAB Counsel

14. "Always pay off your credit card. And to always save something from every paycheck for an emergency fund, retirement, or whatever you're working towards saving for." - Amy Zhang, Influencer

15. "Dad: Earn it. Mom: Save it. Me: Invest it. Inner me/Melanie: Spend it." - Francis Kenneth, Influencer

Thank you to everyone who contributed and shared their tips from their parents!