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The Best Money Advice We've Ever Gotten from Dad - 1800LoanStore | News

The Best Money Advice We’ve Ever Gotten from Dad

Father’s Day is right around the corner, so we thought it would be appropriate to gather some of the best advice our staff has ever received from Dad. We may not have understood or agreed with it at the time, but looking back, he may have had an idea about what he was talking about.

Create a Budget
“Before I went to college, my dad sat me down and helped me predict what my daily, weekly and monthly expenses would be. By looking at what my absolute necessary expenses were (food, my cell phone bill), I was able to budget for fun. I didn’t always stick to my budget, but at least I was aware of it.”

Use Cash
“My dad made sure I understood that my credit card was for emergencies – and no, my bar tab did not count as an emergency! He taught me that by having cash on me and paying for things as I went, I would have a better idea about how money works. And he was right, even now I carry a certain amount of cash on me each day and try hard not to go over that amount.”

Don’t Pay for Something You Can Do Yourself
“My dad always said it was ridiculous to hire someone to do something you could take care of yourself. I had friends paying extra for delivery when they could have walked a few blocks to pick up their food, or paying for dry cleaning for their regular clothes because they were too lazy to do laundry. I didn’t make those mistakes, and as a result, I had more money for the things I wanted to spend it on.”

Save Your Change
“My dad got me in the habit of putting my change in a jar at the end of the day. I’d empty out whatever was in my pockets and save it. After a pre-determined amount of time (usually 6 months), I’d roll it and take it to the bank to get cash. It’s incredible how much you can save in just six months! This was one of the best ways I saved money while I was waitressing!”

Invest in Land
“Dad told me to invest in land if I could afford to because that’s one thing that always gains value. It will almost always be worth more than you paid for it.”

Don’t Pay Interest – Earn It
“My father always told me to not buy anything that I couldn’t pay for in full. If I couldn’t afford to pay for it in cash, I didn’t need it. If I didn’t need it, I could save that money and make more money on it. It’s great advice that I still use today.”

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