A Parent’s Financial Advice

child-1073638_640When you’re just 18 and itching to leave their house, you don’t really want to listen to what your parents have to say. There’s a big, wide world out there to explore, and you can’t let their nagging hold you back. Now that you’re older and thinking about becoming a parent yourself, things have changed. Now your parents have advice you want to hear.

Don’t worry about the past. Your parents went through the same growing pains as you did, and your children will likely act the same. The important part is that you’ve realized what a great resource you have at your disposal. All you have to pick up the phone or drop in and hear what they have to say. Moms and dads know how to pinch some pennies. In honour of that skill, let’s take a look at the best financial advice parents can give us.

Rely on a Budget

Spending money without prejudice can run you into deep trouble. Having a financial plan can keep your spending in check and help you put aside savings so you can do things that you’ve always wanted to do, like travel the world or go back to school.

Just make sure you’re in possession of the right facts before you table yours. Spend the time to learn all of your fixed and variable expenses in the average month. You can do this by going through your bank account and focusing on your withdrawals over the past 6 months. Separate them into categories, like rent, clothes, food, and gas money, then average their costs. You’ll have a better understanding of how you spend your money, and which habits you can cut out to increase savings.

Start Saving Right Away

Chances are mom and dad have told you how they wish they started saving when they were your age, so why wait? Start talking to your bank about RRSPs, GICs, TFSAs, and mutual funds. Don’t worry if you’re already confused by all of the acronyms. A financial advisor can explain which options work best with your salary.

Until you book an appointment, you should be setting aside a portion of each paycheque into a savings account. Some experts suggest as much as 20% of your income goes towards savings, but there’s no hard number that you have to hit. As long as you’re putting some money away, even if it’s just a handful of toonies each week, you’re in a better position than if you weren’t!

Don’t Worry About Needing a Loan

In today’s economy, it’s normal to rely on loans to get what you need. You’ll need a loan for most big purchases, like buying your first home or leasing a new car. You may even need a little help covering an unexpected bill or two, especially if you haven’t had time to let those saved toonies to accrue interest.

Mom and dad would recommend getting a loan to help you, as long as you’re smart about it. Take the time to research a payday lender like GoDay and compare them to conventional lenders like the nation’s top banks. When you need fast access to cash, a quick payday loan may be your only option if you want to pay your bill on time. As a direct lender of payday loans, GoDay offers quick and convenient assistance — in some cases you can get the money you need in as little as one hour after you’re approved.

Mom and dad have always been there for you. When you were a kid, they taught you how to drive and saved you from every monster under the bed. Now that you’re older, they’re still helpful — just in other ways. They’re a great resource from when you have questions about your finances, so pick up the phone and get their opinion. They might just have a great idea up their sleeves.

Enjoy Plunged in Debt?

Pid

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A Parent’s Financial Advice

child-1073638_640When you’re just 18 and itching to leave their house, you don’t really want to listen to what your parents have to say. There’s a big, wide world out there to explore, and you can’t let their nagging hold you back. Now that you’re older and thinking about becoming a parent yourself, things have changed. Now your parents have advice you want to hear.

Don’t worry about the past. Your parents went through the same growing pains as you did, and your children will likely act the same. The important part is that you’ve realized what a great resource you have at your disposal. All you have to pick up the phone or drop in and hear what they have to say. Moms and dads know how to pinch some pennies. In honour of that skill, let’s take a look at the best financial advice parents can give us.

Rely on a Budget

Spending money without prejudice can run you into deep trouble. Having a financial plan can keep your spending in check and help you put aside savings so you can do things that you’ve always wanted to do, like travel the world or go back to school.

Just make sure you’re in possession of the right facts before you table yours. Spend the time to learn all of your fixed and variable expenses in the average month. You can do this by going through your bank account and focusing on your withdrawals over the past 6 months. Separate them into categories, like rent, clothes, food, and gas money, then average their costs. You’ll have a better understanding of how you spend your money, and which habits you can cut out to increase savings.

Start Saving Right Away

Chances are mom and dad have told you how they wish they started saving when they were your age, so why wait? Start talking to your bank about RRSPs, GICs, TFSAs, and mutual funds. Don’t worry if you’re already confused by all of the acronyms. A financial advisor can explain which options work best with your salary.

Until you book an appointment, you should be setting aside a portion of each paycheque into a savings account. Some experts suggest as much as 20% of your income goes towards savings, but there’s no hard number that you have to hit. As long as you’re putting some money away, even if it’s just a handful of toonies each week, you’re in a better position than if you weren’t!

Don’t Worry About Needing a Loan

In today’s economy, it’s normal to rely on loans to get what you need. You’ll need a loan for most big purchases, like buying your first home or leasing a new car. You may even need a little help covering an unexpected bill or two, especially if you haven’t had time to let those saved toonies to accrue interest.

Mom and dad would recommend getting a loan to help you, as long as you’re smart about it. Take the time to research a payday lender like GoDay and compare them to conventional lenders like the nation’s top banks. When you need fast access to cash, a quick payday loan may be your only option if you want to pay your bill on time. As a direct lender of payday loans, GoDay offers quick and convenient assistance — in some cases you can get the money you need in as little as one hour after you’re approved.

Mom and dad have always been there for you. When you were a kid, they taught you how to drive and saved you from every monster under the bed. Now that you’re older, they’re still helpful — just in other ways. They’re a great resource from when you have questions about your finances, so pick up the phone and get their opinion. They might just have a great idea up their sleeves.

Enjoy Plunged in Debt?

Pid

Subscribe to get our latest content by email.

Powered by ConvertKit

Speak Your Mind

*