She Strengthens

Summer Lessons in Financial Wisdom

Every year, my mother and I celebrate our special bond with a mid-week lunch date at our favorite restaurant. It’s a tradition I cherish, and it’s during these conversations that I’m reminded of the valuable financial lessons she’s taught me over the years.

As a young adult, I’ve struggled with managing my finances. I’m good at earning and saving, but when it comes to spending, I’m either too cautious or reckless. My mother recognized my struggles and stepped in to offer guidance. She taught me the importance of finding a balance between saving and enjoying life, and how to make smart financial decisions. Her advice has been instrumental in shaping my financial habits.

I began wondering what kind of financial guidance other young people were receiving from their parents. Were they, like me, benefiting from their parents’ wisdom? I asked around and gathered some insightful responses.

Start Early, Stay Consistent

Kyle’s mother emphasized the importance of starting to save for retirement early, especially if you’re self-employed. By contributing to an IRA at 19, Kyle developed a habit that will benefit him in the long run.

Think Beyond Your Future

Dan’s grandfather offered a unique perspective: save for your children and grandchildren. This approach motivated Dan to work hard and save for the next generation.

Find Balance in Your Spending

Molly’s mother encouraged her to be more carefree with her money during her college years. By allowing herself to splurge occasionally, Molly learned that saving at the expense of her sanity and joy wasn’t worth it.

Track Your Expenses

Carolyn’s parents advised her to monitor her spending and maintain an emergency savings account. These habits have helped her stay on top of her finances.

Money is Your Friend

Maggie’s mother instilled in her the idea that money is a tool that can work for you if you take care of it. By saving and being mindful of her spending, Maggie can achieve her goals.

Save for the Unexpected

Ben’s parents emphasized the importance of having a safety net. By saving for unexpected expenses, Ben can avoid financial stress.

Invest Wisely

Sam’s father taught him to “pay himself first” by prioritizing savings and investments. This approach has helped Sam build a secure financial foundation.

Avoid Impulse Purchases

Drew developed a clever strategy to avoid frivolous spending: waiting one day for every $100 he considers spending and reassessing his needs.

Passing on Financial Wisdom

Ashley, who largely raised herself, recognizes the importance of guiding children financially. She plans to teach her kids the value of saving and responsible spending.

Experiences Over Material Possessions

Lizzy’s parents encouraged her to save for experiences like travel rather than luxury items. This approach has helped her prioritize what truly matters.

Save, But Don’t Hoard

Michael’s advice is simple yet effective: save some, but don’t be afraid to enjoy your money.

The Power of Savings Bonds

Sara’s grandparents gifted her savings bonds, which taught her the value of saving early. When she needed financial assistance for college, those bonds proved invaluable.

These stories highlight the importance of intergenerational financial guidance. By sharing their wisdom, parents and grandparents can empower young adults to make informed decisions about their money.