Thursday, January 28, 2010

Best Advice I Ever Got From My Dad (Writer’s Workshop)

The best advice I ever got from my dad was to “Always pay off your credit cards every month. Don’t spend more than what you can pay off each month and save as much as you can.”

I am glad I listened to my dad and had enough wisdom to follow this advice on this! The only time I spent more than I had and borrowed money to do it was when Gerard and I bought a house after we were married. Even then though, it really bothered me that I had a house payment every month and we paid more than necessary each month to get it paid off faster. Gerard still had car payments when we got married, but once that car was finally all paid for, we never had a car payment since.

It is very tempting to blow money on things we don’t really need but it is not a wise thing to do. It’s always good to be prepared for unexpected expenses such as repairs, home improvements, medical bills and costly prescriptions. For years I have arranged for my bank to automatically transfer a certain amount from our checking account to our savings account each month. This way, money gets into savings each month.

When my dad retired, he did not work part-time as some people do. He lived on his Social Security check, a pension and his savings which served him well. However, the last few years of his life he was worried his money may run out before he died because he was spending more than he was getting in. It was during these years that he told me to “save as much as you can.” What I found funny was how he would still buy extra stuff. He always wanted plenty of tools and supplies on hand: scissors in every room, a thermometer in every room, an electric heater for every room, piles of post-its and flashlights all over his house too. It looked like a store!

What do you think of this advice? What good advice have your received?

This post was inspired by a prompt from Mama Kat’s Writer’s Workshop where you can find more.

To find out more about my book and why I wrote it, read the Foreword here.
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13 comments:

CaJoh said...

Stopping by from Mama Kat's…

I used to pay off my credit cards in full, until a travel agent charged me double and I never quite caught up since.

Excellent advice,

Dan said...

Good advice. I'd also add "believe in yourself or no one else will" as a good life motto.

angie said...

Such excellent advice. If everyone used it we wouldn't have all this financial trouble!

tattytiara said...

Very excellent advice. I know I hate paying for things I already own.

Erin said...

Good advice...I learned that the hard way, now I pay off my credit cards in full! No matter what!

Ma What's 4 dinner said...

My dad told me the same thing...not that I listened. Amazing that as a teenager and young adult you think your parents are so out of touch and know nothing...now as a parent I realize they knew EVERYTHING! Especially all the trouble I was getting into...

Happy SITS Saturday Sharefest! I'll be back here for sure soon!

Alex aka Ma What's For Dinner?
www.mawhats4dinner.com

Karen said...

I think that the best advice I ever received was to not worry about things late at night. Things always look better in the morning.

Life with Kaishon said...

I think that is the very best advice. I try to live like that too. Save more than you spend is SO vital!

Christian Mommy Writer said...

I received the same type advice, except it was to use cash for everything. It's good advice to live by. You think a lot more before you spend if you have to cough up the cash right away.

Thanks for visiting my blog on my SITS day! I like your blog and will be following you!

Mountain Woman said...

Karen, your Dad was very wise. I think saving as much as possible and doing without extras might prevent a whole lot of pain later in life especially with SSI not getting any cost of living hikes recently. Save, save and save some more.

Mike Foster said...

Dad sounded like he knew what he was talking about...sound advice.

peace,
mike
livelife365

Lynn from For Love or Funny said...

Good advice is a precious thing! (Stopping by from SITS)

Mrs4444 said...

It's fantastic advice, of course. I wish I had followed it. I'm glad you have, though! :) Smart girl.

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