Timeless Money Lessons from Past Generations

Mom taught you her secret recipes. Dad showed you how to ride a bike. And feisty Aunt Claire always told the best family gossip. But who taught you about managing your finances?

Our family members may not have sat us down for formal lessons in financial literacy, but much of the advice and words of wisdom passed down over generations can be applied to the way we manage our money.

Here are a few life lessons we’ve all heard time and time again over the years, and how they can be used to help us handle finances:

‘Never put off until tomorrow what you can do today’
Maybe you’re waiting until you find a better job. Or maybe you’re holding off until you get married. But in reality, there’s no reason to put off saving toward the future. Even if finances are a bit tight, any amount you can set aside on a regular basis can help you get closer to short-term goals, like making home repairs or taking a vacation, and long-term goals, like retiring by a certain age.

And it’s never too early to turn your kids into smart savers, too. Teaching them the value of money and how self-control and planning can help them save up for the things they want leads to great decision-making habits in the future.

‘Don’t cry over spilled milk’
If you’ve had financial struggles over the years resulting in poor credit and little-to-no savings, you can always recover. Yes, rebuilding your credit takes time and commitment, but it can be done. Even if you’ve filed for bankruptcy in the past, there are steps you can take to start over with a clean slate.

It’s true, you can’t change the past. But “crying over spilled milk” and dwelling on it will not help you recover. No matter what past troubles you may have faced, today is always a good day to take a step toward strengthening your financial future.

‘Better safe than sorry’
Another way to state this one is, “Make sure you’re prepared or you may end up regretting it.” And that’s especially true when it comes to your finances. Creating an emergency fund and contributing to it on a regular basis ensures that you are prepared for whatever comes your way — a job loss, a medical emergency, even a pandemic.

‘All that glitters is not gold’
If you find yourself in a situation where you’re struggling to pay your bills each month, the fast and seemingly easy money offered by payday loans or title loans can be tempting when you’re looking to ease your financial strain. But while these loans may seem like attractive options when you’re in a pinch, they could make your financial situation much worse.

Beware of any financial “opportunities” that seem too good to be true, because most likely they are. Instead, look for other ways to get cash fast in an emergency like picking up odd jobs, selling unwanted items online, borrowing from family or taking out a personal loan from a reputable lender.

They’re more than clichés, they’re sound financial advice

Uncle Larry may bore the family every Thanksgiving with his endless stories and awkward anecdotes, but buried in those tales are pearls of wisdom you can apply throughout your life to help you make sound financial decisions.