SeaComm Federal Credit Union OFFICIAL BLOG

5 Lessons Our Parents Taught Us About Money

cover4.jpgThe lessons that our parents have taught us are rarely forgotten – forever ingrained in our minds, and still useful whenever we need them. The one aspect of life that these lessons and morals are still applicable to is finance. Here are 5 lessons our parents taught us about money, which still apply in adulthood!

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There’s nothing wrong with buying used goods. You don’t have to spend a lot of money on things like electronics, clothing, home furnishings or other everyday items. In fact, it’s possible to save a lot of money if you consider purchasing these items in a pre-owned condition. Before you buy an item full price, look through the previously owned inventory on sites like Letgo, Poshmark, Sell and eBay.

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Waste not want not. Just like what you put on your plate must be finished, the things you purchase should be used and more importantly – useful. Before you make a large purchase, determine if the item (or service) will actually be useful, rather than taking up space and emptying your wallet.

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Don’t try to keep up with “The Joneses.” Too often, children feel the need to have the same (or better) gadgets and toys as their peers. Unfortunately, nothing much changes when you reach adulthood. Instead of focusing on what others have, shift your energy towards financial decisions that would benefit you and your family. While you shouldn’t ever deprive yourself of things you genuinely want, you should fight the urge to buy things just to keep up with your neighbors and friends.

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You can reach your goals through hard work. Parents teach their children the importance of earning money at an early age. Doing chores, mowing the lawn or even taking up a summer job were great ways to learn valuable money lessons. This still applies today. If there are things you want in life, but feel that they are financially unreachable – think again. By working hard and saving more, you can achieve great things and live comfortably. Click here to learn how you can reach your financial goals with the help of a SeaComm Regular Savings or Money Market Account!

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Money can’t buy happiness. The things money can buy will bring you temporary joy, but cannot provide permanent fulfillment. In the search for this, you’ll find it in your family, friends, and how you treat others. Throughout your financial journey, always remember that a good life doesn’t mean having good things, it means doing good things.

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