Fatherly Pearls of Wisdom: Saving Your Money for Rainy Days

idealmike Level X³

May 18, 2017, 10:40 am

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Fatherly Pearls of Wisdom: Saving Your Money for Rainy Days

Save up your money son. Try to put a small amount from your weekly or monthly pay packet into your savings account for a rainy day or for emergencies.

This was probably one of the best life hack tips my old man ever gave to me. He always used to tell me to save my money up and try not to spend it all on sweets and candy and stuff I don't really need like comics, magazines, sticker card albums and games! Although, I really did consider them the things that I needed back then just so that I wasn't always so bored and would have something to do you know?

But this was some really sage advice and I'm glad that my dad used to tell me this from a young age as it kind of stuck with me and I wanted to be able to impress him when I was older by saying that I've saved up my money and have something to show for it! I actually used to think about all the things I could buy with it if I had enough like a car, wheels for my car, a stereo sound system, a gaming console, new shoes, trainers and clothes whenever I needed them and just for emergencies of course!

And I thoroughly recommend this to anyone today! Any young lads or girls growing up today, to put away some of your money from your pocket money or even from your temporary or permanent part time or full time job. You should keep doing so as well as it will come in very handy one day and it feels good to know that you've saved up your money and not spent it on things you don't really need!

And I grew up quite tough, we never really had much. I even used to get hand me downs when I was really young. And I'm kind of grateful for that. Because from it I learned about some true family values as well. Like being grateful for what you've got and being thankful that you don't have it as bad as some people do. Because no matter how bad you have it, there is always someone much more worse off that you are.

But I just didn't want to live like that, I wanted to make it on my own not a hand out! I wanted to be able to pay my own way in life. I never wanted to be someone that would have to ask my parents for money for something. And it was through this tip my old man gave me that helped me be like that. I just wish that I would have taken it a bit more seriously as I have certainly spent my fair share of money on tons of ~~stuff~~ crap that I haven't really needed in my life time!

What about you? Do you save up some of your money from your weekly/monthly pay packet into a separate savings account?

Do you have an ISA or something else that you pay into regularly as a way to save your money?

Or do you just spend it on your bills and then try to make the rest last until you're next paid?

I know what that's like!

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DenisP

I am happy to say that I was blessed with parents who raised me with good financial habits. They taught me to budget my income, to not engage in frivolous spending, and of course to always have something in my savings. Thanks to their advice and life lessons, by my early 20's I already had a very large amount of money put away in my savings account. However, I realize that this isn't actually possible for many people in this day and age. I was fortunate enough to have the right opportunities, but many people barely make enough to eat, let alone set aside savings.

7 years ago

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fishmonk

I'm fortunate to have parents who emphasize on frugality. It's important to have self-control over our own personal savings. Otherwise, it' going to be hard to save money. Nowadays, I only purchase things which I need so I can manage to save around 40 to 50 percent of my income. I split my income into multiple bank accounts and keep track of my monthly budget. Having a tracker allows me to always spend within my personal allowed limits.

7 years ago

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Happyflowerlady

As a senior trying to make it on a minuscule amount of SS pension, and looking back over my life in general, I can definitely say that it is important to save everything you can, while you can. One just never knows when some kind of disaster will strike, and you will need a little (or a lot of) extra money to help out. Now, there just is not much money to try and save a large amount; but I still save the little bit that I can, just in case of emergencies. I think that it is always good to have some cash hidden away in your home, or someplace you can access it in an emergency situation where you can't get to the bank and get money. We had bad tornadoes here that shut the whole city down, no power anywhere, and streets were blocked with downed trees and power lines. You could only go where you could walk and only spend cash that you had in your pocket, because no banks were open to get money out of, electronically or otherwise. Preparing for emergencies is always very important to do.

7 years ago

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DarthHazard

It's such a simple idea yet something that can help everyone so much. Everyone should always set some money aside for a rainy day because life is full of surprises and you just can't predict what could happen. You could have an accident or some unexpected costs could come and if you haven't set some money aside previously then you might have trouble being to pay for it. It's also great if you are saving up for something like a house or a car. If you can set aside some money every month then you can quickly save up a lot.

7 years ago

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overcast

I think this is indeed a good advice. I managed to get this advice really late. You can see that it was not easy for me during my 20s to save money. So I am working harder in 30s to get around that part. I struggle a lot for money now. I didn't saved up during my 20s and that is costing me now. But now that I have learned. I try to invest as much as I can. I have reduced my spending. And also learned to save up with that. I try not to indulge into things which require a lot of efforts. As you can see saving for rainy days takes time. You have to start with what you have.

7 years ago

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fulstaf

Saving is just for security, not for wealth, this is for those who have a steady income, and I since don't have that, I have to save just enough to invest in something which would multiply this amount. This way I learn something new and have fun, I don't care if I lose it all, cause the experience I'm getting is priceless.

7 years ago

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Barida

I have fallen guilty of the virtue of saving money and it is something I am really working towards improving in no distant time. Saving money for the rainy day is what every individual should do so as to be on a safer side if there is a need for emergency pending or if disasters happen.

I a planning to start saving money in a different account soon.

7 years ago

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pizzalover

My mother told me the same thing you father did. I think it is an excellent idea to save money in case an emergency or for the future. You never know what it is going to happen life is unpredictable. The way I do it is that I have multiple bank accounts so, I have one for that kind of savings. I divided my salary into three parts. That's how I have a good control of my money and savings. I know how to spend it and when.

7 years ago

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Carmilina

We need to control our expenses nowadays since there a lot of more important things we need to take funds into it. I don't like to compromise my savings anymore. That's why I am working so hard.

7 years ago

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AmieBotella

I am currently living paycheck to paycheck. But it's not always like that. When I can hold of more than enough for my needs and my family's needs, we save up for my son and for 'rainy days'. We tried to save a specific amount to be deposited in the bank all for the future. While it's not always christmas in our lives, we tend to be a little bit frugal at times and a little bit splurging when we can. We try to enjoy life as we go on. That's one thing my husband and I realized in living. We wanted to adapt the KonMari method of eliminating too much unnecessary stuffs we rarely use, and at the same time we try not to be hoarders also. This helps us maintain our buying urges. We had an arrangement that not every time we go to the shopping center, we should buy something we think we need. Instead we have scheduled time for buying stuffs for our home and for ourselves. If the item we saw in the store seems to be something we need but really urgently need, if you know what I mean, we don't buy it. There are a lot of things in the market today that look and appeal like we need it but in reality we can live without them. For us it also helps when we combine our incomes together maximize its value more.

7 years ago

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jaymish

This advise is sport on. It's always best to have money saved up for a rainy day. This is life and anything can happen. The best way to make sure that you save ,is that immediately you receive your money, you put away , what you intend to save. In the words of Warren Buffet 'Pay yourself first' So before you invest, before you spend, before you pay your bills , make sure you have put aside, a percentage of your income. A percentage of 10% of what you earn is recommended. If you're working it's recommended you save, one year of your salary , for when you lose your job.

7 years ago

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tophew

Yes for me i save my money a lot like for many reasons i separated 20 percent of my salary to put on savings just in case for health issue there is extra cash also for Christmas and new year i save money ahead because i tend to buy many things during holidays season and specially they offer sales i grab as many as i can so saving money is always part of me.

7 years ago

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vhinz

It is really good to save part of your hard earn money because you'll never know until when you would be able to work. Having a savings will make sure that your family's lifestyle will continue even if something bad happens to you. You could still sustain your family needs in case if you been laid off from your job. There's money that you can use while you are looking for another job. It helps also if you could grow that money that you save by investing in a business so that your income will never stop in case you could no longer work due to disabilities or health problems.

7 years ago

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Pixie06

My parents have always advised me to save some money as life is full of uncertainties and you never know when something urgent may crop up and you are in need of some money. Having some savings aside will help you in this situation. Moreover, you can also save up now for your future plans. There are many people who prefer to take loans but they don't realize the amount of interest that they have been charged with.

7 years ago

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vinaya

Whether you want a financial security in old age or want to invest in an income generating program, you should always save. When you save, money will accumulate which will sum up into a big total someday, you can use this money to buy properties, invest in a program, or live comfortably when you are unable to work.
If you want to save, you should first save money and then with the remaining balance manage your day to day life.

7 years ago

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Soulwatcher

I am awesome at money management but I can't save because I live on a fixed income and there is nothing to save by the time everything is paid and I buy food. And I don't really have any complaints because I am just happy to have everything a need with a small want here and there.

P.S. I want to kick myself for all of the times I wasted my money when I had money. Because if I would have saved it I would have a really nice nest egg right now!

7 years ago

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mildredtabitha

My father used to tell me the same since I was a kid. I always saved from whatever amount of pocket money my parents gave me. Being able to accumulate money until it was more enough to buy me the things I wanted made me love saving. I currently have a current account where I save any amount of income coming from my online job.

7 years ago

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augusta

Any sane being should know and have it at his or her fingertips that it pertinent one save and save again for the raining days.We can't predict tomorrow and our finances aren't stable, so the best bet is to save for the unforeseen and the unknown, that way we can absolutely tackle future financial constriants.

7 years ago

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gelotologist

I think it's actually what parents would totally tell you in order for you to save money for your future, and I also agree that it is effective. I've heard a lot of stories related to yours and all that they're saying in the end is that they have succeeded and always follow what your parents have told you. Because in the end of the day your parents are the one that you'll be needing whether you have or you don't have money.

7 years ago

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mitan143

I think this thing should be included in our top priorities when we are already earning money. Saving, even not a money, is a great and effective tool against unexpected and unwanted situations or emergencies. Personally, I tried to save money as much as I can for a day, but sometimes I came to think also that the money I saved is not multiplying by just keeping it on your safe place. What I think to resolve my dilemma is that I will use it for business or for investment but I'm not into investment so it automatically cross in my option so putting it in business is my only option. But I have this another dilemma, what if the business might not work and what if I lose my money from my savings? I couldn't afford that to happen, but now I lend my money to my siblings or to my relatives who has small but successful businesses. By the way, I earn money from part-time jobs so I really need to multiply my excess money because I don't have a regular earnings.

7 years ago

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mystic14

Fatherly Pearls of Wisdom: Saving Your Money for Rainy Days

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7 years ago

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jpk0007

That is very true, saving money when you are young and earning is very essential as a form of security for your old age. I used to spend a lot of money when I was in college. However, once I started earning money and studying simultaneously, I realized that I should never have waisted so much money in my past. since then I have been saving some amount of money every month. I think that this habit of saving money has already helped me a lot during many emergencies in the past.

6 years ago

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ListingDock

Fatherly Pearls of Wisdom: Saving Your Money for Rainy Days

Fatherly Pearls of Wisdom: Saving Your Money for Rainy Days

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