Financial Advice From A Father

Things don’t fill your life, love and people do. That was one of the lessons Karen Herr’s father taught her that she uses in life and in her work as Logistics Coordinator at Workers Credit Union. Father’s Day is a great time to celebrate the fathers, grandfathers, guardians, and other caretakers in our life. Herr’s father taught her sage personal and business financial tips from a young age such as how to manage money, count inventory, send out statements, save, and more. As Father’s Day approaches, she recalls the tips and advice he taught her and her siblings that she still follows to this day.

Keep Paying Your Car Loan Even After Its Paid Off

If you pay $300 a month on a car loan and you pay if off, still put away $300 each month in a savings account. You could afford it before, so continue to put it away for your next car or for car repairs. This will help to build up your savings.

Pay Extra Toward Your Mortgage

When you pay extra on bills, you end up saving money in the long run. When Herr’s father bought their family home, he paid at least $1 extra on the mortgage payments. The next year, he started paying $2 extra, allowing him to save interest in the end. The same concept applies to today, although you’ll likely need to pay more to make an impact on your mortgage balance. To this day, Herr has always paid extra on loans or credit card payments.

Keep Cash On You In Case Of Emergencies

You never know what the future will bring. It’s a good idea to keep between $100 to $200 cash on you in case of emergencies, along with having other forms of payment such as debit and credit cards. When Herr was growing up, she put his advice to use and kept cash on her in case she needed it. By having multiple forms of payment, you’ll be ready for whatever comes your way.

Don't Spend More Than You Can Afford

If you don’t have the money today, you can’t afford it. It doesn’t matter if you are getting paid tomorrow or not. This mindset will help you live within your means.

Think Twice About Purchasing Items

Do you need it? Or do you want it? Is there something less expensive that would work just as well? Sleep on it and make your decision tomorrow. It might just be an impulse buy that you don’t need or even want. People fill your life more than material objects.

This Father’s Day, celebrate your loved ones who helped you prepare for the future. While parents and guardians can be a great resource for financial advice, consider also speaking with the Workers Credit Union Financial Wellness Coach who can help you set goals for a prosperous financial future.