The Father’s recipe for financial success, because Dad knows best!

What better way to celebrate Father’s Day than to honour your Dad by being a good student of his financial lessons. He’ll appreciate that you value his advice and wisdom. Nothing makes a Father happier than this, knowing that he’s made a difference in his child’s life. Here are some lessons from Dad, which are still very relevant today.

Start saving as early as possible

Dad’s stress the need to start saving as early as your first day of first earning. This means that you will make saving a part of your life and when started early, you’ll have enough to support yourself on a bad day as well as in your old days. The earlier you begin saving, the more you will have to live comfortably during your retirement.

Make a budget

Failure to plan is a sure way of planning to fail. Your Dad may tell you that a budget is a tool that every person should have regardless of their earnings. You should know how much you’re earning and how you will spend it. A budget is a good tool for tracking your finances and ensuring that goals are achieved.

Dads often emphasize the need to stick to a budget. If an item is not budgeted for, it probably it isn’t needed, you shouldn’t buy it; wait until your next budget and see whether there will be money to be spared.

Live within your means

They are the kind that would not pamper to please; Dad’s usually insist on spending less that what you earned. It’s only through this that one can save for tomorrow or for investment. Living beyond your means results in debt, something which should be avoided if it’s meant to support a given lifestyle. Stick to just the basic spending, avoid luxuries until you can comfortably afford them and do away with unnecessary spending.

Your Dad’s advice has stood the test of it time. Try it today and see the difference.