Financial Lessons from Members

17 Apr

101 Financial Lessons Straight from Our Members

It’s been quite a year already hasn’t it? COVID-19 may have you wondering if the year can ever get back on track. It’s very possible that we may all need to build a new normal once everyone is back at work and we’re able to leave our homes again. While we’re waiting, start thinking through what you’ve learned from this crisis. Also, start planning for your new financial normal. 

A word of advice though, even if you’re out of work and finances seem scary right now, don’t forget to take a break and dream a little too. Even if your dreams have to shift, that’s ok, but don’t stop dreaming. 

Here are some questions to ask yourself as you think through your finances: 

-In what ways was I prepared for this crisis? 

-How was I unprepared? 

-Do I need to start a budget or make changes to it?

-What are some affordable ways I can celebrate being able to get out of the house again? (That day will come!) 

-What’s one change I can make in my finances to help me be better prepared for another crisis? 

 

We asked our members what financial lessons they’ve learned this year so far. We thought they had some great advice for the rest of us and wanted to share them with you. Here are 101 financial lessons straight from Signet members: 

  1. I learned to pay myself first each payday by putting money into my savings account.
  2. Savings will make craziness in this world less crazy at home. 
  3. Saving is very important. An emergency fund is a must. 
  4. Never spend more than you earn. 
  5. Use your money wisely and don’t be quick to spend, save it in case an emergency comes up.
  6. Savings is a must! 
  7. Pay off your credit cards. 
  8. It’s better to save than to spend. 
  9. Keep a good amount of money in savings. 
  10. Keep and maintain a budget. 
  11. Not eating out as often saves you quite a bit of money.
  12. Spend wisely.
  13. Always plan for the unexpected. 
  14. Pay bills on time to build good credit.
  15. Take advantage of your employer’s 401k and HSA match.
  16. Budget better. If I spend all my money when I first get it, then there is not much for emergency situations.
  17. Even if it’s not a lot, save, save, save. 
  18. Shop around for good rates. 
  19. Make sure you save for the unexpected. 
  20. Having diversified assets is good. 
  21. Save money when you can because you never know what life will throw at you. 
  22. Open a simple IRA. 
  23. You can never be ready for everything. So, do your best to over prepare. 
  24. Don’t spend money you don’t have. 
  25. To save all you can to be prepared for the unknown like the COVID-19. 
  26. Keep track of spending. 
  27. SAVE SAVE SAVE
  28. Don’t spend so much money on fast food.
  29. Only buy what you need, nothing more. Any extra cash should be in a savings account. You should always have at least $500 saved up for an emergency fund.
  30. Try not to fall back on your credit card but to only use the money you have. Once the credit card goes up in balance it’s hard to get it down fast before it hits your credit. 
  31. To always ration your money. To make sure you don’t spend money on things you don’t need or want. 
  32. I have learned to save more money in case there is another major event like the Coronavirus.
  33. Budget 
  34. Save for the future. 
  35. Quarantine is a great way to spend less! 
  36. Pennies really do add up! 
  37. Always use mobile banking to reconcile your checkbook and get notifications on current transactions.
  38. We’ve been putting a lump sum in savings from every paycheck. It was awesome to buy a used car with cash and not take out another loan. 
  39. Spend less money on unimportant things. You never know what you’ll need that money for in the future. 
  40. Try to get out of debt. 
  41. Pay off loans with tax money. 
  42. Always check for the lowest interest rate on a vehicle loan.Check Interest Rates for Auto Loans
  43. Pay back student loans aggressively. 
  44. Always keep cash on hand.
  45. Always have your insurance deductible saved back. 
  46. Make conservative purchases.
  47. I’ve learned that I need to put a large percentage of each paycheck into a savings account. I also have learned how much money you can save by packing your lunch everyday! Limit the number of days you eat out, it adds up!
  48. Make smart decisions when spending money. Don’t just buy to be buying. 
  49. Do not splurge because you find yourself in a pandemic. 
  50. Save your money wisely because you might need it later.
  51. That Signet is a non-profit.  (We love that this is something someone learned by looking at our website! We are a non-profit, you can learn more about our mission here.
  52. Putting savings on auto-pilot is a great move. 
  53. To be prepared with plenty of savings because job loss could come any day, unexpectedly.
  54. It’s never too early to start saving. 
  55. I learned to always put a small portion of your check into your savings account to build healthy saving habits.
  56. Save money even when you don’t want to.
  57. Have financial plan/goals and don’t forget to give back.
  58. Prioritize bills, pay debts off quicker, and more efficiently.
  59. I’ve learned to budget money easier by moving $100-$200 per paycheck into savings. 
  60. I have learned to make sure to have savings worth at least 3 months of bills. The Coronavirus has affected us all and not being able to work is a stressful, worrisome time. 
  61. Having money taken out of your check will help you save. 
  62. It is always a good idea to be prepared and have an emergency savings in place. As we all know from the current time we are in, you never know what tomorrow will bring.
  63. Savings earn money.
  64. With the virus all around us, and having to stay at home more I have learned that there are things that you can do without that are not essential. It’s been nice saving the money that we would have eaten out on. The extra things we did before are not essential! I’ve learned to save money on things that we can do without. 
  65. Keep at least 500 dollars on hand for emergencies. 
  66. Pay extra on loans every month. 
  67. Save your money because you never know when a crisis may arise. 
  68. Put even small amounts of money away to build up and pay things off sooner.
  69. Save for retirement as early as possible.
  70. Budget everything, it’ll pay off in the long run.
  71. Don’t touch your savings.
  72. That toilet paper could eventually replace the dollar. 😉
  73. The financial lesson that has reverberated most for me this year has been the power of savings. While mine is currently depleted due to circumstances I had not foreseen, I know that with hard work and the resources Signet offers, we will get back on track.
  74. Don’t ever max out your credit cards.
  75. If you want to have money, don’t spend it on nonsense.
  76. Setting clear financial goals while practicing good saving habits now will ensure my future is a bright one☼!
  77. That it’s so important to have good credit.
  78. I need to save more and spend less. 
  79. Do not spend more than you make. 
  80. Don’t put everything into a 401k.
  81. Learn to set a budget to help plan for the future. 
  82. Don’t impulse buy. 
  83. Even if it’s just a little amount you save, it’s better than not saving at all. 
  84. Plan ahead – things can change fast! 
  85. To not use debt to buy things we want. 
  86. Save money each month. 
  87. Save. Anything can happen. 
  88. There will be rainy days, so a cushion is good. 
  89. I stopped spending as much day-to-day…snacks, drinks, coffee, etc. It only takes saving 27 dollars a day to save about $10,000 a year. It is a lesson that is now a practice and hopefully it will become habit. 
  90. I’ve learned that I always need to contribute to my savings account, not just when I’m saving for a particular purchase. I was supposed to get married soon, but due to COVID-19 we will be postponing. We have lost our first deposit to our venue so now I’m saving all over again. Had I always contributed to my savings, I wouldn’t be struggling to save for a wedding and moving out all at once.
  91. Always have 1000 put back for unplanned situations. 
  92. Save your money by putting a percentage of your paycheck into a different account.
  93. Don’t acquire more debt than you make. 
  94. Stock up when prices are low on home items so you are not out of luck in a crisis.
  95. I’ve learned that I need to make sure to have money saved up in case of a “rainy day.” For example, now with this virus shutting so many businesses down and so many unemployed.
  96. Pay off debt as soon as possible. 
  97. Do a better job saving. 
  98. Making a budget and sticking to it is helping us achieve financial freedom.
  99. I’ve learned that an emergency account is a necessity since you never know the emergency that’s coming. We never could have seen COVID-19 coming, but here we are. 
  100. Always pay an extra month on your bills if possible.
  101. The need to start saving a percentage of each paycheck for unexpected expenses. 

 

The theme from members’ responses was definitely to save for emergencies. There are so many things that we will never be able to plan for, but extra savings always helps. Let’s work together so you’re ready for those unexpected moments. 

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