4 Financial Lessons We Learned From Our Grandparents and Parents

By learning from the financial lessons passed down through generations, you can gain valuable insights to improve your own money management skills. Our advisors share the wisdom they learned from their family members, offering practical advice that can help you achieve financial stability and security:

4 Important Financial Lessons From Our Elders

1. Pay yourself first 

“My first job was at the young age of 15, working as a salad girl at a local supper club. When I was hired, my grandfather helped me fill out all the new hire paperwork. As we went through the forms, he pointed out that the most important one was the direct deposit form. I excitedly replied that I couldn’t wait to have extra money to spend but he gently corrected me. “No,” he said, “so you can deposit to your savings account and pay yourself first.” He encouraged me to save half of every paycheck, explaining that doing so would provide what he called “future freedom” — the ability to handle emergencies, put a down payment on a car or home or simply have the peace of mind that comes from financial security. That lesson stuck with me and shaped the way I’ve approached money ever since.”

- Nicole Geniesse, SVP Wealth Advisor 

2. Resourcefulness leads to long-term security 

“I spent many summers on my grandparents’ farm, which was conveniently located next door to my great grandparents’ farm. My grandparents’ income depended on things that were out of their control which caused them to be very frugal, understand where their money was going and being smart about saving. My grandpa had a saying "Use it up, wear it out, make it do or do without”, and this really was their mentality around their finances. I saw them closely evaluate their expenses and plan for large purchases. My grandmother did the recordkeeping for the farm and from her I learned how to balance a checkbook. My grandfather was very handy and would spend hours fixing things versus buying new. I learned that learning a new skill and investing in yourself can pay off. My grandparents’ smart financial decisions allow them to now live comfortably in retirement. I think of the many decisions they made to ensure they could step away from the farm when they were ready. My grandparents taught me to save, plan and spend wisely. I am grateful for the lessons I learned from them at an early age, as it helped me to make smart choices with money throughout my life.”

- Alexis Wolff, VP Commercial Banking Relationship Manager

3. Spend less than you make 

“As I grew up, I felt very lucky, as I could enjoy the trip to Disney as a child or the beach vacation but what I learned as I grew up was that it was more about what placed my parents in their situations and that luck wasn’t the answer. My father always instilled into me, “Just because you can afford something doesn’t mean you should buy it. Save first, spend second. If you always spend less than you make, you’ll never be broke.” I took this lesson to heart and I can always hear his voice when I’m looking at a big financial purchase like a home or a vehicle.”

- Jon Jones, AVP Branch Manager

4. Budget and plan for the future

“Growing up, my parents and grandparents did not have much. They worked hard for what they had and I appreciate all the lessons they taught me, especially financially. When I was young, I saw my parents budgeting their income and saving what they could. As I grew older into my teenage years, my parents showed me how they did things like budgeting and investing to manage their finances in the best way they could. During those years, I also started to understand that not everyone understands how to efficiently manage their finances. Fast forward to today, and I am doing my best to pass those lessons from my parents and more to my clients and friends. I’m very grateful for all the financial lessons my parents have taught me, and I still get excited creating better financial situations for my clients.”

 - Susan Darrow, AVP Branch Manager

By embracing these lessons, you can build a stronger financial foundation and create a secure future for yourself and the next generation. For more tips, check out our blog or connect with an advisor today.