The best money advice from parents to help you get ahead
Remember all the conversations with your parents about saving money, building a nest egg, or not blowing your entire paycheck on that new Sony PlayStation? At the time, it went in one ear and out the other, but now? You’re older, wiser, and probably wishing you took some of their advice on board.
So, we wandered around the Virgin Money office to crowdsource some parental advice, or those little nuggets of wisdom that people remembered from their own parents.
Make your money go further
“Buying a case of beer is always more economical than a six pack!” – Phoebe
Is Phoebe’s dad the coolest or what? We get what he’s saying – it’s about being smart with what you spend. So, buy the family-sized packet of Mars Bars. Sign up for the Pilates membership rather than pay-as-you-go. And yes, buy the case of beer (or wine!) to make the most of your money.
Get comfortable with a bit of risk
“My dad always used to say ‘No risk, no return’ – easier said than done, but there’s a lot of truth in it. There are varying levels of risk and it’s not right for everyone, but a willingness to take some risk is important in most investment decisions.” – Steph
Our view? A little bit of risk can be a great thing – but always get sound financial advice first, and make sure you’ve covered if something goes wrong. Check out our home & contents, home & car insurance.
From little things big things grow
“Look after the pennies and the pounds will look after themselves.” – Mick
Small but effective money decisions can ladder up to a lot down the track. Round-Ups1 – a feature in the Virgin Money app – is based on this philosophy.
Say you buy your lunch for $9.50. By turning on Round-Ups, that $9.50 will become $10.00, and that extra 50 cents will go straight into your savings. Better yet, use Round-Ups with a high interest savings account like our Boost Saver, and those pennies will become pounds pretty quickly!
Cash isn’t always king
“Some of the worst advice I received was that cash is king! While crypto may not be tracking the way many of us had hoped, I’m still glad I didn’t keep all my dollars in a box under the bed!” – Amrit
Have big goals and stick to them
“Start your kids on savings goals young, and hopefully it sets them up for life. My 6-year-old is saving for a new iPad (or a contribution towards) and he’s so desperate to get one that he doesn’t waste a cent of his hard-earned on lollies or toys.” – Andy
It’s good to have big dreams, so why stop at one? With a Virgin Money Go Account, you can open up to nine Boost Savers – our highest interest savings account. You can also set individual goals for each account – so whether it’s your next big holiday, your wedding, house deposit, or even a new iPad, you can stay laser-focused on your goals.
Save for a rainy day
“The best piece of advice my dad gave me was to run your finances a month in advance. So the pay cheques you receive in August should pay for everything you need in September. Then come September, you have all your money set aside and don’t have to worry about when you get paid next. And it offers a one-month buffer if anything happens to your job!” – Cassie
Saving for a rainy day is the ultimate practical parental advice. And with good reason – you never know when the unexpected will happen.
Whether you like to admit it or not – sometimes parents do know what's best.
Our view?
A little bit of risk can be a great thing – but always get sound financial advice first, and make sure you’ve covered if something goes wrong. Check out our home & contents, home & car insurance.
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