5 Pieces of Financial Advice That Stood the Test of Time

Hannah Boling
5 min readOct 9, 2021

Those phrases your parents used to say after you got your first job? Here are the top 5 that still ring true.

Many people have long forgotten the initial financial advice they received at the very beginning of their journey with cash flow. While lots of information about finances is only temporary, there are some phrases of financial advice that still ring true today, and likely will for many years to come. Here are a few of the old-school ideas to keep fresh in your mind today.

“Don’t Spend it All in One Place”

Back when I was a young teenager I got my very first paycheck from my first “real” job, which was by far the largest sum of money I had ever received at one time. I came home elated, ready to tell my parents about how I was now a fully-functioning member of the workforce. The very first thing my mom said to me, after brief congratulations, was “make sure you don’t spend it all in one place”.

While this saying is often used in a sarcastic sense, I have found it to be true in lots of circumstances. Often when shopping, on vacation, or even at the grocery store, we get carried away and spend our entire paycheck at one time.

I have since learned that monitoring my spending and making sure I am only buying what I need has helped keep me afloat in this expensive world. While on vacation, I make sure to not spend large sums at any one store, not buy excessive souvenirs I will likely toss out later, and try to only eat out when 100% necessary.

“A Penny Saved is a Penny Earned”

Photo by Diane Helentjaris on Unsplash

While spending is certainly more thrilling than saving, taking this long heeded advice, originally quoted from George Herbert, has gotten me further than a new pair of jeans ever would. There are several different ways to interpret this saying, however the most common is the value of savings is equivalent to the value of earnings.

When saving, it is important to make your pennies earn more for you. While stockpiling money and having a rainy day fund is never a bad idea, the biggest and most furthering concept behind saving is that it can in turn earn you more money.

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Hannah Boling

I am a freelance writer learning to navigate the waters of solopreneurship, finances, and self motivation