That day is finally here for the males of our society – young and old, all races and creeds. No – it’s not the SuperBowl! It’s Father’s Day.
It’s a day about honoring the dads in the world. They are honored with cards, dinners and gifts like ties, tools and technology. And when the day is done, what then? What about honoring them every day? How does one go about that? One of the best ways is to follow their advice and some of the best advice concerns finances such as:
1) No matter what, always save money from each paycheck. Put it in a savings bond, cd, blue-chip stock, money market or a savings account that you only touch when there’s enough money saved for the aforementioned items. This is in addition to a 401K.
2) Always look to move up the career ladder. If changing jobs, benefits matter! Sometimes it’s better to take a small paycut if the benefits are much greater.
3) Always pay off your credit cards each month. If you don’t, the interest rates will get you.
4) Make a budget and stick to it. Don’t forget to budget in nights’ out and vacations. Life is not to be just endured, but enjoyed.
5) Don’t forget the taxman! Your gross pay is not take home pay. From time to time, review your withholdings – is too much being taken out or not enough? If paying estimated taxes, are you paying the correct amount? Whenever there is a change in your life circumstances – filing status, number of dependents, job change – take the opportunity to review your tax situation. If there is no change, June is a good month to do it: taxes are filed, your mind’s clear and there is the rest of the year to take care of any adjustments that need to be made.
Hopefully, you’ll find this advice useful (from dads everywhere) and have a Happy Father’s Day!