What Financial Advice Would You Give Your 18-Year-Old-Self?

If you could hop in a time machine to give your 18-year-old-self a financial tip that you wished you knew back then, what would it be?

We asked our employees to weigh in.

And while some joked that they shouldn’t have bought so many horses or lamented not investing in certain companies that rhyme with grapple, what we found is that our employees’ advice reflected the four components of financial wellness.

Financial wellness is measured by how you’re doing in four categories: spend, save, borrow and plan. Spend is a measurement of your expenses compared to your income. Save asks if you have enough money set aside to handle emergencies. Borrow involves having a sustainable debt load and good credit. The last category, plan, is about setting financial goals and making a plan for future expenses.

Here are the lessons our employees would share with their younger selves to get them on the path to financial wellness:

Spend

“Live below your means.” — Nancy, Administration

“Bring your lunch to work!” — Devon, Administration

“Don’t buy anything without a free return policy…” — Amanda, Marketing

“Don’t buy a brand new car! The payment is high and insurance is expensive… A reliable used car to get you to work and school is sufficient.” — Dey, Santa Maria

Save

“Pay yourself first! Put at least $10 in savings each check and DON’T touch it!” — Megan, Administration

“Auto-transfer a portion of your paycheck to a savings account. You’ll never miss it!” — Robert, Training

“Save your money! Don’t spend it all on clothes and makeup.” — Kerry, Administration

“Leverage the exponential power of compounding interest over time. Start saving and investing early.” — Alex, Accounting

Borrow

“Don’t use more than 33% of your credit line.” — Crystal, Arroyo Grande

“Pay everything off by making more than the minimum. Simply making the minimum payment takes forever…” — Alan, Santa Maria

“Don’t accept tempting credit card offers.” Holly, IT

“Don’t get so many credit cards! High interest is not worth it.” — Christina, Arroyo Grande

Plan

“Budget and save for retirement.” — Kim, Training

“ALWAYS take advantage of company matching for retirement.” — Stacey, Consumer Lending

“Open a ROTH IRA and max out every year.” — Anonymous

“Save up and pay cash for your first car.” — Carla, Administration

Now that’s great advice.

Financial education is the key to financial wellness, which is why SESLOC is committed to providing tools and resources to our members, employees and community.

Every year we offer free seminars in our branches on topics like budgeting, buying a home, teaching kids about money and planning for retirement.

We also offer free financial counseling, and our in-branch Money Coaches can help you set goals and stay on track for financial wellness — book an appointment today.