14 People On The Best Money Advice They’ve Ever Been Given

From the colleague who lectures you about the benefits of Bitcoin, to the friend who tells you to stop spending all your money on coffee, money advice can come from all around us.

While this unsolicited money advice is usually well-meaning, it’s not always well received. After all, it’s kind of hard to take advice seriously from that colleague who just asked to borrow $2 for the vending machine or the friend who still hasn’t paid you back for that Uber ride six months ago.

But every now and again, you receive money advice from an unexpected source that proves to be an absolute game-changer. Whether it’s from your grandparents, a great book or your mum (we had a lot of those – turns out, they ARE always right!), this little nugget of wisdom completely changes the way you think about spending and saving.

Here, 14 millennials share the best money advice they’ve ever been given.

Treat yourself (cheaply)

“Find ways to treat yourself that won’t cost money/are cheap. Many people reward themselves with things like clothes and video games, which don’t tend to be great for saving! That was from my nan.” — Georgia, 28

Don’t rely on a partner

“My mum always told me ­– a man is not a financial plan!” – Lans, 35

Private health insurance?

“Mine is advice I read online. When you’re under 30, you probably don’t need (high-tier) private health insurance… If you go for extras, think about what you really need.” – Eliza Jane, 27

Stop and think

“‘Delayed gratification’. Instead of going out all the time to buy whatever you want the instant you want it, save the money and you will be able to afford better, more important things later on. If you wait a while on big purchases, too, you might figure out after a week or so that it wasn’t as important to you as you first thought. That was advice from my dad.” — Mitch, 28

Better than nothing

“My mum always taught me that little savings are still savings. If you want to get coffee, think about whether you really need it, and if you don’t, move that $3.50 into a saving account.” – Ghada, 21

There’s an app for that

“My friends gifted me the YNAB (You Need A Budget) software and it changed the way I think about money and what I want it to do for me. It’s all about zero balance budgeting and giving every dollar a job,” – Jen, 30

Now or never

“The best advice I’ve been given was from my mum – plan now for later. Start saving now for whatever it is you want to do, then you’ll be able to do it later.” – Andrew, 27

Don’t go cheap

“Never buy the cheapest version of a product, as the only goal of that product is to be cheap, and is more likely to break down. Even with the second cheapest, you already are getting a product where the most crucial upgrades have been made. That was from my dad.” – Rune, 35.

The great outdoors

“Mine was from my boyfriend – don’t waste money on the gym membership. You can always go to the park or beach for a run!” – Eden, 21

Bulk buy

“Mum always said to stock up on necessities when they’re on special. For example toiletries, cleaning products, bulk food items. It all adds up in the end!” – Carolyn, 27

Risky business

“You can afford riskier investments when you’re younger. You could get a better payoff, and if it doesn’t work out you still have a long time before your retirement to recover. I wouldn’t go wild, but slightly riskier investments would probably be okay if you’re responsible about it. I read this in a newspaper somewhere and always remembered it.” – Taylor, 26

Spend like an adult

“I have always been rather anxious about spending money. Especially on frivolous things like new clothes and haircuts, because I feel the compulsive need to save. So, the best advice was from my mum when I asked if I should buy a new laptop: ‘You’re an adult with a full-time job, you can buy what you like.’” – Allison, 26

Three eggs

“I haven’t been able to do this yet but I’ve seen my family put my grandad’s advice into action. When you invest your money, it should be in three places: the bank, stocks, and property. Never put all your eggs in one basket. Invest in all three. He died a very wealthy man. His children who follow his advice are doing pretty well – those that don’t, not so much.” – Jessica, 27

Super sorted

“The best money advice I ever received was from my first ‘real job’ manager who handed me a copy of the PDS of the staff super fund with a lecture that it was the most important document I’d ever receive, and reading it could be worth hundreds of thousands of dollars. So I did – I read it on the tram, met with someone from the fund and at age 22 had my super sorted. And a future career path – 6 years later I ended up working in super!” – Emily, 36

Armed with these savings tips, you’re probably set to start setting savings goals, and starting to budget.

Responses have been edited for clarity and conciseness. 

Emma Norris is a Sydney-based freelance writer and the owner of copywriting business, and lifestyle blog, When she’s not playing with words, she’s either doing pushups or stuffing her face with pizza. You can follow her on Instagram @emmajanenorris.

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