Good Advice Never Gets Old
As part of National Financial Literacy Month in April, we asked our UMCU members to share a piece of financial advice that has stuck with them. Wow – what an overwhelming response our Education Team received! So many members wrote in and gave us a peek into some impactful money lessons that came about while they were younger and that have continued to play an important role for them as an adult.
Top Tips from Our UMCU Members
We thoroughly enjoyed reading each and every response and decided to share some of our favorites for everyone to learn and get inspired from! Keep scrolling to read some of the responses –many will resonate with you. It’s not always easy to make financial decisions and recognize when you might benefit from a little guidance, especially when looking for a credit union in Ann Arbor that truly understands your goals. We encourage our members to talk openly about their finances, seek assistance when needed, and access reputable information frequently so that decisions are made with knowledge and confidence. Here’s to the importance of financial health!
Voices of Experience: Top 30 Member Financial Lessons
We want to thank everyone who participated in our April Financial Literacy Month contest! We asked our members, “Please share a money lesson that you learned while younger (as a teenager) and explain how that is still helping you even today.” Whether you are searching for financial literacy resources in Michigan or just a bit of neighborly advice, here are just a few of the amazing responses we received:
1. Avoid Interest Traps: "As a teenager, my dad insisted that you never put anything on a charge card that you do not already have funds available to pay off as soon as the bill comes. The interest would make the purchase unaffordable." – K.Y., Milan, MI
2. The Power of Comparison: "A money lesson that I learned as a teenager was how to use comparison shopping to save money... now in 2026, I still take the time to check the price of items on multiple retail websites... It allows me to make my money stretch even further." – I.H., Inkster, MI
3. Debt vs. Savings: "Something my dad told me when I was younger was that $1,000 is not a lot of money to have but a lot of money to owe... It's hard to see an increase in your savings if you're paying it out towards debt every month." – K.M., Canton, MI
4. Daily Diligence: "Something I learned was to always check my bank account everyday to make sure the purchases made was mine and to be more aware of my spending!" – J.R., Ypsilanti, MI
Think of saving money as paying yourself - it makes it easier to build the habit!
5. Crush the Principal: "I was advised never to just make the minimum payment on any debt, especially mortgages. I paid extra on the principle... and was able to save thousands on interest along with paying off the mortgage early." – K.S., Ypsilanti, MI
6. The Wait Rule: "Not to buy things right away. When there is something I want to give it a few days before I spend the money to see if I still want it. This helps to avoid impulse purchases and buyers remorse." – B.M., Ann Arbor, MI
7. Total Cost Perspective: "Just because you can afford the payment doesn’t mean you can afford the purchase... small payments quietly limit your future choices." – K.R., Flint, MI
8. Start the Roth IRA: "Start a Roth IRA as soon as you can. I started later than I intended to, but still young. It is aiding to my future wealth." – S.R., Ypsilanti, MI
9. The Golden Rules of Saving: "Pay yourself first. Before spending anything, set aside a portion of every paycheck (even 5–10%). This builds savings automatically." – D.B., River Rouge, MI
10. Strategic Credit Use: "Keep CC under 25% usage and pay it off (and more) than what was charged every 2 weeks, instead of every month. My credit rarely goes down/high score." – P.C., Manchester, MI
11. No Cash, No Card: "If you don’t have the money or won’t have it soon don’t use a credit card. Credit card debt interest is a killer especially when you’re young." – J.A., Pleasant Ridge, MI
12. Physical Tracking: "I was taught by my mother to utilize checkbooks or some kind of physical tool to track how much money was coming in and out... I still find a great use in having something physically in front of me." – G.L., Gladstone, MI
13. Mindful Spending: "It's not how much you make, it's how much you spend. Reminds me that I need to stay within my budget... I don't need to eat as often or make coffee at home instead of hitting up Starbucks." – M.B., Burton, MI
14. Credit as Debit: "To think of my credit card like a debit card and not use it to spend money I didn't actually have." – M.B., Ann Arbor, MI
15. Save, Spend, Give: "One money lesson... has been to save some (money), spend some (money) and give some (money). Save to plan for the future, Spend to meet needs, and Give to be generous." – B.B., Detroit, MI
16. The Envelope System: "At a young age my parents encouraged me to Save & Spend... putting my cash into two envelopes... now of course, I use a financial institution instead of envelopes, but this healthy habit gives me peace of mind." – F.V., Ann Arbor, MI
17. Automatic Habits: "I had a 'Christmas club' account as a kid to save on a weekly basis... That regular savings led me to open a mutual fund account in my twenties... The habit has taken away the stress of financial panic." – A.B., Saline, MI
18. Build the Emergency Fund: "Pay yourself first. Even if it's just a dollar a day... putting that money into a savings account helps build up an emergency fund... I have my past self to thank for giving me a secure future." – C.E., Ann Arbor, MI
19. Pennies to Dollars: "My father had a saying, 'count your pennies and your dollars will take care of themselves.' Every 'penny' I earned turned into 'dollars' I saved." – L.B., Ypsilanti, MI
20. Setting Aside First: "One money lesson I learned... was not to spend everything I had just because I had it. I learned to set some money aside first, even if it was a small amount." – E.E., Sterling Heights, MI
21. Retirement Early Start: "My aunt told me to start saving for retirement when I got my first job -- even if I felt I 'couldn't afford it' at the time. Now, at 55, I am so glad I started early." – E.J., Ann Arbor, MI
22. Save First, Buy Later: "My parents told me not have a loan if possible. Save money first, then buy what I want." – N.K., Canton, MI
Keeping credit card usage low avoids debt while building a credit score.
23. The Three-Category Rubric: "Divide money into long-term savings, short-term savings, and whim money... That rubric has built in parameters about thinking far into the future... followed by enjoying life now." – J.L., Ann Arbor, MI
24. Diligent Research: "Never invest in anything that you don't understand. Today, I either do my diligent research and understand the risks or I choose a different investment vehicle." – C.S., Ann Arbor, MI
25. Don't Spend to Save: "Just because something is on sale, doesn't mean it's a good deal!!!!!!!!!!!" – A.B., Northville, MI
26. Self-Discipline: "Always live within your means. It was easy to be enticed by so many things that I couldn’t afford. But living within my means taught me self discipline." – D.R., Ann Arbor, MI
27. Cost/Benefit Analysis: "If I was going to buy something that expensive I should be willing to wear it for the rest of my life... those words instilled the seeds of investing in quality." – M.W., Ann Arbor, MI
28. The Impulse Pivot: "When I have an impulse to buy something, I put the amount I was going to spend in my savings instead... It has saved me quite a bit." – H.M., Pinckney, MI
29. Rainy Day Prep: "Pay yourself first. This has helped me to save for those rainy days... putting away a little something for those just in case moments." – K.W., Ypsilanti, MI
30. Credit Journey Wisdom: "ALWAYS pay your first credit card on time, pay off the whole amount... and to never close your first credit card, it's the one that starts your credit journey." – C.H., Plymouth, MI
Ready to start your own financial journey? Whether you are opening one of our Michigan credit union savings accounts or looking for advice on how to save money in Metro Detroit, our team is here to help. We pride ourselves on being one of the best local banks for students and families alike, providing the tools you need to succeed. Visit any of our branches or check out our online education center today!
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