Think back on your life as a child and into adulthood. Now, think how many times your family talked about….. shhhhh …..(whispering) money?

I have found through many presentations that money is typically a forbidden topic within the family unit.   I know it was that way in my family.   I saw my parents writing out checks and balancing their statements but I cannot remember when we ever talked about the family finances.   In fact, I really did not learn about the ins and outs of my finances until I started my banking career back in 1978.

In our family, for whatever reason, money was a private topic, it was for the parents only, it was taboo, it was forbidden.   Yet the exact opposite is what is needed. Discussing the family finances can have a positive impact on the family dynamics.   When your child asks for those brand new $200 pair of shoes, and you say no, maybe they will understand, maybe they will understand why you went to the discount shoe store.    If you think about it, for good or bad, money plays a big part in all our lives.   So, wouldn’t it be prudent to teach your children the importance of managing your money.

In my position as Business Development Officer, along with the Business Development Manager, Bettina Buscemi, we do financial education presentations to a variety of groups.   We have presented to high schools, grade schools, church groups and senior centers.   Most recently and currently ongoing, we have partnered with the Montgomery County Reentry program to offer our expertise to those individuals reentering into society from prison.   Almost universally, they comment that they wish they learned about finances as a child.

With all that being said, let me give you a few important tidbits, the tip of the tip of the iceberg as it were, on being financially successful:

  • There is ALWAYS light at the end of the tunnel (financial or personal)
  • Develop your financial team; the team that will coach you through your financial life and help you achieve your financial goals. Who are these people and how can they help you?
    • Your Banker: Your day-to-day finances including banking, saving, budgeting and credit.
    • Your Financial Planner: Your investment goals such as retirement
    • Your Insurance Agent: Your stuff is protected and you have a continuity of income in the event of a tragedy
    • Your Attorney: Your legal issues
    • Your Accountant: Your taxes (The tax code is so complicated how many of us have a clue on how to pay less taxes, not me I assure you)

Interestingly enough, Day Air can help with the top three and we have resources in the community that could help you with the other two.

  • Write down your financial and personal goals every day. Your goals give you focus and are the engine that drives you toward financial success.
  • Budget and track your expenses.   If your goals are the engine, your budget is the GPS that tells you how to get to your financial destination.   Another major benefit of budgeting and tracking expenses is control over your money rather than the reverse.
  • Save, save some more, save again and keep saving. Pay yourself first; make saving the first line item in your budget.   Make it a habit.   Without saving, you put your financial goals at risk when an emergency arises. Without saving you lose control over your needs and wants.

In conclusion, have an open dialogue within your family about finances and if you need help, Day Air is there for you. After all, our mission is to enhance the financial well-being of our members.

Don Schweitzer / Business Development Officer

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