unpaper your statements - move to online.
unpaper your statements: Paper statements will cost $2/month starting September 30th. Move to online statements and save the earth, save money and save time with 24/7 access.
Learn MoreFinancial literacy might be something you think about as an adult, but you’ve been learning about the principles of sound money management for as long as you can remember.
Stories have been around for as long as the spoken word, and there is much to glean from them that can be applied to our present-day finances. Fables and fairy tales may be primarily for children, but they contain lessons for us all.
Some of the earliest fables are from Aesop, a Greek storyteller from the 6th century BCE.
You’ll likely be familiar with Aesop’s fable The Tortoise and the Hare. The story is about a hare who makes fun of a tortoise for being slow and challenges it to a race. The hare is so confident it will win that it takes a nap partway through, so the tortoise ends up reaching the finish line first.
Much like the hare, many live in the moment and may not think they need to be careful in their approach, despite the advantages they may have. Others, like the tortoise, are smarter and know if they move slowly but surely, they will be successful. Hence the popular phrase, slow and steady wins the race!
Being like the tortoise could mean careful budgeting and saving. You may not be rolling in the dough, but in the long run, you stay on top of your finances when you plan. Being like the hare could lead to overconfidence and potentially losing what you had because you didn’t prepare.
Don’t get reckless and overconfident with your money. Instead, budget and spend carefully, and then you will come out on top.
Read this post about zero-based budgeting, or this one about the 50/30/20 rule, for some helpful budgeting tips.
A similar fable from Aesop is The Ant and the Grasshopper, where an ant works all summer to store food while a grasshopper just sings and dances. When winter comes, the grasshopper is hungry, but the ant is prepared.
This is a great reminder to everyone that it’s important to save for the future. It doesn’t have to be daunting either. You can start simply by setting up savings accounts and categorizing them so that you have money set aside for when you need it.
Remember to prepare an emergency fund while you have the means. Don’t just live in the moment—if you fail to plan for the future, you might pay for it later.
Read this post about saving for some handy techniques.
The short fable, The Crow and the Pitcher, also by Aesop, is about a thirsty crow that finds a pitcher of water but can’t drink from it because of the pitcher’s narrow neck. It has the idea to drop pebbles in the pitcher until the water level is raised enough so that it can reach and quench its thirst.
A lesson to be learned here is you don’t always need more money or assets to solve a financial problem. If you’re creative and resourceful, you can go far. You could cut unnecessary expenses or budget more deliberately to meet your needs.
A smaller amount may seem limiting, but with some creativity, it can take you farther than you might think.
Do you have questions about how to budget or save for the future? Book a meeting with a financial advisor today and let us help!
Stay tuned for further posts about what we can learn from stories!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
