3Rivers Blog

Money Talk: 10 Great Quotes About Personal Finance

Posted on Monday, August 22, 2016

Have you ever heard a piece of financial advice that's stuck with you, or that you've actually put into practice? Here are ten of our favorite quotes about money management!

Image source: Shutterstock.com / Artist: Mark Hayes

"Beware of little expenses; a small leak will sink a great ship." -Benjamin Franklin

We hear it all of the time: we really need to reconsider that daily coffee run or vending machine candy bar, that just-because pair of shoes on clearance, those weekly app purchases, and so on. While one of these indulgences on their own may not wreak complete havoc on your budget, all of them added together certainly can. Consider very closely tracking your spending - every single purchase - for a period of time to determine where your "small leaks" may be and put a stop to them.

"It's not your salary that makes you rich, it's your spending habits." -Charles A. Jaffe

Sure, a larger salary gets you more money up front. But you might just be making half as much per paycheck as your neighbor, yet have twice as much in the bank, simply because you pay closer attention to how you spend your money. Additionally, financial experts regularly caution against lifestyle inflation - that is, one should be careful not to increase his or her non-essential spending when their income goes up (if they've gotten a raise, for example) - otherwise, what's the benefit?

"Do not save what is left after spending, but spend what is left after saving." -Warren Buffet

While there is essential spending - rent or mortgage, utility bills, student loans, and so on - it's crucial that you set aside a portion of your income into a savings account, emergency fund, investments, and more, before spending the excess on things like entertainment, clothing, and eating out. Consider automating your finances and telling your money where to go once it's deposited into your accounts - send $200 to savings, $150 to your emergency fund, $50 to your college fund, and so on.

"An investment in knowledge always pays the best interest." -Benjamin Franklin

At 3Rivers, we strongly believe that knowledge is key when it comes to getting the most from your money and staying on top of your finances. In fact, our mission is, "Helping people understand money matters every day." We strive to provide the financial tools and advice you need to properly use our products and services and feel comfortable in handling your finances. Check out our blog, web tools, videos, and more to get a better handle on your money know-how!

"Money looks better in the bank than on your feet." -Sophia Amoruso

Let's face it: sometimes it's hard to pass up a gorgeous pair of shoes or sunglasses, a designer bag, or a fancy new winter coat. And while an occasional splurge, when you have the extra money, is okay, remember to consider before making the purchase whether or not you've contributed enough to your  retirement fund this month, you're up-to-date on rent, or if it's worth the possible overdraft fee you may incur for swiping your card. Curb impulse spending now so you'll feel better looking at your bank account later.

"Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it." -Albert Einstein

We hear about interest all the time when it comes to our finances - but actually knowing how it works is key to benefiting from it rather than suffering because of it. We've outlined how compound interest (and other forms of interest) works here and here. In a nutshell: it's great if you're earning it, not so great if it's accumulating and you owe it! Always, always be sure to ask for the fine print and details when signing up for a product so you know exactly how the interest will impact your finances.

"A budget is telling your money where to go, instead of wondering where it went." -John C. Maxwell

One of the single most important financial topics we think all people - at all ages and life stages - should understand and practice is budgeting. Having a budget not only allows you to keep track of your money, but can help you set and reach future financial goals - both short-term and long-term.

"Too many people spend money they haven't earned to buy things they don't want to impress people they don't like." -Will Rogers

In this day and age, it's incredibly hard to not fall victim to the desire to "keep up with the Joneses." We're constantly being advertised to and told we need certain products and services to live our best lives, to live like celebrities or royalty. Social media, too, is often blamed for causing depression and a fear of not measuring up because we don't have the material things those we follow do, we're not taking the same level of vacations as them, or we're note able to throw parties as extravagant as they can. All of this can lead to overspending and after a certain point, that can lead to a lifelong challenge of chipping away at the debt we've accumulated. Take a step back to figure out what's causing you to overspend so you can put a stop to it early.

"The number one problem in today's generation and economy is the lack of financial literacy." -Alan Greenspan

We've said it before and we'll say it again: financial education is key to avoiding debt and getting the most out of your money. There are loads of financial literacy resources out there - online and in person - so take advantage of them! Check out our blogweb toolsvideos, and more to get a better handle on your money know-how!

"Money shouldn't be worshipped and it shouldn't be ignored." -Alexa Von Tobel

Not all of your life goals should revolve around money. Without a doubt, there are much more important things - experiences, personal growth and development, time spent with family and friends and hobbies. While having enough money, and using it wisely, can certainly bring a sense of comfort, dollars and cents should never been our main focus. However, we also should never pretend that "it'll all work itself out" when it comes to our finances. We must find a sensible balance - ensuring that we have a handle on our money matters, addressing problems as they arise and educating ourselves on the right steps to take to prevent future issues because of it - so that it's not the first thing we worry about upon waking or a concern that keeps us up at night.

What are your favorite pieces of financial wisdom? Share them with us and our readers in the comments section below!