The Times Record approached representatives from banks and credit unions across the Mid-coast and asked, “What is the best piece of financial advice you’ve ever received?”

We’ve compiled their answers here.

Atlantic Regional Federal Credit Union

Roger C. Sirois, President and CEO

“Save for a rainy day.”

My father instilled this advice in me just before my teenage years. Growing up in “the County” (Aroostook), we started school in August because there were three weeks in October when we got out of school to pick potatoes. In the ‘60s and ‘70s, we thought we were rich making 40 to 50 cents on every barrel and getting paid on Fridays in 50 cent pieces. Economics of things today have changed… and don’t I wish I had those silver 50 cent pieces!

At the time, all we wanted was a new bike or baseball glove, but dad was trying to get us to set priorities. He said, “Save for a rainy day because you never know when something will come up.”

Today it’s about educating credit union members, family and friends that when unexpected events occur, a rainy day fund can help us do our best to be financially independent rather than relying on easy access to credit cards and getting into debt.

Atlantic Regional Federal Credit Union
55 Cushing St., Brunswick
1-800-834-0432

Five County Credit Union

Shawna Chute, Collections Manager

The most helpful financial advice I received was from my parents, and I try to pass the same wisdom along to others that I work with. When I was a teenager, they always told me that once I moved out and was on my own, everything would be much more expensive than I ever imagined, and that I should be prepared. Of course, I didn’t believe them at the time, but they were absolutely correct. Being financially responsible as a young adult is a very daunting task, and moving out of your parents’ home is a huge leap that isn’t always completely thought through.

Something else that I found very helpful that is related to this advice is the practice of good record-keeping. From a young age my mom would make me balance my savings account ledger against the statements I received in the mail, and later on the emphasis was on my first checking account. At the time it felt tedious, but I feel that it laid a good foundation for keeping track of my finances, and I am grateful for the experience early on. I never received this kind of practical advice in college, and I believe it is absolutely essential for a healthy financial start in life.

Five County Credit Union
765 Washington Street, Bath
1-800-750-0959

Androscoggin Bank

Laura Ward, Senior Client Service Rep.

The best personal financial advice I ever received was when I was turned onto Online, and subsequently, Mobile Banking. I knew that it would be a lot more convenient to use Online Banking, but I never thought that I’d trust my money online. But when I started hearing about how, in reality, more people lose their identity due to insecure paper documents vs. bank-related breaches, I decided to try it out.

Since I started using Online Banking, I’ve graduated to Online Bill Pay and, just recently, started using MobileBanking. There’s nothing like being able to get a text message when checks clear or when my balance falls below a certain level. I feel like I know exactly what my money situation is at every moment. And if I don’t, the information is a simple phone tap away on my Androscoggin Mobile App!

Androscoggin Bank
242 Bath Road, Cook’s Corner, Brunswick
207-729-5128

Down East Credit Union

Mandi Heath, Branch Operations Supervisor

When I was a young girl growing up, my parents never discussed their finances around us kids, but I watched them always struggle and work hard to do the absolute best they could for our family. We had a large family, my father often worked out of state to make ends meet and my mother would work hard at her job and then she came home to work equally as hard taking care of her family. When I was 14, my father passed away unexpectedly, leaving my mother to be the sole provider for our family of 7, not an easy task. I didn’t understand much about finances or mortgages but I learned one thing at that point that always stuck with me and will for the rest of my life. When my parents bought the family home from my grandparents and took out their mortgage, they put life insurance on the loan “just in case”. When my father passed away, their loan was paid in full lessening the already large burdens my mother now carried. They struggled to pay a higher mortgage payment, because of the decision to add life insurance “just in case”, but in the end that decision took a huge burden off of my mom. Even as a young child, I quickly figured out that my mother was only able to stay afloat because that payment had been alleviated. That lesson stuck with me.

You never know what will happen in life, but with proper planning you can protect those you love in the event of the unthinkable. My parents sacrificed to insure that loan but in the end that insurance saved our family and our home. We don’t like to think about death, illness or even losing a job but those events are literally life changing. I learned at an early age that protecting those you love by putting insurance on a loan gives priceless protection and peace of mind.

Down East Credit Union
23 Third Avenue, Baileyville
1-800-427-1223

Bar Harbor Bank & Trust

Michelle E. Curtis, Vice President

The best financial advice I ever received was to use credit wisely. The lack of financial literacy taught to youth creates a perception that it’s ok to acquire large amounts of debt and pay for it the rest of ones life.

Through trials and errors, I learned not to use credit cards – for necessary, everyday purchases, if it’s not in my bank account, I don’t buy it. If I buy a car, house, or another large purchase, it’s not with 100% financing — I need to bring something to the table to show that I am a committed and responsible buyer by saving a portion of money to put as a down payment. If I can’t afford it, I must either forego the item or create an additional stream of income to pay for it.

Establishing credit is an appropriate thing to do, but it’s also important to understand the true cost of credit.

Bar Harbor Bank & Trust
2 Main Street, Topsham
207-669-6852