Surprise vacation leads to lifelong saving habits

Dubuque, Iowa—Greg and Flo Schuetz have always been advocates of saving over borrowing.

“We’ve made saving a priority,” Greg said.

It all started when Greg wanted to surprise his wife Flo with a vacation. He opened a separate savings account and started putting a little away when he had some extra cash. Eventually, he not only saved enough for the trip, but he developed lifelong savings habits.

“It seemed really important. You learn in college about compound interest and how money makes money, so we decided early on that we would make it a priority,” Greg said.

Greg studied business in college and both he and Flo came from entrepreneurial families. He liked to dabble with stocks and belonged to an investment club for more than 20 years. It was a hobby, but he ended up doing well. They used those profits for extras like traveling. Flo taught special education at a high school, and Greg worked for a large trucking company where they offered stock options to their employees.

“Anything we could put into our retirement and invest that they would match, we did it. When you don’t see the money, you don’t realize you have it,” Greg said.

Their savings really grew when Flo had a good experience working with Suzan Martin-Hallahan who managed her mother’s finances. She offered sound advice, and it prompted them to turn to Sue for all their investment needs. Since then, it’s grown into a long relationship of advising and saving.

“We don’t make a move without consulting Sue,” Greg said.

Meet with a Dupaco financial planner

Sharing their knowledge is important

Greg and Flo have passed those financial lessons on to their three kids.

“You always want more for them than what you had. We made our kids put a portion of what they made on paper routes and babysitting into savings,” Greg said.

“If you don’t save early, when you get older, you won’t be able to do the things you want.”

Greg and Flo still work part-time. (“When you’re busy, you use your time better,” Greg said.) And they’ve lived in the same house for 48 years. It’s allowed them to travel and spend time with family.

“It’s not about having a lot of things, it’s about the experiences,” Flo said.

If Greg could share one thing with others, it’s the importance of paying yourself first.

“I would love to talk with a bunch of young people about saving because they don’t realize that 30 years go by really fast,” Greg said. “You may not realize that you don’t have what you need until it’s too late. When inflation is high, it’s even harder, so you have to plan for it and start saving early.”