What have you personally learned from the current crisis?

Quasar

This crisis has merely reinforced some of my long-held beliefs:-

1) It has reiterated what the really important things are to me, and that lots of 'needs' are just 'wants'. I can live on far less than the media/other people would think.

2) Don't keep all your eggs all in one baskets - I have my savings spreads over two UK banks, falling well within the maximum guaranteed (I wish I had £50,000 never mind worrying about more...)

3) When buying anything, buy quality - it lasts. I have a good supply of warm clothing, and have about 2 months stores in dried foods just in case, now and then using those near their expiry date and replacing them as and when.

4) Always have a good wad of cash hidden away, just in case you need to access some quickly and the bank where your current account is has, er... cashflow problems for a wee while.

5) Above all, don't give in to panic. None of us is going to starve - we're only learning to be wiser with our hard-earned money. The market will recover when those who speculate on it put their heads back on and stop running around like the proverbial chickens...

StevieJ

Go for the highest interest rate.

slipthru

To trust my own instinct and not run with the crowd, i could have been waiting to get money back like everyone else.

Polka_dot_4

What a great question Primrose!

For me, I had started to streamline all finances into one or two banks for ease of access. This current crisis has taught me that I shouldn't put all my eggs into one basket! I am now looking to spread any savings and my day to day banking between a few banks who are not affiliated so worst case scenario of one folding, I can still access day to day cash.

I don't have a mortgage anymore but if I did, I would have it seperate to any bank I had savings in

DocMartin

StevieJ wrote: »

Go for the highest interest rate.

:rotfl:

Good one!

Primrose

And I've learned not to chase the highest interest rates (although this is a difficult one when you're retired and on a fixed income).
And I shall be pondering whether it's always desirable to opt for long term fixed rates, although I'll be clearer on that one when I know how our One and Two Year fixed rate Icesave bonds are going to be treated for compensation purposes.

Robertpestonrules

To think more carefully before choosing a bank - I panicked and moved money from HBOS to Kaupthing in September, but was one of the lucky ones who got out on 3rd Oct and got my money back on 10th!!!!!!

COCO

Money is everything !!!!!!

geepster

I'll put some of my money in the "Under The Mattress Bank".
Has anyone heard of it? It's not covered by any Government compensation scheme but it also doesn't have a Manager who is paid a huge salary and bonus for failure!!

amistupid

I've personally learned that the noticeable drop in postings on this site between 8pm and 9pm tonight prove that Eastenders and Coronation Street are still far more important than any mere global crisis.