Younger People (18-25) - Attitudes to money

amj_2

Left uni in June with a bit of an overdraft and a big student loan bill but no credit card debt which I was pleased about.

That pretty impressive by todays bad deal todays students get!

Student debt I suspect has de-sensitised people from high levels of debt and has encouraged the 'young people's attitude to debt.

Mad_old_tory

amj wrote: »

That pretty impressive by todays bad deal todays students get!

Student debt I suspect has de-sensitised people from high levels of debt and has encouraged the 'young people's attitude to debt.

Well I was very lucky in that my parents paid my rent in my last year and were generally very generous. Ironically, I've just got a credit card now, but intend to budget and put an estimate of my cc bill in a penalty-less savings account and then pay it off in full each month. At least then I'll get some interest!

moneysavingmonkey85

Yeah, I would like to think that I have a good attitude to money, this site has definately helped. Parents and school did not teach me to budget at all, nor did uni by and large, its only since coming into the real world that I have learnt the true value of things. I wish I could even say uni was worth it, but even with a masters I am in an unrelated job on c16k! Never had a credit card though, and am trying to learn to save (also just had a totally moneysaving sub£3k wedding

amj_2

moneysavingmonkey85 wrote: »

Yeah, I would like to think that I have a good attitude to money, this site has definately helped. Parents and school did not teach me to budget at all, nor did uni by and large, its only since coming into the real world that I have learnt the true value of things. I wish I could even say uni was worth it, but even with a masters I am in an unrelated job on c16k! Never had a credit card though, and am trying to learn to save (also just had a totally moneysaving sub£3k wedding

Whats the earnings repayment threshold before you have to start paying student loans back these days? 10 years ago im sure it used to be around £15K.

neverdespairgirl

Deleted_User wrote: »

We're having a baby in March so things will be tight then, but I like a challenge!!

Congratulations!

mezelks

I'm the same OP.
Makes me feel ill when I see my friends spend £100 on a night out and think nothing of it. (I'm 22)
They'll learn...only so much you can teach someone, but they gotta learn themselves in time!

louby_lou

i'm 24 and earn a decent wage - got into a grad scheme straight from uni - with all the overtime i do im massively contributing to the nhs and taxman at the mo haha - left uni with about 16k of student loan debt - worked all the way through aswell. managed to run up some hefty CC and ODs (more fool me) but am really glad I realised this year that it couldnt carry on forever. I just dont use credit in my purchasing anymore. concentrate on paying it off now. Would love to get rid of these ODs but in accordance with my snowball calculations theyre not top of the list

my parents had money, spoiled us, then lost it all, and continued to spoil us using CCs. My brother and I saw how miserable it made them but have still managed to rack up our own debt (admittedly I more than him but I've had an extra 3 years to mess up). i would love to blame my upbringing for my past frivelousness but its all been my own doing alas. Cant remember my mum applying for that CC limit extension for me....

anyway thats all not very coherent but its a bit of info about my debt journey anyway.

boringest

I've just turned 26, but I've been pretty tight with money when I was younger to the extent I feel really cheap back in uni but that's till recently, 'cos I'm almost debt free now

But tinkering with websites & web design made me some pocket money. Those younger should perhaps try their hand in it!

Rose_Crow

I like to think I'm savvy with money. I'm 23, no debt and really enjoy saving. I do find it difficult to spend money, although small purchases seem to sit ok with me. When I was 18 I got a £6k loan out to buy the car and paid it off over 2 years. Other than that I've not had any other debt. If I need something, I'll usually buy it providing it isn't of high value and doesn't jepodise my savings budget. Any larger purchases are always saved for (odd toys for the car) but my real baby is my house deposit money - I just love watching it grow

Lots of people have mentioned the 'going out' expenses. I'm not one for nightlife, getting drunk etc (in fact, I'm tee-total - it's cheaper!) but I do tend to go to the pub for car meets a couple of times a month which will only cost around a tenner for dinner. I can't imagine what drives people to spend £100 on a night out, I mean, there are cheaper ways to have fun!

janey_uk

Sorry, but it's easy to spend £100 on a night out!

Trains and taxis = £30, Dinner £25 (pizza restaurant, nothing fancy), drinks £30 (and that's only two rounds if you're out with a couple of mates) and club entry £10. £5 spare.

Might be extravagant in some places, but pretty common in London, especially if you're single as cabs are the only safe option at night.

Cheaper ways to have fun for sure, but hey, we could all sit in by candlelight with books. There's nothing wrong with spending money if you can afford to. One man's trash etc...