Colleagues with poor money management skills

hillcats

S'Funny, only today I overheard 3 colleagues whilst all huddled around a PC screen talking about taking out £10K+ loans, just for holidays and to pay off other debt.

Oh dear me many people will get their fingers burnt eventually, especially when BofE / Mortgage rates start to increase as well... The only debt we have that is left outstanding every month is the mortgage, everything else is paid in FULL as I absolutely insist we live sensibly and within budget.

lisyloo

Well done.
It's crazy in my opinion to rely on future income for fancy holidays and cars.
If you want something like that then save.
The risks of redundancy, sickness etc. are too high.
With a mortgage there is little choice.

You are doing the right thing. I'm sure of that.
I'm in the same posistion.
When you have paid off your mortgage and are financially secure from risk and for retirement, those other people will still be getting Peter to pay Paul.

ILW

hillcats wrote: »

S'Funny, only today I overheard 3 colleagues whilst all huddled around a PC screen talking about taking out £10K+ loans, just for holidays and to pay off other debt.

Oh dear me many people will get their fingers burnt eventually, especially when BofE / Mortgage rates start to increase as well... The only debt we have that is left outstanding every month is the mortgage, everything else is paid in FULL as I absolutely insist we live sensibly and within budget.

You would have thought that was the case, but as has been shown the government seem to be intent on bailing out those that were living it up on credit and buying houses they could not afford, whilst at the same time punishing anyone who had tried to save a little by setting interest rates at a level below inflation. Strange world.

Mr.Mulla

mufc689908 wrote: »

Charge 34.9% apr

When MBNA do it half of the muppets on here think its perfectly acceptable as it

"Is a variable rate and you knew what you were signing up for"

I was actually thinking of doing this during that time..but decided not to..

Why can't they just stick to their budget? Well if they really know how to budget their money they wouldn't borrow...I would have understand it if it's really an emergency but most of the time it's not..I don't really understand.

Mr.Mulla

hillcats wrote: »

S'Funny, only today I overheard 3 colleagues whilst all huddled around a PC screen talking about taking out £10K+ loans, just for holidays and to pay off other debt.

Oh dear me many people will get their fingers burnt eventually, especially when BofE / Mortgage rates start to increase as well... The only debt we have that is left outstanding every month is the mortgage, everything else is paid in FULL as I absolutely insist we live sensibly and within budget.

That's just crazy I think.

**sorry for the double post.

bengal-stripe

vaporate wrote: »

Not always poor money management though............Yet, still fall short of a few quid each month........

If a person falls short each month, then this is definitely poor money management.
In this case, spending more than one earns is the rule, not the exception.

andys15

What a bunch of miserable sods. I cant believe someone is moaning about 50p. If you dont want to borrow someone money, just say no. Just hope that you dont need to borrow money yourself one time. You might be a MSE, but you might forget your purse/wallet one day and need to ask someone yourself. I bet you people are never around when its your round at the pub. OP just ask for your money back, its no big deal.

CannyJock

andys15 wrote: »

What a bunch of miserable sods. I cant believe someone is moaning about 50p. If you dont want to borrow someone money, just say no. Just hope that you dont need to borrow money yourself one time.

You loan or lend someone money. They borrow it.

This correction has been brought to you by Pedants Anonymous

Lend us a tenner will you?

andys15

Many thanks canny jock. Borrow or lend, I always get them confused. I will gladly LEND you the Tenner you have asked to BORROW, I will just have to ask my friend to BORROW me a tenner, as I dont have a tenner to LEND.

goRt

I was talking with a guy in the office the other day - he's nearly 50 and said "I'll have to start thinking about saving for my pension soon" - I'm younger than him and am thinking about taking mine (although I now have to wait until 55, thanks gorgon)!