Please give me one piece of advice that you wish you knew when you were 20!

Kantankrus_Mare

What a great thread!!

My fifteen year old "home educated" daughter has been showing an interest in how we run our family budget and we have been going through this in some detail over the past couple of days.

Think I will show her this thread during our next "lesson" and hopefully some of it will sink in.

Never too early in my opinion and I think schools should be teaching this kind of thing as part of the curriculum.

Having people go into schools who have learnt the hard way about credit cards talking to the kids about their stories would be a far better teaching tool than reading about it in text books.

sockdrawer

Kantankrus_Mare wrote: »

What a great thread!!

My fifteen year old "home educated" daughter has been showing an interest in how we run our family budget and we have been going through this in some detail over the past couple of days.

Think I will show her this thread during our next "lesson" and hopefully some of it will sink in.

Never too early in my opinion and I think schools should be teaching this kind of thing as part of the curriculum.

Having people go into schools who have learnt the hard way about credit cards talking to the kids about their stories would be a far better teaching tool than reading about it in text books.

Totally agree. Home educated our four for years (goodness.... 17yrs???), and, would completely endorse what you're saying.

Buffythedebtslayer

When at university, get a damn job. Yes it can be annoying but it PAYS (unlike a CC) and it really makes you LOVE jobs you get with a degree - when you can eat lunch were you want as opposed to out by the bins.

Don't flirt with the student busniess officer so he will give you a bigger overdraft and don't pay one CC off with another.

One thing I did always do was have a savings account (I didn't have immediate access to) that I kept my rent money in. that was great.

Do look for new experiences and listen to other people (both for their mistakes and interesting tales)

xx

Tr1pp

get 2 bank accounts, 1st for all outgoings and the 2nd for what is left and ONLY use the second account for yourself.

Never get credit cards (Probably the only thing I have done right)

When i was your age I was constantly looking to have the best stuff, TV's, Phones, computers etc. I still am but now i save up before buying these things rather than getting credit....never get credit on anything expensive that that you wish you could replace in 6months time.

Shop around!! anything you can get in a shop you can get cheaper online, if you come home from town with shopping you have failed.

my god, ive got things under control now but my problems were so easily avoidable.

EB69

Tr1pp -wish I knew you in my 20s! I learnt (aged 39) that the two separate accounts is the way forward. I learned (age 40) that perhaps I should save for those luxury items (not that I needed that lesson). I have just learnt now aged 41 that CREDIT CARDS ARE THE WORK OF EVIL HANDS!!!!!!!!

Nothing new here OP - but hopefully its been reiterated enough to make the points...

I_Love_Shopping

I'm 21, opened an ISA savings account when I was 20, best thing I ever done!

Not such a good idea...having a credit card, I've just got one! although I am yet to use it, after being talked about a possible credit card about FIVE times, I decided to just do it...more for safety reasons, when using online or when booking holidays.

This thread has definitely made me think twice

Kantankrus_Mare

I_Love_Shopping wrote: »

I'm 21, opened an ISA savings account when I was 20, best thing I ever done!

Not such a good idea...having a credit card, I've just got one! although I am yet to use it, after being talked about a possible credit card about FIVE times, I decided to just do it...more for safety reasons, when using online or when booking holidays.

This thread has definitely made me think twice

Yes thats fine for on-line shopping..............just make sure you have the cash put aside to pay card off when it comes in.:D

DanielleR

To the OP... smart. Really smart. I wish I had been this smart 5 years ago.

Here is my advice

*Never live beyond your means. Set a budget and stick to it.
*Never, ever, ever, ever, ever go near a credit card until your in a position that you can deal with it properly. Even then, use it sparingly.
*Save as much as you possibly can and stick it somewhere you cannot touch it.
*In regards to clothes, buy cheap when possible. Fashions change so regularly however any classics (like a leather jacket, a good winter coat etc) don't scrounge on. Take care of these and they'll last you for years.
*Despite all this saving and stuff. Make the most of what you can. Going on holiday with friends etc. Going to festivals etc.


That's all I can think of for now.

Me - In debt, had to move home with parents, had to then move in with OH who pays our rent (though it's minimal and I could afford it), has a debt free day in about a year and a half.

OH- Despite working for minimum wage most of his life has saved up around £50k by the age of 25 for a deposit on a house. Always has money to go out, buy clothes, go on holiday. Recently, and begrudgingly got a credit card to improve his credit rating to get a mortgage, pays it off in full each time. He's a bloody :A and I'm ridiculously jealous of his sensibleness.

DanielleR

Kantankrus_Mare wrote: »

Never too early in my opinion and I think schools should be teaching this kind of thing as part of the curriculum.

Having people go into schools who have learnt the hard way about credit cards talking to the kids about their stories would be a far better teaching tool than reading about it in text books.

This is SO true. I remember saying when I was at school why don't we learn anything about mortgages, VAT, APR or anything? Even just doing a simple budget would have helped!!!

thoth

As many others have said, save for a deposit on a house if you're living with your parents! I've just turned 24 and, although I've never made a lot of money, I've wasted a lot on clothes and cameras and silly things and now I realise that I'll be renting for a very long time.