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

twistedhazel

An overdraft is DEBT!! I never viewed it as a debt and never added into what I owed then one day I realised that between my account, OH account and joint account we had 6 grand of debt in overdrafts.

I absolutely agree to stay away from the credit cards but watch out for the overdrafts - they are sneaky little bu**ers!

Lyndatp25

Lyndatp25 wrote: »

Get into the habit of saving. Open a savings account and set up a direct debit even if its for a small amount every month. You wont notice it and it will mount up for a rainy day. Not to do with debt but SORT OUT A PENSION EARLY! The time flys by and you will be so glad you started it young.

Sorry - I meant a standing order! Either way make sure you save a little bit!

ali-t

don't put rounds of drinks on credit cards when you are pished. It all seems ok in the morning when you wake up and still have money in your purse but I'm sure I am still paying for rounds of drinks over a decade later that went on when I was pished!

newleaf

Don't get into the habit of using a credit card, and don't embark on a relationship with anyone who is in debt, or seems to have a problem managing their money, because sure as eggs are eggs, they will soon be spending yours.

kirwell81

If you are working full time start a pension.

You don't need a new outfit for every night out.

Never ever go near Ebay/Amazon/etc while intoxicated.

If you want to buy property eventually, start saving for a deposit now.

Billy-no-Money

All of the above plus:

• If you can live without a car, don't buy one.
• If you must have a car and need a loan over more than a year or maybe two to pay for it, it's too expensive. Don't get sucked into five-year loans, life changes too quickly!
• Babies are expensive - even accidental ones!
• Mobile phones are never free

Plenty more where they came from.

[Edit: I'm 46, and I've not been debt free since I was 19!!!]

tibbles209

Thanks for all the tips so far! Keep them coming

penelopedee_2

Learn to budget. When you've paid the bills you then need to pay into your pension, pay into long term savings and then into emergency/rainy day savings - before you start saving for holidays or buying any bits and bobs you fancy.

Know exactly how much money you have at any one time and how much of it is actually free money for you to play with.

Learn to use credit cards wisely as per the advice on here, never use them for something you can't afford but you fancy. NEVER use your card or a catalogue when you have been drinking, if you have a gambling issue or if its for something you just fancy.

Best of all, always be honest to yourself about your money situation and be a grownup and take responsibility for it.

Ziggazee

Hmm.....newleaf...."don't embark on a relationship with anyone who is in debt"....bit harsh! Most people post on this forum (including yourself) because they are in debt, are you suggesting nobody should enter into a relationship with them?

Watalie

My advice would be - stay away from Credit Cards and Catalogues... SAVE, SAVE. SAVE...

Oh, and as this advice is to my 20 year old self - dump his !!! before you make the costly mistake of marrying and then divorcing him!!