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

globetraveller

dont feel you have to go to all these stag weekends. I have no idea how young folks can afford them.
Start a pension fund as soon as you can.
Get used to putting some money by each month.
Enjoy it while you can :rotfl:

MatyMoo

What a fantastic thread :T

Don't be afraid of people laughing at you when you turn up for that meal out with a 50% off voucher - at least you can afford to go! One of my friends won't go anywhere without a money off voucher!

Remember you don't need a new outfit for every evening out - learn to accessorise to make it look different.

If you have a credit card (which can be a good thing for building up a credit history) use it wisely, pay it off in full every single month and always use it for purchases over £100 even if you have the money in the bank as it gives you extra protection.

Being very boring, save save and save some more. It will give you so many opportunities later - to be able to walk away from a job you hate, a deposit for a house, a holiday of a lifetime, for help in an emergency. I have always had a standing order on payday to a different account for as much as I can afford - then I forget about it until I have a very rainy day or get given an opportunity I couldn't have afforded any other way.

When you see something you want to buy walk away! Think if it is a need or a want, check if you can get it cheaper anywhere else, can you ask for it as a gift for your birthday or christmas. You can still get it, but just think it through first.

Don't believe all the media hype about the new must have potion/lotion or gizmo/gadget - It probably won't be life changing but it will affect your pocket. Wait and see what others think after they have tried and tested it. In many cases it will prove not to be as good as expected or the price will drop significantly in time.

If you live at home cherish it and don't take advantage. Loved the earlier suggestion of cooking one day a week But taking responsibility for your own room and washing/ironing will also give you valuable lessons in how to manage once you move out.

Find other ways to have a good time without spending money or by making it significantly cheaper. A night in with friends and a DVD can be great, especially if you all chip in with some food and drink. A picnic in the park in the summer, a museum trip (many are free) if you can find something that interests you, half price theatre tickets, cheap flights and accommodation for a weekend away, megabus and a hostel to a city in the UK to somewhere you have never visited, orange wednesdays at the cinema.

Get a second job - I worked in a pub two evenings a week for years and as I got to know people it became part of my social life and I got paid for it at the same time When I went in there on nights off people bought me drinks too so it was a cheap night out.

Oh so many things I wish I had done differently, I could go on for hours :rotfl:

MyLastFiver

One thing I wish I'd known when I was 20? I don't think I can narrow to down to one

1. Compound interest is an extremely powerful wealth-creation tool. The younger you start saving, the more free money you will get later in life.

2. Your earnings over your lifetime are finite. The less of this money you waste, the more secure and comfortable your future will be.

3. Spend your money on things which will give you unforgettable experiences, such as travel, and not on consumer tat.

rictus123

Im 19 and just read this thread with great interest. I am £3k in debt already. I feel this is a good thing. It means im clearing it quickly while living at home with parents, while learning one of the best lessons anyone can learn. Budgeting and personal finance. Il be debt free by the 14th of Febuary 2011. Then every payday il be paying myself first and putting away at least £250 a month somewhere i cant touch it. Anymore on top of that into instant acsess accounts.

Budgeting is the best thing us young uns can do. If the budget works out to be saving us a few £k a year, all we have to do is stick to it.

tibbles209

Hey everyone! I'm finding it absolutely fascinating reading everyone's stories and advice I've already started implementing some of your tips - I've just opened an ISA and have set up a standing order for £150/ month into it. You really have inspired me (and a couple of others by the looks of things too!)

pupsicola

It may not work right now as there is a recession but things will improve. In my twenties I had a great job but it never occured to me to ask for appraisals and pay rises. I just waited for the yearly increase and accepted whatever they gave me.

Know your worth and be prepared to ask for it.

Never go near credit cards. It will take great stamina but dont impulse buy. If you see something you really like, save up for it. However long it takes. If you still want it once you have the cash it is worth having.

Lastly decide what is important to you in the next 10-15 years and go for it. Do things now that you cant do when you are settled down and paying rent/mortgage, bills etc etc. If you dont do it when you are young free and single you will regret it.

pupsicola

sapphireeye wrote: »

I just wanted to say as a 23 year old university student, thank you for this thead I've been getting quite down recently because I don't have much money and so I'm constantly turning down opportunities where everyone around me seems to have an endless supply of money at their disposal and this thread has reminded me that I'm just more money conscious than they are, and they're probably just spending money they haven't got or not budgeting like I am!

You will be the one who leaves uni with the least debt. When you start earning great money in a job you love, it will all be yours to do what you like with. You wont spend years paying off student loans for things you cant remember. Spending money you dont have doesn't ultimately make you happy it just cripples you. One day they will all look at you with the amazing lifestyle, dream home and security and be the envious ones. You can enjoy uni life and all that goes with it without your budget spiralling out of control. Be proud of yourself

nikki28

It takes 10 minutes to get into debt and feels like 10 years trying to get back out of it :A

tudorfan22

i wish id appreciated things which are free more when i was 20. im 29 now and love walks in the country, beach etc, a chat with my mates, things like that. it took me about 5 years of spending saturdays at the shopping centre to realise it wasnt the most important thing in life. shopping bores me now, i only go if i need anything whereas i used to go cos there was nothing else to do with my saturday when actually there are tons of stuff - most of which are free!

ms_london

humblepii wrote: »

Great question! And heaps of great responses (special props to Monko7).

"Spend in haste, repent at leisure" is such a true saying. When I got my first proper career-type job at 23 I decided I would 'treat' myself to a nice coffee and lunch of the the Starbucks/Pret/Caffe Nero variety every day. Sometimes, this was two coffees, or lunch and snacks, plus after work drinks... You get the picture. It was only food, right? I needed to eat. I didn't think twice about it. And everyone around me was doing it, too.

I did that for five years before I came to my senses: I've EATEN my house deposit! :eek:

I really wish that someone had told me how quickly small buys grow into big ones. Seriously; if I had been spending per week for those five years on lunch what I spend now and saved the difference, I'd have an extra £30,000+ to my name right now.

:T:T

I already 'thanked' you and wanted to 'thank you' again! I can completely relate to this post and the amount I spend on food - junk food particularly is astonishing! I certainly would worry if I spent the same amount on alcohol, but for some reason this feels different! I want the £30,000+ not a bigger waistline