What money advice did you get when growing up?

forsya

Hi all

I was just thinking about what advice I had/was given about money when growing up and trying to understand why I got into debt! I take full responsibility for my debt, but wandered how other people in debt have been taught with regards to the value of money, were your parents in debt, where they good with money??

Personally for me, I think I got mixed messages about money, my parents divorced, and so my mum would treat us and spend too much money she didn't have, whereas my dad was good with money, nice house etc.

I don't remember being taught about savings, buying a house one day, thinking about the future etc. I kinda wish I had, but I suppose I could have taught myself maybe? I just feel other mates of mine where given more advice about money, and I find it hard to understand how knowone could see I was in debt, how did they think I brought nice things and went out ALL the time!!! I guess I was good at hiding it and covering up cos I felt bad!!

Anyway, enough about me, just interested to hear how other people have been taught/advised about money and do you think it has affected how you are today with money??

Thanks all...

Hobsch

Very similar - my parents split up when I was about 12. My dad was and still is a man who would only spend when he had it. Never had a penny of debt (except Mortgage), no cards, no loans, not even borrowing the odd quid if he didnt have one for a coffee at work. Never owe anyone anything he told me.
My uncle who spent a lot of time with us is the same. My brother is the same now.
I am not.
I think it came from my mum. She ran a pub and we would spend the weekend with her, and she spoilt us. Paid on cards, had loans etc.

Guess that rubbed off :mad:

All my fault though. And I am paying the price now but gonna clear it!

saintly_2

i was never told to save money for the future, never informed about credit cards, ive learnt the hard way. if i ever have kids i will make sure i speak to them about money.

my parents got in quite a lot of debt when i was young, loan after loan, credit cards, cars on hp they couldnt afford. They have got themselves sorted now and i have took over the title as being in the most debt and most stupid with money.

Serialdieter

Hi

My parents have had the odd hp agreement but only when it was interest free and never paid late, they also had a mortgage. They have always stuck to a budget, saved well and are now happily reaping the benefits.

Really I ought to have followed their example.

Jx

louisa79

My Dad worked in the credit industry so he had a healthy respect for credit which I think I inherited then took way too far. I was never encouraged to save or think about the future, but my folks didn't know about how bad my situation was until I told them recently.

A big difference between myself and those who manage their money well, is that I never had pocket money, I got money when I asked/needed it.

cattie1

My parents seemed to do ok with money (Iwas very young though) as there were 4 kids and my gran was there a lot there were about 7 of us altogether, my dad had an allotment were he kept chickens and grew veg so we had a lot of home grown things but I remember our shopping coming to £100 EVERY week:eek:
my parents divorced when I was 11 and that's when the money problems started my mam had to look after 4 kids in a council house with only garden furniture:o
My dad got the majority of money from house so I remember him being quite good with money but my mam borrowed a lot, mainly to keep us fed and clothed,
When I moved out I was very good with money I remember my siter (who had a family and house, and NEVER gets debt) telling me how impressed she was, but, after a year of bills and meeting my partner and getting pregnant the cc and store cards started.
My mam told me never to get in the situation she was in and my dad told me "if you can't afford it you can't have it"
So I had good advice but just never listened! :rolleyes:

kathyd_2

There was no such thing as credit cards when my parents were raising us. They did occasionally have HP for the odd thing. Payments were weekly and if they missed a payment, which they sometimes did, they would pay back half one week and half the following week. (no third party involvement ie banks taking their 'cut', when customers couldn't afford a DD payment as they didn't exist) Mum and Dad had the attitude of 'Do we NEED it, or do we WANT it?' I now ask myself this when I am making a big purchase. I only ever have HP if it is interest free and the money is already in the building society to pay for it (with the exception of a very big purchase such as a car). Unfortunately, my son lives on a credit card and loans and my daughter has her stash in the building society and won't spend unless she has to. Why is there such a vast difference between the two of them?

nomoneytoday

My mother did the house accounts. Credit cards were only used for emergencies and paid off at the end of the month, savings were encouraged and budgets were made.

Generally I tried to do the same, but my wife is the opposite.
When I got married in 1997 I had a £200 overdraft and owed less than £1000 on my visa. I now owe loads and am not happy about it

Verbatim

As a student my father said to me,
"Well done. It took me 25 years to realize I could have an overdraft at the bank's expense. It's only taken you a few months".

I thought at the time it was a compliment but now I'm not so sure.:o

Broken_hearted

Save up and buy it when you can afford it. Then they bought me everything I asked for so I was/am a spoilt brat. My nana taught me to save up my pennies and bank them. Thanks to her I could afford to buy my home.
Not really money advice but Nana taught me how to cook which saves a fortune.

cattie1

I also forgot to say, when we were little my mam opened each one of us a savings account and use to split spare change between all 4 accounts, so I have no excuse really!
I have a savings account but with £0 in it!!!!