Now we're older - how well did we manage our money?

ceridwen

Now that I'm well into middle age myself - I've been wondering how well (or otherwise.....) I managed my money throughout my life to date.

Have I "blown" any of it? Have I always taken advantage of good opportunities when they came my way? Have I had "good value for money"? etc etc

So - told myself off about chances I didnt know about and missed out on here and "patted myself on the back" that I got it right re house purchase and pension planning there. Swings and roundabouts...

How do other people feel about their "financial management" to date? Do you feel you've used your resources well or no? Have you "blown" large sums of money and are now regretting it? Have you had some particularly good or bad luck (thats helped or hindered respectively)?

What would you do differently re money if you "had your time again"?

margaretclare

Mostly, over the years, not good. It would take too long to detail it all here.

Now I'm older I find I've gone 'back to basics' as it were. I remember the very poor family in which I grew up, making sure I had a few pennies to take to the school bank on Monday mornings. This was when the Battle of Britain was still raging a long way south of where we lived, but everyone knew that invasion was a very real threat. I think it even filtered down to us 5-year-olds, but they still had the faith that it would come all right and that it was worth setting a little girl on to the path of saving for a future that they must have feared might never come.

I wish I'd saved more. I've learned more from my second husband, who has always been cautious with money, than from my first husband, who always had champagne tastes on a beer income. One of the first lessons I learned from DH, 15 years ago now, was that it's useless saving if you're in debt, because you pay out far more in interest and bank charges than you gain in interest. I've also found that a money management programme like Quicken is extremely helpful.

However, we're 'comfortable' now and I still save because, as my grandparents knew so well, you never know what's round the corner and what you might need in time to come.

lilac_lady

Because my family was in debt when I was young, I have made sure that I pay my way.

Apart from a mortgage and a car loan from time to time, my household never relied on credit.

This paid off when I divorced my ex as we had no debt and were both able to walk away with some money to start over. Having said that, I had a very tough 5 years after divorce but I got through it by applying "old style" rules. Budget, budget, budget.

Looking back, I feel that I've done the best I could moneywise and although I'll never be rich, I'm content.

BenjaG

I have "blown" a lot of money on my children's public school education and I don't regret. Otherwise I have been both frugal and very lucky, which allows me to enjoy life.

Errata

Like the song says - "je ne regrette rien" because life is too precarious and short.

Newly_retired

I was brought up by parents with very little money so I have always learnt to be thrifty.
Now I have enough and to spare and am reluctant to spend anything. I look at all the special offers, vouchers, etc and there is nothing I need or want.
My daughter has now come round to the same thrifty attitude, after some years of spending a lot on clothes. She is now much more careful.
it must be in the genes.

pollypenny

According to many younger posters, we oldies have had it easy - hence we are sitting on pots of wealth.

At least when were young streets weren't full of nail bars, phone shops and other places designed to prise our cash from us.

[Deleted User]

I learnt frugal at a very young age ie cooking a full meal for 9 in one pressure cooker, I was 11. Making a skirt at 10. All that sort of stuff so frugal was deeply ingrained in me. I made everything for my wedding by myself, my dress, my 3 bridesmaids dresses, the whole wedding buffet set on wallpapering tables in my parent`s home and I was 22. It never left me as circumstances changed, family, 7 different homes in 40 years (it was cheap and easy then). We always stayed afloat but sometimes it was `only by the skin of our teeth`, remember the recessions.

Children went to uni and left home, leaving us much better off, so saved in a big way then and most in a pension for dh. Never really consciously thinking of old age but now eternally grateful that we did save. So now (dwindling in value) nestegg and drawdown pension (scary because of current crisis) and a very cosy mortgage-free eco home. My small pension and dh`s state pension in a few months. All in all the future is good and we want for nothing and will manage comfortably

Wasted money? oh yes, far too many `things` that I have ended up giving away

regrets? none

chesky369

I always work on the premise that, for good or ill, what I've done in my life has made me the person I am now. And since I quite like being the person I am, I shouldn't waste time on what might have been. People who do that tend to be a bit depressing to be around - life is always a series of options and we make those which at the time seem best for us in the particular situation we're in then. If I DID regret anything, it would definitely not be about money - different education choices maybe. But if I'd done that, I wouldn't have met my (now ex) husband and wouldn't have had the children I have. So, by and large, life's OK, pretty good really. I'm well enough off (no way super-comfortable) to not worry about buying what I need or want and don't ever have to think 'can I afford this'. But I do appreciate it, since I've also had hard times, bringing up my children on my own.

Best thing is, I'm not a youngster now, with all the pressures on them. Life is getting much tougher.

zenmaster

A total bl00dy mess if I'm honest.

It's only within the last 2 years that I have realised the error of my ways and just this past year that I have been able to begin filling in the holes I have dug for myself.

If I knew then what I know now I would be well off.

Mind you, if I'd never married and had kids I'd be wealthy.

Do I regret it? Of course I do - but not much

seven-day-weekend

We got in a bit of debt when we were young, learnt from it and have not been in debt since other thaan mortgages (and even haven't had one of those for agood few years, until recently!)..:)

One thing I wish we'd have done differently is bought a cottage near the River Severn in Ironbridge for £3k when we had the chance - it's now in the middle of a World Heritage site!