How long did it take you to be able to manage your money?

izoomzoom

I got married at 18 and was very good at managing our money and savings too.

Yes there were times when we were short, but we managed on beans till the end of the month.

However, I moved country 10 years later and this was the first time we had access to a credit card. I managed the credit card debt for about 4 years and then we bought our first house, and had another child and racked up debts. It will take 5 years to pay this back (still one year left), and then hopefully we will be in a position to save again.

So I was good for many years, but did lose control once, and hopefully never again :money:

nicp60

I have been a long-time member of the Fritterati!

When I was younger I was shocking with money, I think it came from a comfort-shopping thing.

The only time I adequately managed my money was when I lived in Japan for 2 years, and foreigners weren't allowed debit cards, debt or direct debits. I had a bank loan in the UK and had to transfer enough money each month to cover that. Somehow I managed - there simply was no other choice.

I'm learning to deal with money slowly (I'm 33 now). I still hate checking balances etc but make myself do it daily. I'm over the shopping for fun business - in fact I've gone the other way and hate 'stuff' cluttering up the place!!

For some it comes naturally and for others it doesn't, I think.

thebillet

I have wondered what formed my attitude to money, usually a saver rather than a spender. I think it formed when as a teenager I went to a charitable boarding school and I had to buy my train ticket home. It cost 6/8d (34p), I did this once and it took my school bank book into the red for the first and last time ever. It only happened because my mother was a bit late in sending me the money. It gave me a sleepless night or two due, I think to a bit of over sensitivity on my part. As a result I made sure I never came close to debt, with the exception of a mortgage which I paid off early.

I sincerely doubt this would be possible, without a lot more effort, these days as work is less secure and asset costs are so much higher.

So in answer to the original thread title; from about 14 (45 years ago)!

Kaz2904

Ooh, I don't know ^^^ we'll have paid ours off in a couple of months. We're not high earners but we have cleared it in 8 years.
Must be terribly hard now though .
I've always been fairly good with money. DH not so much. He's still pretty bad but there's less time for him to go out spending now that we have kids!

cabriolean

I started a savings account when I was 16, never dipped into it, not even when I saw something I really wanted. However my elder sister is getting married next January, and my father is retired, my mum fosters, but doesn't do it to profit, so to treat the child equally he/she is always bought more toys and clothing than social consider necessary, so they come out of what could be considered her salary. We're paying off the mortgage this year, so my parents told me that it would be a struggle to give me an allowance and could I make do with my grant, I can't easily, but it's just about manageable.
Basically, I have a grant and when travel costs, textbooks, a housing deposit, electricity and bridesmaidy things are taken away, I end up with a triple figure negative number. I also need to buy food, washing up liquid, shampoo, deodorant and numerous other things such as toothpaste. My Dad is already having to come out of retirement into semi-retirement, so I'll sell some things on ebay, be careful with my money, get a paper round if it comes to it and not buy anything that I don't absolutely need, I'll dip into my savings if I have to, but I'd really rather not as I don't have much in there anyway as I never got a Saturday job due to mental health reasons, which also badly affected my A-level results.
There are a lot of things I'll want to buy, like milk, chocolate, ready made sandwiches, but I'm fairly good with money and I can feed myself for less than 30p a meal with minimal trouble.
My parents have always raised me to be responsible with money and last term I knew if I bought that I wouldn't be able to afford that, and if I bought too much I wouldn't be able to afford to eat. Last term I averaged £40 a week, but that included some luxury items and more expensive food.
But toast, sandwiches, pasta with a little cheese and veg, rice with veg and a cheap cup a soup poured over the top, instant mash with morrisons saver sausages and veg, a morrisons savers burger inbetween 2 slices of bread with peas and some chips.......I can feed myself for £5.25 a week, add another £1.50 or so for shampoo etc. And apart from rent, I can feed, get myself around (by walking), and buy hygiene stuff for less than £7 a week.

Trazy

sweetme wrote: »

From about 35/36 when I split from my husband. I've never been in the red since and now have savings for a rainy day.

This is exactly the same as me, I don't think my ex husband realised that it is ok to be in the black now and again. Whenever somebody (credit card/overdraft etc) offered some money he HAD to spend it as quickly as possible.

I haven't been in the red since I left him :T

bexiboo92

Trazy wrote: »

This is exactly the same as me, I don't think my ex husband realised that it is ok to be in the black now and again. Whenever somebody (credit card/overdraft etc) offered some money he HAD to spend it as quickly as possible.

I haven't been in the red since I left him :T

My OH is a bit like this, money seems to burn a hole in this pocket!

lushlifesaver

I'm 22 and I've never had a problem.

Had a Yorkshire bank account throughout primary school where our parents made us save £1 per week and then we could add as much as we wanted to that - I usually added half my pocket money. Birthday/Christmas cheques got paid in to that account.

I always managed my own money and we were taught how to from an early age due to ill health and redundancies in the household.

When I cashed in my granny bonds during uni they went towards food and rent and my loans/grants weren't enough - I also had to sell some DVDs etc to make rent/eat sometimes. I don't think the current student loans systems works well at all but I got by!

I have a PCDL that I took out for my MSc course and a small amount on a credit card as I have been job searching for a year and am now on carers allowance which is a paltry £58.45 per week. The CA has to be saved up to make my 3 direct debits each month (PCDL repayment, mobile phone contract, gym) and I have a casual job where I earn when possible for other stuff.

I need a job asap as have recently moved in with my bf and need to contribute! I plan on taking out a low rate loan when I get a new job. This loan will pay off my student overdraft, PCDL and credit card and will be paid back over seven years at an amount lower than what I pay currently on my PCDL payments!

I have always worked hard to stretch my money, sometimes it doesn't go to plan but I would say I am on top of it. Things will be a million times better once I have a job

lindsaygalaxy

25 - when I became BR! I was great with money until I met my ex aged 19. He got me more and more in debt. We had a child and every penny I earnt he spent, his debt was tranferred to me and the cycle continued. I take blame for letting it happen but I was very young and naive and wanted to believe him that things would be ok (abusive relationship too - I was very unlikely to say no). We split, I went BR. I now have a professional job, savings and a fantastic partner who is great with money!

Strangely though I run the household account, we both have a seperate account for our own stuff and we both save from our 'own' money too that goes into savings.

Skintski

I've always been good with money. I've always had spreadsheets with income and outgoings on so very rarely find myself in any bother.

I think everyone is capable of getting their head around their household finances, its just whether they choose to.