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

VestanPance

From day one.

I always budgeted and lived with the budget I've set. I've never had an overdraft or missed a direct debt/standing order payment in my life.

I've had times when money is tight, but I've always budgeted to live within my means no matter what my income at the time has been.

Primrose

I have my parents to thank for learning to be prudent as a child, even to the extend of putting a proportion of my pocket money into a savings account every week. By the time I'd become a young adult the practice was engrained in me to the extent that I was horrified how reckless some people seemed to be with their money. But moving into your own rented/mortgaged home for the first time is always a shock as you have to learn to budget for the unexpected as well as the expected. Having a contingency fund is a early skill to adopt, even if that means temporarily going without a holiday until it has been built up. Having a frugal lifestyle helps. If you can encourage yourself to gain pleasure from things which don't cost a lot of money, over a lifetime, money which would have been spent on other things can build up to thousands and thousands of pounds. Always spending just a little less than you earn comes easier with time - a key question to ask yourself is "Do I NEED this? rather than Do I WANT this?.

lulu650

VestanPance wrote: »

From day one.....

As poster above exactly the same.

Was married and had a mortgage at 19. I struggled lots of times, but not because I couldn't manage my money but because income didn't always match the bills. Value beans and reduced bread had to do at times.

I think some people are naturally cautious as part of their personality and I'm one.

January and February are always difficult with bills. You need to look at the year as a whole to get your head around how to budget

Gloomendoom

nicp60 wrote: »

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

I think you are right.

I have had a credit card since I was 18. Never went into the red at Uni or since, despite periods of unemployment or very low paid work.

It may be instinctive because I put zero effort into money management. I've never used a spreadsheet and rarely check my bank balance. Odd really because, generally, I'm lousy with numbers.

embob74

i'll let you know when it happens :eek:

Lunar_Eclipse

Always. I'm also a 'saver' by nature, so have never, ever, spent all of the money I earnt, even as a child.

I had savings accounts as a child, an allowance to control as a teenager and then a budget written with my mum before going to university. I was a rare student that left with enough money to travel for the Summer upon graduation, before starting work in the September.

Just before DH & I rented our first home, we set up a joint account and had our salaries paid into that. We've used it ever since. I do our annual budget (mainly because I like managing money & DH finds it incredibly dull) and casually review it from time to time.

Our general approach is one of 'paying ourselves first', meaning that we spend income according to our priorities, such as savings first, before frittering it away on non essential items like eating out.

princessdon

I was 19 when I owned my own home, bought my 2nd home at 21 (still had the first but rented it out). I have always had 12 months savings since 18 years old for emergencies, my mum insisted I had this prior to being able to move out.

Until I felt "safe" that I could live in an emergency I never spent. No holidays, no silly entertainment (still had some nights out but nothing silly).

So I was probably I'd say 24 when I had been working a few years in a good post grad job before I felt safe to spend. I have never had debts (other than a mortgage), no car loans etc as I have a fear of debt so although this is probably unhealthy it worked for me.

caeler

I had it sorted by mid-20s and I did learn the hard way, I find it hard to recount the debt that I was in and all the money I wasted! Budgetting seemed completely out of reach until one day it just clicked. I'll be honest it is alot easier on my own, my ex was awful with money and dragging him along was so painful. You have to both want the same things with your money (ie. paying bills/rent/mortage, saving a few pennies, sacrificing going out for the greater good, sticking to the budget).

VK-2008

im 26 been married 2 and half years staying together 3
we have kind of got it ok from the start
what we do is list all our essentials - bills including mobile sky and love film etc come to 1250,
we looked at our wages 850 (4 weekly) and 1650 (monthly)
2500
took away money for shopping 200 petrol 150 and bus pass 50
that gives us 850 left over
divide that by how many days in a mnth say 31 and that means if needed we have 27 quid a day or 850 a month
we still spend our money evry month
but we work it like that we try put some money aside for car tax and savings etc but the rest is ur choice and then months like feb and march when no council tax we put the money towards savings so thats like an extra 300 quid put away
we regularly check our energy tariff to check we still get good deal
phoned british gas even though we are on best deal on comparison site told them we wanted to leave (even tho we had no plans) and then said if we stay 6 months they would give us 70 quid
we challange sky etc a lot
but things like that save money if your struggling

bodmil

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