Have You Always Been Bad At Managing Money?

southernscouser

OK I know I'm slightly generalising by suggesting we have all got in to debt through bad money managment but I reckon it is the case for the vast majority!

Something I've just read has sparked a thought (woah easy, don't get too many of them to the pound).

Have you always been crap with money? :think:

I always have been. Even as a kid as soon as I had money in my hand I'd spend it. I hated saving. Couldn't see the point of it. My brother on the hand only spent his when he wanted something. Are the two connected? Was I destined to be in debt?

Even now I wouldn't say I'm particularly great with money! I still can't budget to save my life!

I'm wondering whether it's a personality trait or.............I don't know what else! :rotfl:

Anyone else understand what the hell I'm on about? :undecided

sammy115

Yep, I have always been bad at managing money.

My mum - always been good = no debt.(but no money either now she is retired as she put all her money into buying her house).

My dad - always been bad = bankrupt.

My son - always been bad = skint

My daughter - always been good = saving up to buy her first car at 17!

BTW - what did you read?:o

debtfreeby40_3

Hi there
God yes - that's me! I have always been a spendthrift ever since my first pound note in a birthday card!
My mum and dad were never in debt and my sis is one of the tightest people I've met. it is a bit of a family joke that I am free with the cash and I pride myself on being generous. Perhaps it is this that has conditioned me to think that this is my normal way of behaving?
I have tried to analyse it (nature vs nurture) but whatever the reason, we've got to believe that we are not 'hard-wired' this way and can change.

onamission_2

I've always spent every penny since I was little as I always seemed to get more. It didn't help that I didn't get taught anything practical about finances, interest, savings etc. as my MSE dad was so good at it.. he didn't think to educate us about it. I've found out about compound interest the hard way!

Shineyhappy

I get exactly what you mean!

I guess I have never really thought about balancing the books as long as the hole in the wall hands out cash then its ok to spend it. Well that was my old attitude, now I crave the stability of having some savings.

I have never saved and as soon as I was given cash it would be spent. I inherited 6k when I went to uni and I lent some out and never got it back and treated myself and others and bought my ex a 1500 fish tank as he whinged like a spoilt brat when he found out I had some of that money left.

I have lived in my OD since I got it and I find it too easy to run up a credit card and have nothing to show for it.

I think only the realisation of my LBM when I realised I was in a lot of debt and only me to deal with it have made me sit up and think, well if I cant deal with spending money responsibly only buy essentials and no treats and when this is all paid off I plan to have a DD come out of my account on payday so I can have some savings. That way all my money will be spent before I get the chance to waste it!

JET34

Errrrrrrrrr In a word yes although I was working at 13 - paper rounds, milk rounds, babysitting, satuarday job's etc I was earning a pretty good wage for my age but every single penny was spent every week!! Started a full time job when I left school .. every penny spent before the end of the month..... but now I have had my Engery saving LBM & have become DF I have started saving for the first time in my adult life and it feel's good!!!!! I now enjoy watching the penny's add up rather than the bag's of stuff I really don't need and will end up selling on Ebay for much less than they cost!!
My Son's on the other hand when given there pocket money nearly always save them!!

southernscouser

sammy115 wrote: »

BTW - what did you read?:o

Just someone saying how they always spent their pocket money straight away!

*zippy*

I used to be very frugal, I knew every trick in the book to save money. Hubby and I married young and we had a low income, but managed fine, we went abroad once a year, saved up if we wanted something and had no debt. Yes it all went wrong! After having my first DD, I got my first CC and it was downhill from there.

My parents are very bad with money though, so I was brought up having nice things and never wanted for anything, so perhaps the seeds were sown then One of my dd's is a saver the other a spender, it has been clear since they were very young and I do worry about my eldest and so we are very open about our debt so she can see the consequences (sp?).

southernscouser

JET34 wrote: »

Errrrrrrrrr In a word yes although I was working at 13 - paper rounds, milk rounds, babysitting, satuarday job's etc I was earning a pretty good wage for my age but every single penny was spent every week!!

Thats exactly like me. I was always earning money as kid, usually car cleaning, had a few good customers aswell!

But like you, as soon as I earnt it I spent it. :doh:

moonlightpjs

Hi SS
Yes me too - I think it stems from when we were kids - we had nothing but the girl next door had everything, at 13 years old she was given £25 a week spending money:eek: I had £2. My parents never had anything at that time whilst next door had everything. It wasn't till years later that my dad told me they had baliffs knocking on the door at all hours. My Mum and dad saved up to buy their own house when I was 14/15 and we still had no ready cash. I spent money as soon as i had it, my brother saved it and my Mum spent and still does to this day - hence her high debt, nothing was every good enough for her and she has to keep up with her friends. My Dad saves and pays for everything cash. I openly admit I spent too much, and on things we didn't need, until OH was in hospital for nearly a year and then the true extent of our debts came out and now we are here :T. My Mum (as you know) is in a pickle and my brother has now changed his name in order not to pay his debts but at least we are doing something about it and facing up to it and for that I feel proud. There is always the temptation though

Lucy1982_2

I was doing ok until I went to Uni. Then I got into debt (obviously) then I got engaged and took out a £3,000 loan to pay for the wedding (we split up 3 months before the wedding day) I then increased the loan to cover the cancelation fees :mad: (he didn't help!). I managed that ok for a while, then crept back into my overdraft, which I maxed in 2005 :eek: And did a really stupid thing and consolidated everything, one £10,000 loan was going to solve everything.... Yeah right!! :rotfl:

Needless to say 2 years later I have another £1,000 loan and some store cards. As my sig will tell you I am still justo ver £10,000 in debt!!!

I'm going to learn money management and it starts here!!