Have You Always Been Bad At Managing Money?

Burlesque_Babe

i've been awful since Igot my first Saturday job when I was 14.

My Mum and Dad always struggled because of low paid jobs, but were very good with the little they had and really looked after us well.

I do wonder if them having so little meant that as soon as I had some I had to spend it as a 'treat' for myself and it spiralled from there.

I like to think that I am now 'under control' but, mad as it seems, it is almost a daily struggle to keep myself in check sometimes.

I had a bit of a mad purchase the other day, and whilst I'm sure it will look fantastic when it arrives, it cost me a lot of pennies and I really shouldn't have done!!

auntie_brenda

I was always clueless with money..... but now that I've got my act together..... it's so bl00dy easy isn't it .

What HAVE I been doing all these years :mad:

mrsspendalot

I was always a spender - I could never save. However, my brother was a saver but is now rubbish with money too. I think my debt stems from the fact that growing up we never wanted for anything. My mum and dad were never well off, they had average jobs (factory, cleaning etc) and an average house. However, we never went without anything. We always had decent brand named clothes and shoes, never anything cheap (kickers for school, nike trainers etc). We always had a car. We always had a holiday. We were never once told 'no we can't afford it'. Don't get me wrong, we were not spoiled brats and we had nothing particularly extravagent (no designer gear). However I think that because of this I still desire to have nice things even when I can't afford it. I am just not used to going without.

What i don't get is that my parents are really really good with money. They have never ever been late with any payment and pay their cards off in full every month. They are just really good at money stuff! But we are all terrible.

skint_spice

I've never been great and remember spending ever penny of my saturday job money as soon as I got it and then going to monthly wages this continued then whoops! there was still most of the month to finance. CCs and loans followed. got all clear then had DS and believed the hype over what a kid needs... Should be clear next year hopefully and I think I've finally learnt my lesson. (fingers crossed!)

piglet6

I was always really good growing up - saved my pocket money and everything! My parents are also really good - owe nothing, have paid off their mortgage early, clear their credit cards every month, save before making major purchases, etc. :T Mr P's parents are also very good with money - no debt, lots of savings (major panic about retiring and not being able to keep up with their current lifestyle, so they squirrel away everything possible for the future! :rolleyes:).

As students, Mr P and I were the model of good financial behaviour (to the point that we paid our "food" money for the term onto our Mastercard in advance at the beginning of each term and spent it over the next 10 weeks...! ). I guess that our problem came when we moved to London and got "good" jobs and "met" expensive shops - we quickly succumbed to the "store card + designer wardrobe" syndrome! However, 12 years on we have clawed our way back - we now dress from M&S (and George @ Asda! :rotfl:). If anything, we are weak in that we spend money on our home (we have both put on weight in the last 10 years, so fashion isn't something that interests us so much these days , but we do like "nice" surroundings - bed linen, crockery/glassware, and other such shallow things, etc!!!). Our wages have increased...and so have our tastes - but we are fighting the urges...and so far we are winning the battle - just! :cool:

I do think its a constant battle, though - and although I feel "in control" (for the most part...), I definitely identify with those who struggle to control their spending...:o

Piglet

Jolinar

onamission wrote: »

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!

I could have written this lol. My parents were always pretty secretive about the finances and just expected me to pick budgeting up through the genetic memory

mcardinalblue

This is a very interesting question; it has made me review my spending habits over the years.

As a kid any money that came into my hands was immediately spent on consumable items like sweets and comics.

I have never ever managed to save for anything ever, consequently this meant as soon as credit cards came into my sweaty palms I was able to buy things go on holidays etc things most people would have saved up for beforehand.
So since the age of about 25 I have always been in debt. Credit card limit =income in my world.

The other interesting habit is that I am not materialistic, compared to others I have very few possessions, so the majority of my spending was/is on consumables not sweets as when I was a child but the adult versions of alcohol, smoking, eating out and holidays :beer: .

Interestingly over time I have worked my way up the ladder and I’m now on a very good wage, but the more I earn the more I spend.

My upbringing was in a family were Mum, Dad, Sister and Brother are all fantastic with money. They all believe that if you don’t have the money then you don’t spend it. My best friend from childhood was also a whiz with money, the only student ever I think that used to have money left over from her grant (70’s so no loans) every semester.

Reading this back it seems obvious I’m still feeding the inner child. Perhaps I need a chat with that bloke from spendaholics about my emotions and spending as obviously disturbed :rotfl: :rotfl: :rotfl: (Although I have given up smoking for 8 months :T :T :T ).

I think there still lots to explore on this subject, but think I’m starting to ramble, so will leave things there.

onamission_2

. Growing up in 1980/1990s in ireland it was enormous recession. my parents paid 18% interest on their mortgage. we were never hungry but there was never any money for frills. it was basics all the way.
When i got my job in UK in 1996 I suppose i went mad - I pulled out of buying a house as I felt too young for mortgage and I did associate it with poverty growing up. we had more money when my parents rented their house.
I spent my salary and more (credit card limit= income) on clothes makeup and consumables (drinking etc).
Gosh I regret it to this day as I could be mortgage free now and have sold that house now for 4 times what it would have cost. hindsight eh?

NekoZombie

Hi all!

Very interesting thread SS (hope you don't mind someone from the other side of the pond posting:D )

There was never any shortage of money when I was growing up - we used to go to shopping trips in selfridges and harrods and got driven to school in the limo. Sadly, all this money was my grandparents, and when my mum decided to go independent, things fell apart quite quickly. My mum was always buying stuff on the catalogue - I can can remember being allowed to choose what I wanted, and then having to pay £2 a week towards it. What on earth was my mum teaching me? That credit was fine!

Every so often my granddad would come visit, and give us £50 handouts (which seemed a great deal in 1985!), which we then handed over to my mum. I think I never really developed a responsible attitude. On my 18th Birthday I went out and got credit so I could buy a Playstation. :eek: It was downhill all the way from then.

Interestingly, it was only once I started experiencing difficulties that I realised I had to change. Of course, being bankrupt means no credit anyway; if you want to buy someting, you need to save for it. A hard lesson to learn - and I would say it's been learned very well indeed.

DontDoDebtKids

auntie_brenda wrote: »

I was always clueless with money..... but now that I've got my act together..... it's so bl00dy easy isn't it .

What HAVE I been doing all these years :mad:

I think this mirrors my thoughts almost exactly!

I used to be fine with money - as a kid I'd mostly save my money and, if I wanted something, I'd umm and arr whether to buy it or to keep the money in my bank/pig.

The problem was that I never really budgeted, or thought too hard about money, because I didn't have bills etc.

When I got to university, I never once thought about money and basically spent through my savings.

When I got a job straight from leaving university, I didn't need to change my habits and just carried on not caring.

When I bought a flat, it was a bit of a stretch but I did it. Again, no need to change habits.

When, after a few months of paying bills (just), I found cheap/free credit, I jumped at the chance.....

Oh Dear!

Now I've learnt to budget and how to manage my accounts better, it's sodding easy!

At least I've learned, albeit later.