What (financial) mistakes have we made that we won’t do again?!

onedayiwill

I will never again:

- Use a credit card
- Consolidate (well, I won't need to, will I!)
- Take out another loan
- Make financial decisions without asking Mr OneDay for advice.
- Use spending to make myself "feel better". I will still give myself a reward once in a while or a small gift to overcome a disappointment, but not to get a "buzz".
- Live without a budget or spending diary. It's important for me know where the money is going to go and where it has gone! That way I can keep track.
- bury my head in the sand when it comes to making difficult financial decisions.

Great thread.

beemuzed

dianadors wrote: »

Endowment mortgage was the biggest financial mistake - I have tried to claim but was not succesful. Hopefully will only be around 2K short when the mortgage is paid off in around 3 years time, but we were promised to have the mortgage paid off and a lump sum of excess besides. Hey ho

Also - whilst I wouldnt say we are in debt, we have over the years used credit cards and these have been a pain to pay off - so we steer clear of using these now.

Similar situation here over the endowment mortgage - hopefully have now found other ways to ensure there's no shortfall in 18 months time - but a shame about that excess amount we;d been promised. Not a mistake we're likely to repeat at our age though!
I won't again be applying for more credit cards when I think I need something and current card is nearly full - did that a couple of times in the past.
I WILL be continuing to get advice from everyone on here as once I'm free of debt I never ever want to owe anything again!

CAFCGirl

God there is so much I wont be doing again in a hurry

1.Consolidation!
2.Spend on consolidated card!
3.Spend on BT-ed credit card!

That BT was the only thing I did about right and then still muffed it all up!

4.Any form of PPI
5.Rely too heavily on other people!
Ended up being "screwed over" on that note
6.Ignore my debts by thinking minimum payments were all they needed
7.Not fully understanding the role my emotions/unhappiness played
8.Thinking I have to spend money to "belong"
9.Being too generous with family and friends with gifts
10.Not growing up quick enough...

A lot of my debts are sheer results from me not understanding how better to help myself other than spending money. It seemed at the time to fill a dark hole, which essentially was just getting bigger and bigger!

Feels so good now thought to finally be awake!!

Looking forward to 2009 when it'll all be paid off and all my money will then be my own again and I can do on holiday of a lifetime with BF and then start to have some cracking savings going on to help out in a few years with a mortgage!

tryingtodobetter

I will never get into ANY debt every again apart from our mortgage and i will pay that off as qucikly as possible once the other debt is sorted. Only £7000 to go was £25000 at its highest so getting there slowly.

PigginSkint

Thanks all for your responses - this is fun this!

Anyway I know I had missed something so here we go:

11) Not the APR (or at least the APR I'm paying) on my credit cards

and, to say amen to Immoral Angel:

12) Not to get in this mess again!

Dr_Hook

PigginSkint wrote: »

1)Take out a consolidation loan and then keep spending on credit cards.
2)Take out a consolidation loan – full stop!
...
6)Transfer balances to a low rate life of balance deal and then keep spending on the same card (ditto much higher interest rate)
7)Use a credit card to get cash from a cashpoint machine.
8)Use credit card cheques.
9)Spend on credit cards for non-essential items.

All of the above plus just generally taking out credit without considering how long it will take to repay and how much it will cost me in the long run.

I remember reading somewhere that taking credit was borrowing from your future self. I wish I could tell my past self that I can't afford to lend him anything! :rotfl:

PigginSkint

On point 11 above I meant to say 'not know the apr'

(I tried to do an edit for this but it wouldn't let me - don't know why )

Aj_eye

1. PPI on a loan
2. spend on credit card to furnish buy to let flat.... (now the flats gone ....even lost money selling it ...but the debt is still here)
3. Use CC check to buy a designer watch off a friend.....(sold the watch last year when I found out my wife was pregnant....(guess what ...the debt is still there)

skint_spice

not to spend more than I earn... Also that young kids don't want or appreciate expensive clothes and I wasted a fortune on that one!
I can't remember the last time I was completely debt free but I will appreciate it next year after getting myself into this mess.

Money doesn't buy happiness - just a load of clutter!

SarahNeedle1872

I will never again:
1) Get credit in my name to pay for OH's mistakes - he knows this too!
2) Consolidate then spend on the cards again!
3) Use my credit card without paying it off in full each month
4) Buy something without shopping around first
5) Stop reading these forums!!!

Sarah x