If you knew then what you know now...

dazzler123

Having someone close to you dealing with debt is probably the best way to teach young influential people not to get themselves into the same mess, so even if you dont feel like it trying-very-trying, I bet your lessons in finances have been invaluable to your kids, so well done! You've had to do it the hard way so that they hopefully dont!

sammyjammy

Sadly we live in a "I want it and I'm going to have it and I want it now" society. At its peak my non mortgage debt was 30K (have been debtfree for 4yrs now), I had nothing to show for it except a (probably) damaged liver, wardbroabes full fo clothes and shoes, most of which didn't fit or I didn't like and had never even removed the tags from.

If I could do it all again I would start saving fro mthe moment I started earning, at least 10% of my wages, not get credit cards, save up for things I wanted to do/have and never buy things without thinking about itfor at least 24 hours.

If I had children I would teach them about the importantance of saving up for things, compound interest on both credit and savings and most of all that there is more to life than having the latest mobile phone.

immoral_angeluk

Debt consolidation + not cancelling cards you've paid off = disaster!!
Baalnce transfers + not cancelling cards you've paid off = disaster!!

You get my drift.. :P

dazzler123

yeah I get your drift immoral angel I read your first debt diary the other day for about 4 hours hee hee I'm rather star struck now Im sure you will have a wealth of knowledge for your two beautiful daughters for when its their time to enter the harsh reality of the real world! xx

CharliesAngel

I wouldn't change a thing... I'm on the property ladder on my own, not alot of people I know can say that.

Yes I've got 10k of debt but that's long term property development for you plus one or two years worth of service charges on a leasehold property which I don't have any more..

I don't plan to be in debt any more than I am now, only have a small mortgage (with plenty of equity) and still have extra money a month - taken on two more part time jobs as well as my full time one so that I can save for the new car.. yep you heard it right... SAVE UP!!!

I don't aspire to live the life of a marketing machine with all the latest 'gadgets'...

Only think I'd say is not to get carried away with the 'tarting' on credit cards without closing the accounts you switch... never have more than one credit card and keep an eye on the limit!

immoral_angeluk

dazzler123 wrote: »

yeah I get your drift immoral angel I read your first debt diary the other day for about 4 hours hee hee I'm rather star struck now Im sure you will have a wealth of knowledge for your two beautiful daughters for when its their time to enter the harsh reality of the real world! xx

lol thanks.. well with the girls it could go either way.. they could be over obsessive with money saving.. or they could go their dad's way and be over obsessive with spending money!!!! lol!

Fortheloveofmoney

I wish I'd known how to budget properly and never got my 1st credit card. Oh and never consolidated.....

My 21 y/o Niece has just got her 1st credit card to pay for car repairs and her 21st birthday party. I just wanted to scream NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO at her :rotfl:

mrsspendalot

Fortheloveofmoney wrote: »

My 21 y/o Niece has just got her 1st credit card to pay for car repairs and her 21st birthday party. I just wanted to scream NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO at her :rotfl:

My cousin came round earlier to do her internet banking and said she had got a crapital one card to pay for Xmas this year as they are really skint, and she has told her kids they can only have £150 each this Xmas :eek: I gave her the speech about 34.9% interest rates etc. but she hasn't had her LBM yet, so I am not getting through to her at all :rolleyes: Scary to think that was me a couple of years ago

Wannabesaver_4

i think kids need to be taught how to budget and manage money at a far younger age. i only taught myself about budgeting after finding this website and getting into 30K's worth of debt!

When you go to Uni its all about how much credit you can get and live off and its such a wrong attitude but admittedly most students dont have a choice!

winkle1

its hard to give advice cause it sounds like preaching. i am stuck in 2 minds about my debt, half of me wishes I had never done it and the other half is glad for the experience and what it has taught me.