If you knew then what you know now...

Redbedhead

2nd lesson - credit cards are not 'free' money! Just because you get a £1000 limit, doesn't mean they are giving you £1000 - you will pay more than £1000 back generally and they are not doing it out of the goodness of their hearts!

Credit cards aren't a bad thing but always have at the back of your mind that you have to pay it back and have an idea of how you are going to do that while incurring the minimum of costs.

bathgatebuyer

I would have not continued telling myself that 'it will be ok, my next job will probably pay more';
I would not have buried my head in the sand over money issues;
When I bought my home, I should have read the small print over the solicitor's 'fixed fee' quotation and been aware that there were hidden costs (which meant that the cash I thought I was getting to buy a sofa and a fridge freezer wasn't coming so I took out a credit card to get them);
Buy now pay later, still means that you have to actually pay!
Never trust anyone from a bank who offers you advice.

tiggat28

I would have never lent my step-daughter £10,000 in 2004 to pay off all her store cards, credit cards etc as she only made a few payments back to me, she never cut up her cards and cancelled them and in less than a year, she run up the debt of £10,000 again and on the 24th August 2007 she went BANKRUPT and has the cheek to want nothing to do with her dad ever again!

dianadors

Lucy1982 wrote: »

I would go with all of the above, My Mum has always been good with money as we have never had much of it, but when i discovered I had spendable income it all when wrong!

I think kids need to be taught how to budget properly and the importance of saving for things. I managed it when I didn't have much (which I don't understand!)

I totally identify with this. My mum has never wasted a penny in her life, but as soon as I had my own home and disposable income - I went a bit mad (although I never had anywhere near as much as some of my mates). I had never discussed money much with my kids until I found this site, and now money is very much an everyday topic. My daughter spends money very wisely - always on the sale rail etc, but she has to spend any money she gets, she cant save it (yet!!) My son is the opposite - when he spends, he cannot be bothered to look for a bargain and loves "names" but he is more likely to put his money into his bank account and not just spend it for spending sake.

I love the challenge of making money stretch - its much more fun than throwing money away. The most debt I have ever been in was when I worked for a bank and had a really great salary. The most savings we ever had was when I took 4 years off work with no salary when I had my 1st baby!!! I dont understand it either!!!

SarahNeedle1872

Wannabesaver wrote: »

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!

Completely agree, especailly with the way the economy is at the minute.... credit has been so easy to get and its become 'the norm' to pay for things on credit.... it's only now that the banks are starting to loose money thru bad debts that they are 'responsibly lending'!

Re the students, my sister went to uni and didn't come out with too m uch debt.... mainly because she was careful, and didn't spend all her evenings out on the town.... (not saying ALL students do, but a lot do!)

If I knew then what I know now, I never would have got my first credit card, and would have taken a leaf out of my Nans book.... only pay in cash, once u have decided that u really need it!

Sarah x

jinky67

Would have stayed on my own...living with OH I am now worse off!:D
He has debt he didnt before and so do I
I was always good with money before but have gone a bit haywire..transferring balances but not cancelling cards "just in case":o but still complaing when OH spends his money on stuff for him.
Using all my savings to pay debts but still racking them up:eek:

shopsalot

I would have saved from an early age and never got a credit card - EVER!

I would have bought a house sooner.

I think Money should be tought in school - I was tought how to make a cup of tea and a piece of toast, how to calculate the area of a circle, how to find out the energy content of a peanut - but i was never taught the value of money, saving and the real cost of debt.

That lesson I learnt the hard way - and was way harder than burning toast or drinking luke warm tea would have been!

shopsalot

I should have been shown how to spell taught!

Horace

Kids should learn the value of money for instance: you see something you like, stop and think a) if you really want it and b) can you afford it. If you can't afford it then don't buy it because you'll probably see something better anyway. Also get yourself a Saturday job or a Summer job to earn some extra cash - why not go fruit picking it's hard work but at least its money in the pocket.
I wish now that I am an adult that I could save - I used to be able to save before we had this government but now money disappears. I just wish I had taken my grandma's advice - "Never a borrower or a lender be".

bexxie90

If I knew then,what I know now I would be a SAHM I have to work full-time with a small baby all because we couldn't wait and save for things. I owed a 60K mortgage before (7 years ago) it is now 173K what fools we have been. Luckily that is all we owe so not all doom and gloom (no CC or consolidation loans from Mortgage) but hindsight what a wonderful thing.
Bex