Lurker's forum: what has been your most helpful tip?

AllNightDiner

Hi everyone, 

I get so much from reading these pages: both practical help and also reassurance that there are so many kind people in the world who are willing to offer help to strangers. 

I wondered if anyone would like to just celebrate some of the things they have learned on this forum - or to call out the people on who have helped them?

I just love @foxgloves over on the debt diary page, and about 20 of the wonderful regular advisors on the pensions page. I love the "giving up/cutting down alcohol" page too.

This is the nicest place on the internet!

Exodi

Wasn't from this forum but the best tip I found was transferring some money into savings as soon as you are paid (ideally by standing order).

When I was younger, I would spend all the money in my account until I was skint and waiting for the next payday - I just lived in a perpetual cycle of extravagance followed by destitution month after month, paycheck after paycheck.

I was initially dismissive of the idea as, let's be honest, I could just transfer the money back from savings and spend it if I really wanted, but that's not what happened - in reality my spending habits naturally adjusted and I started spending less while building savings.

This is a common concept in habit forming in relation to the environment (e.g. it's easier to diet if unhealthy foods are kept out of eyesight).

Since then my spending is in control (I've gone the other way in fact, I probably don't spend enough)!

weenancyinAmerica

@foxgloves with her Resourcefulness diary was my first real introduction to the diaries - wonderful. Now I read quite a lot of them. Good luck on yours.

Blackcats

Another hint from @foxgloves is to shop from home.  Because I was a person who spent lots of money on lots of stuff it's surprisingly easy to find things that I already have which can be used or adapted to fill a current need.  It's actually very nice to re-purpose or re-visit hidden "Treasures".

doingitanyway

Prioritise an emergency fund. Otherwise, you will be derailed financially because things can, and do, go wrong. I haven't got one, but I am working on it. I feel exposed without one.

Chocolatefund

Not just on these forums, but U-Tube has a bunch of amazing financial videos and guides on money management and wealth building.  Many of them are USA based, but the principles are still the same.

The best move was moving all my direct debits to the 1st of the month.  (I get paid last working day). This includes setting up standing orders for savings.  Pay yourself first and plan for the month ahead.  Makes money management so much easier.

AllNightDiner

These are very useful tips and comments. Another one I picked up along the way was that you can buy back pension years - the rate of return (unless you are very unlucky) beats most other investments. And yes - “shop from home”!