Great ''Financial Mistakes” Hunt. What’s your biggest mistake… help others avoid it.

Former_MSE_Wendy

Learning from others mistakes is one of the most powerful lessons. So if you’ve ever had a financial disaster through a bad decision, what was it?

Please post below to share your experiences with other MoneySavers.

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Mrs_Boo_Boo

I lost £3000 last year when we remortgaged by putting the wrong date for the new mortgage to start. I was one day out so was charged an early redemption fee.Very annoying and frustrating but couldn't do anything about it.
'
Does anyone remember Gary Jacobs on Talk Radio before the boring sport got in. He was a legal expert who had a phone in and would regularly tell people they'd 'done their money' or to 'sue 'em'. Mind you I also remember Martin appearing on there in the early hours.

eamon

Surprised that there hasn't been more response to this thread.

Many years I was talked into buying into a life assurance/saving plan. Didn't exactly lose money (except due to inflation effects) But the admin charges were just high enough to be almost equal to the interest paid.

It had a plus side though as it put me right off considering an endowment mortgage when I came to buying my first house.

yours

Eamon

Steve1981

i signed up for a year with BT for their internet and phone package, a month later I moved (back home so there was a phone there already so could not transfer it) BT said it was a year contract minimum and i had to pay up £300 notes. my own fault but I always check stuff like that now

neilp

Making minimum payments on credit cards when outstanding balances were large and I could afford to pay more. A combination of apathy and ignorance.....the cards have been cleared and lessons learned!!!

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bagby

Nearly a mistake. I was buying a new suite and was asked for £100 deposit - as I wanted to pay more off I wrote a cheque for £300, then, just before handing it over, decided that I would pay the deposit by credit card. I was so glad I did when ten weeks later the firm went into liquidation without me receiving my suite. The credit card company returned my £300. I was still getting information about the liquidation process about ten years later and was never offered any of the deposit back so if I had paid by cheque I would have lost it all. Warning to all.

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whitewing

*Spending ridiculous amounts on supermarket shopping
*Not having any idea that it was possible to overpay a mortgage
*Not knowing Tax Credit rules has changed so it was possible to have savings
*Thinking that it's a man's job to deal with finance (still actually feel embarrassed to talk about money to anyone)
*Closing my eyes when I used the cashpoint so I couldn't see the balance!
*Not applying for Tax Credits because I was too worried about the prospect of being overpaid
*Not having a clue about how to budget

Oh, I could go on and on and on

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emu1986

Where to start....taking out buidings and contents insurance through my mortgage company (i was paying double what i'm paying now) likewise with life and critical illness, Cataloges .... the worst mistake so far! buying things on credit... credit cards... store cards, and not discovering this site sooner!!!

WillyWonka2

Getting married. It cost me a fortune!

Seriously, people, stay single and stay financially happy.

johnllew

NEVER NEVER NEVER lend money to a friend. Not only are you likely to lose the money, in the process you'll lose the friend as well.

stingyscot

Property - Buying a house in Aberdeen in early 1977 at the height of the oil boom, when prices were higher than in London. Selling in 2006 when the oil boom was over and prices were among the lowest in the country, having made virtually no profit over inflation on property. Waiting for nearly 30 years for prices to improve in Aberdeen and finally giving up, not staying 1 more year until 2007 when there was a second oil boom and property prices rocketed again. Buying in the south of England in 2007, at the height of the English house price boom - just in time for the downturn in 2008.
Oh yes, and buying a 'precipice bond' just before the last market crash.
My advice: watch what I do ...and then do the opposite!