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  • FIRST POST
    • tibbles209
    • By tibbles209 9th Nov 10, 8:55 PM
    • 87Posts
    • 162Thanks
    tibbles209
    Please give me one piece of advice that you wish you knew when you were 20!
    • #1
    • 9th Nov 10, 8:55 PM
    Please give me one piece of advice that you wish you knew when you were 20! 9th Nov 10 at 8:55 PM
    I'm 20 years old and as of yet don't have any debt, however lots of my friends are sinking into debt and it feels almost inevitable that I will too So if you could speak to your 20 year old self and give them 1 piece of advice that you wish you knew then to help them stay out of debt, what would it be?

    Thought it might be a good idea to try and head debt off before it happens. Thanks in advance for the tips!




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    Last edited by MSE Andrea; 23-11-2010 at 8:16 PM.
Page 1
    • MFWannabe
    • By MFWannabe 9th Nov 10, 9:00 PM
    • 972 Posts
    • 1,162 Thanks
    MFWannabe
    • #2
    • 9th Nov 10, 9:00 PM
    • #2
    • 9th Nov 10, 9:00 PM
    Don't go anywhere near credit cards! Don't spend what you haven't got. Save as much as you can while you still live at home with your parents. Sorry; I know this probably all sounds really boring to a 20 year old but when you're 40 you'll be so glad you did!
    • butler1882
    • By butler1882 9th Nov 10, 9:02 PM
    • 125 Posts
    • 176 Thanks
    butler1882
    • #3
    • 9th Nov 10, 9:02 PM
    • #3
    • 9th Nov 10, 9:02 PM
    Just because all your mates are going on the beer it doesnt mean you have to. Ensure you pay everything that needs paying before going out ith your mates. sounds silly but beer in its out and i ended up owing my mum and dad loads in board and bits of money i promised to pay back but didnt have the money come sunday when i eventually went home.
  • afcbournemouth2
    • #4
    • 9th Nov 10, 9:11 PM
    • #4
    • 9th Nov 10, 9:11 PM
    If I could be 20 again, I would stay well away from Credit Cards, not go out every Friday & Saturday night and be alot more sensible with my money, basically dont spend what you haven't got!! I have got my self into a terrible financial mess by thinking I would miss out on life by saving money and not having the most up to date, gadgets/clothes etc and not going out and I really regret doing it but have learnt the lesson the hard way, so now need to face up to it and pay it all back and it is so not worth it!!!!
    • beanielou
    • By beanielou 9th Nov 10, 9:13 PM
    • 58,039 Posts
    • 238,939 Thanks
    beanielou
    • #5
    • 9th Nov 10, 9:13 PM
    • #5
    • 9th Nov 10, 9:13 PM
    It has to be that a credit card is so not your friend.Fact.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
  • Little Vics
    • #6
    • 9th Nov 10, 9:14 PM
    • #6
    • 9th Nov 10, 9:14 PM
    no credit cards for starters. Bills and food first, fun later. Find creative ways to socialise that are cheap!
    • minnie123
    • By minnie123 9th Nov 10, 9:16 PM
    • 2,043 Posts
    • 11,672 Thanks
    minnie123
    • #7
    • 9th Nov 10, 9:16 PM
    • #7
    • 9th Nov 10, 9:16 PM
    Don't go anywhere near credit cards! Don't spend what you haven't got. Save as much as you can while you still live at home with your parents. Sorry; I know this probably all sounds really boring to a 20 year old but when you're 40 you'll be so glad you did!
    Originally posted by FREEZ
    Ditto this !!
    Eleventh Heaven (#123):
    1.2.3.4.5.6.7.8.9.10.11
    • danothy
    • By danothy 9th Nov 10, 9:20 PM
    • 2,056 Posts
    • 2,690 Thanks
    danothy
    • #8
    • 9th Nov 10, 9:20 PM
    • #8
    • 9th Nov 10, 9:20 PM
    The piece of advice I would give myself is that it's possible to have the same amount of fun while still taking all the prudent money saving stuff into account.

    Of course I know that I wouldn't have believed myself, and the only way to really get your head round it is to have experienced hedonism because you will always think you're missing out if you don't do it, so I will reformulate it:

    Don't feel like you shouldn't be doing boring things like looking after your money, if you do you'll actually be able to do more fun things, but also make sure you appreciate them as fun things and not as habit, as this will mean you don't go into debt on account of your lifestyle.
    If you think of it as 'us' verses 'them', then it's probably your side that are the villains.
    • Ziggazee
    • By Ziggazee 9th Nov 10, 9:22 PM
    • 460 Posts
    • 583 Thanks
    Ziggazee
    • #9
    • 9th Nov 10, 9:22 PM
    • #9
    • 9th Nov 10, 9:22 PM
    Live within your means, don't try and keep up with your friends (i.e. buying loads of new clothes you can't afford, etc), steer clear of credit cards and catalogues, and take advantage of the moneysaving tips on this site.
  • Lyndatp25
    Get into the habit of saving. Open a savings account and set up a direct debit even if its for a small amount every month. You wont notice it and it will mount up for a rainy day. Not to do with debt but SORT OUT A PENSION EARLY! The time flys by and you will be so glad you started it young.
    • sickasachip13
    • By sickasachip13 9th Nov 10, 9:28 PM
    • 1,175 Posts
    • 1,511 Thanks
    sickasachip13
    Credit cards are evil - this is not 'your' money to spend, it belong to the bank and by god they will make you pay!

    If you ain't got it, don't spend it.

    I wish someone had managed to get this into my brain. Just look at my debt - I am 40 - some of this dates from my 20s. Yes really!

    Well done on your foresight though :-)
    • twistedhazel
    • By twistedhazel 9th Nov 10, 9:29 PM
    • 215 Posts
    • 1,398 Thanks
    twistedhazel
    An overdraft is DEBT!! I never viewed it as a debt and never added into what I owed then one day I realised that between my account, OH account and joint account we had 6 grand of debt in overdrafts.

    I absolutely agree to stay away from the credit cards but watch out for the overdrafts - they are sneaky little bu**ers!
  • Lyndatp25
    Get into the habit of saving. Open a savings account and set up a direct debit even if its for a small amount every month. You wont notice it and it will mount up for a rainy day. Not to do with debt but SORT OUT A PENSION EARLY! The time flys by and you will be so glad you started it young.
    Originally posted by Lyndatp25

    Sorry - I meant a standing order! Either way make sure you save a little bit!
    • ali-t
    • By ali-t 9th Nov 10, 9:42 PM
    • 3,738 Posts
    • 6,327 Thanks
    ali-t
    don't put rounds of drinks on credit cards when you are pished. It all seems ok in the morning when you wake up and still have money in your purse but I'm sure I am still paying for rounds of drinks over a decade later that went on when I was pished!
    If you always do what you have always done, you will always get what you always got!
    • newleaf
    • By newleaf 9th Nov 10, 9:47 PM
    • 3,005 Posts
    • 3,448 Thanks
    newleaf
    Don't get into the habit of using a credit card, and don't embark on a relationship with anyone who is in debt, or seems to have a problem managing their money, because sure as eggs are eggs, they will soon be spending yours.
    Official DFW Nerd No 096 - Proud to have dealt with my debt!
  • kirwell81
    If you are working full time start a pension.

    You don't need a new outfit for every night out.

    Never ever go near Ebay/Amazon/etc while intoxicated.

    If you want to buy property eventually, start saving for a deposit now.
    • Billy-no-Money
    • By Billy-no-Money 9th Nov 10, 9:58 PM
    • 320 Posts
    • 341 Thanks
    Billy-no-Money
    All of the above plus:
    • If you can live without a car, don't buy one.
    • If you must have a car and need a loan over more than a year or maybe two to pay for it, it's too expensive. Don't get sucked into five-year loans, life changes too quickly!
    • Babies are expensive - even accidental ones!
    • Mobile phones are never free

    Plenty more where they came from.

    [Edit: I'm 46, and I've not been debt free since I was 19!!!]
    Long-haul Supporters DFW 120
    Debt @ LBM (October 2007): 55187
    Debt Now (April 2014): 0
    Debt-free-date: July April 2014
    • tibbles209
    • By tibbles209 9th Nov 10, 10:01 PM
    • 87 Posts
    • 162 Thanks
    tibbles209
    Thanks for all the tips so far! Keep them coming
  • penelopedee
    Learn to budget. When you've paid the bills you then need to pay into your pension, pay into long term savings and then into emergency/rainy day savings - before you start saving for holidays or buying any bits and bobs you fancy.

    Know exactly how much money you have at any one time and how much of it is actually free money for you to play with.

    Learn to use credit cards wisely as per the advice on here, never use them for something you can't afford but you fancy. NEVER use your card or a catalogue when you have been drinking, if you have a gambling issue or if its for something you just fancy.

    Best of all, always be honest to yourself about your money situation and be a grownup and take responsibility for it.
    This time I haven't smoked since 6th Jan 2014 and still going ok.
    Fingers crossed x
    • Ziggazee
    • By Ziggazee 9th Nov 10, 10:11 PM
    • 460 Posts
    • 583 Thanks
    Ziggazee
    Hmm.....newleaf...."don't embark on a relationship with anyone who is in debt"....bit harsh! Most people post on this forum (including yourself) because they are in debt, are you suggesting nobody should enter into a relationship with them?
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