Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

What is your worst and most expensive financial mistake?

303 replies

HorseHeist · 19/05/2023 21:37

Long time ago now, but mine was in my early twenties. Managed to buy two very unsuitable horses in succession over a short period of time Hmm They must have cost me thousands, to deal with the subsequent mess. Which was a lot of money going back almost a couple of decades.

I keep wondering if I'd put that money in a pension, what would it be worth now? I would have been off to a great start pension wise at an early age.

What stupid financial decision did you make, that sticks with you years later?

OP posts:
JacobsCrackersCheeseFogg · 20/05/2023 06:02

My DH and his brother could have bought their Dad's 3-bed council house in the 90s for about 70 grand. It's a tiny house but they grew up there. Their Dad was an ardent socialist and refused, saying, when he's gone he wants to house to go to another family. The brothers said they'd cover all maintenance and charge a tiny rent but Dad said no way.

About five years ago new neighbours moved in and DH discovered they paid £450 grand for next door Shock! This is London btw.

Anyway, Dad passed away in March. His widow has given the house back to the council and is moving to a bungalow in Essex.

Fam23 · 20/05/2023 06:07

I have many near misses but thankfully my dad spent most of my teens and twenties saving me from lots of financial despair.
Examples include: a horse that was 30 and would have definitely cost thousands within a couple of months.
A car on finance that would have probably cost a lot in repairs over the years.

I did rent on my own for about 18 months which was obviously dead end money but I wanted to experience the independence. Dad still says it was 18 months where I could have been saving the rent towards a house deposit but I did love it and I think it made me learn some independence too. Obviously he was right and I had £0 to show for working over those 18 months but I had some great times in those flats!

More recently I think my pride has cost me a lot because I didn’t want to ask family to support with childcare to bring the costs down so, up until 2 years ago, we were paying over £1k a month for nursery fees (for one child) 🥴. I’ve learnt with the second one not to be such a fool!

CoolShoeshine · 20/05/2023 06:23

Not me but DH. Since I’ve known him he’s bought 1000s of tapes, CDs, VHSs, DVDs and Blu-rays. He’s got box sets that he bought on the original VHS format and then again on DVD and again on Blu-Ray. The attic is full of boxes of them as are cupboards in the house. I hate the sight of them.
The annoying thing is that they were ridiculously expensive 20+ years ago. We’ve got at least 5000, so if he paid an average of £10 for each that’s £50k down the pooper. They have no value nowadays, unlike vinyl, ironically of which he’s only got about 20 albums.
At least he’s been happy 🙄 I’ve probably done similar with cosmetics over the past 20 years tbf.

DeflatedAgain · 20/05/2023 06:31

My controlling exP had bad credit so I would get payday loans, credit cards etc for him. He cheated on me, so I left him and he refused to pay me back unless it was on his terms, I had to badger him for payment every month. His final form of control. I eventually told him to fuck off and done it by myself.

£8000 in total. All paid and I'm in a great financial position now. Would never do that again

whatthejuice · 20/05/2023 06:34

Thinking my overdraft was just an extension of my money. During the early noughties I must've spent hundreds on bank fees.
It's made me quite passionate about teaching my children about money/then having a good amount of financial literacy.

Dibbydoos · 20/05/2023 06:40

Bought a house in Manchester 3 bed 2 bath semi, great plot nice quiet are £50k, relocated so rented it out - this easily covered the mortgage.

2 yrs later having met DP, we wanted to buy a house where I'd relocated to. Bank said it was OK to have both mortgages, new house similar to Manchester house was £70k - we wanted a property either of us could afford on one salary so didn't get the 4/5 bed detached house we could have afforded c£130k. Anyhow, DP didn't want the risk of rental house so I sold it quickly at a loss (about £6k). 6 months later it was worth 3x as much due to the housing boom.😖Manchester property is now worth the same as Midlands property.

DP became DH and died young 😞, our children and I are now looking for a second property - that house would have been mortgage free by now all paid for by tenants...

Heatherbell1978 · 20/05/2023 06:46

A few but far more financially astute now at 45 and rapidly trying to make up for it!
Not buying a flat in 2002 when I was earning good money on a graduate programme. I could have bought one for around £40k but instead dicked about renting for years.
Not really understanding the value of a final salary pension scheme and leaving my job that had one to go to one without.
Not keeping hold of my flat to rent out when we bought our family home - it's gone up around £100k in value since.

SunflowerLovers · 20/05/2023 06:48

Under valuing my worth at work and failing to negotiate a better salary early in my career.

JaffaCake70 · 20/05/2023 07:01

Not contributing to my NHS pension for the first 7 years of employment. In my defence I was a single Mum, struggling financially and couldn't afford pension payments.

PupInAPram · 20/05/2023 07:04

Purplecatshopaholic · 19/05/2023 22:29

Marrying a financially abusive narc twat. Divorcing said FANT.

Snap!

Okthenhun · 20/05/2023 07:06

In my 20’s. Buying an expensive Mac laptop for £1000 on finance, just because I thought it was shiny and cool. Before I had managed to get it insured it I got drunk on a night out and dropped a vase of flowers in it. Destroyed.

BarleySugars · 20/05/2023 07:07

My marriage -_-

He ate dozens of thousands and swallowed up and vanished my own business, I should never have allowed that to happen. I emerged at 32 with nothing to my name. IF ONLY i'd invested in property or put it in a pension instead, or stayed in my lane and clung to MY business!

Gah.

Camillasfagwrinkles · 20/05/2023 07:08

@JacobsCrackersCheeseFogg your grandad sounds very honourable and principled.

dwightschrutebeets · 20/05/2023 07:13

A £500 online course I didn't complete

Girasoli · 20/05/2023 07:13

My first MA - in Early Years education, I was young and idealistic, I should have just tried to get on a grad scheme like most of my friends. Instead I did a few years working in a nursery on 16.5k in London before I retrained.

Summerfun54321 · 20/05/2023 07:14

SunflowerLovers · 20/05/2023 06:48

Under valuing my worth at work and failing to negotiate a better salary early in my career.

That's an interesting one. I'll remember this when I plan to move jobs in a few months.

Sierra26 · 20/05/2023 07:27

Not mine but my ex bought his first car on finance but insured it in his dads name, with ex as a named driver, as having insurance in own name would have been more expensive.

he crashed and wrote off the car, obv no pay out as insurance not valid, was paying off the car finance for years

Whyishewearingasombero · 20/05/2023 07:29

I would never take pleasure in other people's misfortune but we've made some whopping financial errors and everyone I know seems to have it completely sorted. We're ok now but I'm reassured i'm not quite so alone....

Oneborneverydecade · 20/05/2023 07:34

Not paying enough attention.
DH admitted to around £60k of debt in 2020. Some pre dated relationship, some was our overspending and a lot was interest or charges. We've managed to clear £35k and should be able to consolidate what's left into mortgage within a few years. I obviously had my head buried in the sand

Ratonastick · 20/05/2023 07:42

Clothes. I love clothes and buy far too many. When I lost 3 stone, I charity shopped all my size 18s and bought a whole new wardrobe of size 14s. The. The weight started coming back and I bought lots of size 16s and now I am back in the size 18s……. I have literally thousands of pounds in clothes that I am too fat for and I am absolutely confident that I will follow the same cycle again.

listsandbudgets · 20/05/2023 07:47

@CastleTower Lived in it! Not much choice really. He did it up and made the best of it..As he said at least it was the area and school catchment he wanted. How he never noticed is beyond. me but he's always been a bit absent minded

A good lesson.. do another visit post offer to make sure you're buying the right house 😂He kicked himself for not going back!!

thatsn0tmyname · 20/05/2023 07:48

6 years ago we remortgaged to extend our house. We paid a sizeable exit fee to end our old mortgage and snag a new, lower rate to enable it to happen. We were due a general election and there was talk of mortgage rates rising. Didn't happen. In hindsight, we shouldn't have remortgaged early.

NetZeroZealot · 20/05/2023 07:54

Not buying a flat in Soho for under £100k when I had the chance, almost 40 years ago.

CharlottenBurger · 20/05/2023 07:56

JacobsCrackersCheeseFogg · 20/05/2023 06:02

My DH and his brother could have bought their Dad's 3-bed council house in the 90s for about 70 grand. It's a tiny house but they grew up there. Their Dad was an ardent socialist and refused, saying, when he's gone he wants to house to go to another family. The brothers said they'd cover all maintenance and charge a tiny rent but Dad said no way.

About five years ago new neighbours moved in and DH discovered they paid £450 grand for next door Shock! This is London btw.

Anyway, Dad passed away in March. His widow has given the house back to the council and is moving to a bungalow in Essex.

What a heartening story. Your dad sounds like a very decent person.

user1471538283 · 20/05/2023 07:58

My last house. I improved it, lived in it for 17 months and sold at a loss to get away from my awful neighbors.

From beginning to end even buying it was a nightmare.

This move though will be the best one!