Best financial decisions

[thetallfairy]

On the back of a fascinating other thread

Would love to know what your best financial decisions are?

I have very few sadly

But I am delighted I did not let my abusive ex pressurise me into marriage even when he went to book a civil ceremony and just expected me to show up on the day to please him

Very little financial advice in school
Had no clue re credit cards and overdrafts
Learned the hard way sadly !!!!

Paying into a fuck off fund for myself. Got myself out of two bad relationships that way.
Probably be cheaper to make better romantic decisions but I'm better with money than with men.

Securing a less than 2% mortgage 5 year fix in 2022. But that was fluke rather than active decision. Other than that, making sure we have an emergency savings pot, and always spending within our means. Have started investing, but sadly left it too late in life for huge gains. Am drumming in to my children the importance of saving / investing from as young as possible.

That sounds amazing. I too have just made the decision to not move to a bigger house and keep my smaller (still hefty) mortgage. Can I ask what you put your money into to allow you to stop working if you wanted to? Was is stocks and shares eg?

Best?
Paying an ERC to remortgage after Putin invaded Ukraine.
It seemed obvious to me that it would case huge issues geo politically.
We got a 1.2% 5 year fixed rate with cashback, which paid the ERC.
We do use a CC (to book holidays etc) but always get 0% deals.
We have a couple of easy access ISAs.
We own our cars (we buy decent second hand, low mileage cars)
Hopefully, we will pay off the mortage in 18 months 🙏 so the plan til then is to try and save

Working offshore and being able to save a decent amount for a deposit - far more than I’d ever be able to in the UK. This makes up for all my poor financial decisions in my past.

It's interesting because you have to have the finances to be able to make a lot of the good financial decisions mentioned here.

For me - overpaying our mortgage automatically every month for about 10 years. We have been mortgage free for about 3 years now. Also, I've paid into a pension since my mid 20s - thank you pension salesman who I only took the advice of because he was so beautiful to look at 😂. But on a more serious note, working in the NHS which as well as a good pension has good annual and sick leave and redundancy schemes. I've not had to take advantage of the sick leave policy and hopefully I won't ever have to but likely to be made redundant at some point soon.

Buying a house at the top of our price range 20 years ago
Only taking brief breaks for kids, which meant I stayed in well paid, satisfying work
Sending my children to private schools

Agree with the PP who mentioned the offset mortgage, mine saved me a fortune. I also kept hold of my first flat when I moved, and rented it out. I had a hairy evening the day I walked out of the mortgage adviser's office with £400,000 worth of debt as a single freelancer in my early thirties, but it set me up for life.

It also very much helps to be a saver, not a spender. I didn't always make the best saving decisions, but have never been in debt apart from the mortgages, which were quickly paid off, since I shovelled money in whenever I could.

To some extent this is fortune rather than strategy because I didn't chose him for this reason but; spending my life with someone who earns very well and doesn't spend money frivolously.

Fortune favours the brave!!

I watch loads of finance stuff on YouTube and educate myself. A lot of stuff about people buying stuff to keep up with the joneses and going broke, crazy car finance and mortgages, loads of other stuff. Keeps me in check!

Yes, stocks and shares ISAs managed by a fund manager. Obviously I pay for that but you can do your own

How is sending your kids to private schools a good financial decision?

All my friends took their kids out and are now happy to have gone done the state school route!!

So glad it worked out

I fled DV with a 4 week old baby

So glad I didn't marry the bastard after he tried to force me to

Not ever giving up work while I was married. It meant there was no real financial hit when I left my ex. Sure, there were lean years afterwards, but because I'm sensible with money, I'm actually better off than him now. Not that you'd know it the way he and his new wife spend money!

It was a good financial decision because they did well in exams, which I don't think they would have done otherwise. We could afford it. They are now working and don't need any financial support from us. I'm not convinced this would have been the case had they gone to shit schools, got shit results and failed to get jobs. As we can't go back in time to check I'll consider it was a good financial decision. They're happy, we're happy, we didn't suffer financially as we could afford it. So it's all good.

My education, pension and my favourite house.

Even with a 4% interest rate I made a lot of money on that house.

And my investing in my DSs education will soon come to fruition when he gets the job he wants.

It's comforting as I stare at everything that needs doing in this house!

@Irememberwhenitwasallfieldsroundhere fair enough

Great start for them also ❤️❤️