What's a lesson you learn the hard way in regards to money and finances

[Cupcakeicecream]

What's a lesson you learn the hard way in regards to money and finances.

Lots of cheap things add up to a lot of money

I came on to say this; I only realised recently exactly how much I was spending on takeaway drinks.

However, given a lot of those are sideline pitch drinks to keep up energy & warmth, I've decided to accept a certain cost on this one (I can bring my own & do but I drink hot chocolate & it's hard to make that in advance).

My other one is shopping around for insurance, utilities packages is very much worth it, despite me truly hating doing it.

I think everyone knows that you shouldn't by at the peak don't they ?

You are right that things go in cycles, but you'll never "time the market" as they say.

It is better to invest regularly (monthly) small amounts then attempt lump in when you think the bottom is coming.

Never give a journo material for an article for free.

never a lender or borrower be

I gambled with some money when I was a teen and lost, never did it again

Don’t spend money you’re expecting to receive, wait til it’s hit your account before thinking of it as yours.

If self employed, keep up to date, good, book-keeping and put aside the tax monies, being VAT, NIC and income tax - don't "borrow" or spend the tax money in the hope of "earning" it through future work.

Power of compound interest.

Working for others (salary) will never make you financially free on its own.

The earlier you start saving and investing, the more it will accumulate. Investing early, and regularly, over the longest time possible is the step that will make you financially free.

Be mindful of lifestyle inflation, its so real and happens without realising.

😮

Definitely debt. At 18 and 3 days I was given a £4000 credit card and £2000 loan from my bank. Goes without saying how thst went.

Start pension as early as you can. Overpay mortgage from day one as much as you can afford and start a s& s isa

It's very risky to marry someone who is bad with money.

Agree, never borrow money for someone, I worked in the business and saw many women conned by men into doing this. Also never ever guarantee loans for people and be very careful doing it for you children, can cause marriage break downs.

Don’t give up a well paid job before you’ve secured an equally well paid job to walk into. I did that once and I found to my cost that it ain’t that easy. For a year I did low-paid temping jobs and lived off my savings. I learned a hard lesson but never did that again.

The problem with never borrowing anything and not having a credit card is that at a later stage that would give you a worse credit rating, for instance for a mortgage, than someone who can show a history of paying back what they have borrowed. So, in certain cases if the terms are to your advantage, it is not necessarily a bad idea to borrow what you can repay.

That sometimes yes the powers that be do expect you to exist on nothing at all.

A leading bank lost my grant check back in the day... accused me of not depositing it, recanted when I showed the proof, but still told me I could spend no money until a replacement had been sourced and cleared. They took my cheque card and cut it up. I was at uni 800 miles from home, with nothing.

I sofa surfed, got a part time job, was paid in cash (it was the 80s, the start of the hospitality revolution), and did not go back to that bank ever again.

I was just gobsmacked. It was their fault.

Debt is horrible.

Never trust the Government, Left or Right, Labour or Tory, they are all liars.

Don't miss credit card payments because you are young and lazy - they stay on your credit report for years and you get asked about them when you've grown up a lot and want to buy a house.

Don’t gamble. The house will win ……eventually.

Save, save, save however tiny an amount and get a pension in your 20's.
Don't get a credit card. You don't need one, I have managed just fine without one for years since I paid of 20k which was a collosal effort and I had no life or luxuries while I was paying it off.

Never a borrower or lender be.

Avoid lending its money lost

Running a business is risky, once your money is tied in it’s hard to get out and quit

Learn the magic of compound interest.

The shock I got in my Maths A Level lesson.

Luckily it meant I would always be very frugal when incomes to borrowing money from a young age.