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.

Debt is shaming and stays with you for years.

Never ever trust anyone but yourself. Promises are so very easily broken. Feather your own nest.

Never have a joint account with anyone.
Stop spending your money on shit.

£100 isn't a lot of money, UNTIL you need it and haven't got it.

As others have said, don't lend anything if you can't afford to lose it. I lent someone a very expensive book collection, most of the books are no longer in print.
Apparently the books were returned and left on my doorstep (they weren't)
I also lent a colleague some equipment for work. They moved, no forwarding address, the equipment vanished too.
Lesson learnt

^^This is it in a nutshell.

Don't get a car. If you crash it and write it off you might end up getting less from the insurance than you need to pay back the loan, no car or money to buy one

Dont buy a horse!
Dont keep moving house ( we moved 2 many times and it cost thousands )

Don't marry someone who earns significantly less than you.

Don't assume house prices will always go up, that interest rates won't rise, that necessary renovations will be cheap and no bother, that you will be able to get another, equally good job in the same area, and that the dodgy looking neighbours next door won't make your life a living nightmare.
In short, have a big deposit, check everything about the house twice, and make sure everyone else in the neighbourhood is at least as well behaved as you yourself are!

Buy a house (anywhere)

But go back in time to do it

Don’t buy things you can’t afford, mortgage aside. Sounds simply really but the fact is the majority don’t live by this.

When the credit card company raises your credit limit, that's not free money available to spend, that's debt asking to be accrued.

Exactly what I was thinking!
I never understand why people reply in their droves to OPs who simply ask a question then disappear

Be so careful if buying a house with someone and not contributing equal shares to the deposit. Because if things go wrong, even if children are involved, even with a joint mortgage, it can suddenly become 'more my house than yours' and lead to a very costly and painful wrangle through the courts.

You can not buy genuine friends/relationships so don’t try.

@Angelofthenortheast Following on from that I would also mention - project creep- you quite a price for a set amount of work and then it's 'oh can you just add in this, that etc - and vefire you know it they've got an extra 2 days work for free- I had to teach my H to say- no problem ,that will be £300 etc

Don't lend anything you can't afford to lose, including pet carriers to take your cat to the vet. Your friend's son will leave it out in the rain to get rusty & damaged but never apologise, never offer to replace it, never offer you the cost of it.

Never put down a deposit on a student bedsit etc unless you're 100% sure you want it. Don't expect anyone to make an exception for a penniless student who's made a mistake.

You have my sympathy, that's awful. Just wondering: why didn't you report it stolen if it was all in your name?

Never have a child with someone who is financially irresponsible!

A pension started early works so
much harder for you than later. No matter how hard it is or how little you can afford, start on your pension as soon as you start earning.

I wish I had.

Houses, over a long enough period, appreciate. Bathrooms, kitchens, fancy trendy decor, depreciate from the minute the tradespeople leave. Don’t take out loans for things that don’t hold their value unless you really need to. Financial stability is way more valuable than a trendy house.

We pay for so much spec we don’t need. High spec Tech, cars. If you don’t need it, don’t pay for it.

This

Marry someone who shares a similar attitude to money. It saves a lot of arguments and heartache!
Save a little every week / month.. in 2020 I challenged myself to save £20 per week.. that was a grand by Christmas! It’s still sitting safely in a savings account in case I need it.

Live within your means.

Don’t go into business with members of your own family.

It’s not a bargain if you wouldn’t buy it at all if not on special offer.