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.

Not all credit is bad, used wisely it can help you out of a tight spot.

Dont buy a horse!

or a boat.

Have you got enough copy yet, OP?

That it’s easier to take 10 minutes to set up a DD for a credit card/catalogue account than to tell yourself you’ll remember to go online and pay … cue a default and struggling to get a mortgage for 6 years. For a piddly amount too!

Not to cancel the DD for a credit card once you’ve paid it off because there will still be interest due and if you cancel the DD they can’t take the payment. Cue a late payment mark on credit file.

Don't overstretch your budget. Think of things as wants vs needs.

Don't lend money you can't afford to lose (and never lend money to people you've only know for a short period of time).

Never reply on other people.

Always read any information carefully and do some research - don't take advice from a "financial adviser" to move all your money into something that will be a better investment for you only to find it's a worthless crock of shit.

thank God for the FSCS

Always save a little for emergencies and never lend money to family or friends

Look after the pennies! If your daily coffee costs you £3, take a flask each day , you’ll save a lot. Make small investments when you get paid, into things that save you money in the long term. So buy lunchboxes, lentils, a slowcooker, a monthly travel card rather than daily fares etc. Buy boring stuff second hand where possible , and from discount stores. If you have a local expensive shop, like a Coop or a waitrose, make a vow to never use it, just pretend you’re barred from that shop or something and save yourself the horror of realising you’ve spent £100’s at the end of the month on little top up grocery grabs. Buy kids winter boots and coats etc from vinted or ebay out of season… they’re so expensive when you have to panic buy them in Winter. Simplify Christmas.

This, a lot of stuff people think they want /need, is just that........ stuff.

Never impulse buy online - put it in your basket and come back 3 days later and see if you still want it. 9 out of 10 times you don't.

Never go food shopping when you're hungry.

Time spent and a small meaningful gift is more valuable than no time and loads of money spent to try and compensate.

Don't buy online line clothes that you then forget to return. Just go to the nearest town instead and only buy well chosen items that fit and will last.

Me, I’ve learned from other peoples mistakes.
A relative pretty much destroyed his family with greed and selfish stupidity.

The consequences of that had effects for decades.

Contactless is not designed to make life easier for us spenders. It's to make us spend more money, sleep walking into debt like zombies. Genius tactic really.

Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery. (from Dickens.)

Oh and don't trust the Tories with the economy

Don’t trust that your partner will be fair financially if you split up with children, and don’t compromise for a partner too much. Really consider marriage as protection if you are likely to be the child’s main carer. Consider that you may have to give up work or work part-time if your children are disabled or have problems that would benefit from a parent around. Make decisions based on that possibility so that you have options if it does arise.

Don’t move into your partner’s ‘manor’ - his area, friends, family, work. Without seriously thinking about whether if you split you could have enough support and be happy.

Robbing Peter to pay Paul never ends well.

Never lend any money. Give a financial gift if you really can afford it but don't ever expect to be repaid.

If you have a financial windfall keep it to yourself otherwise someone will want you to give lend it to them.

Build up a rainy day fund.

All you folk saying not to give journos stuff for free… what on earth are you blathering on about? Print press is largely on its knees (eg the guardian). People all sorts - for free - on social media sites, for free, like this one. It’s such sites, inc Twitter, Facebook etc etc, that are raking the money from you all, as you contribute FOR FREE.

Typo - people WRITE all sorts for free

Don't work at the same company as your OH. It can go bust and leave you both in the shit.

You don't need more stuff. You need to hold on to money and save.

Once you ruin your credit score, it's hell to get it back up again.

Prioritise saving and investing.

You DONT need to get a credit card in order to 'build up your credit history for a mortgage' DD bills and rent do that absolutely fine. Really wish this thinking disappeared as i know loads of people who have been encouraged to do this very young by banks/parents and got into stacks of credit card debt and its just no longer needed for a mortgage.

Get several income streams in place - not just 1 (salary).

Stop eating junk for me 😂