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.

I'm just about to see a pensions advisor about how I can go about rectifying exactly this... Did you sort your situaton out?

Two more:

Delaying gratification is just about the best financial skill you can have.

And don't talk yourself into spending more than you need through "What ifs".

A great example of this is lease cars. You see SO many people say, "oh, it has to be a lease, I need a reliable car".

Well, my cars - none younger than 10 years, plus emergency taxis, plus repairs, have cost no more than £60/month for the past decade. And that includes my current car, which still has a lot of life left in it. It is absolutely more economical to spend money on taxis if needed than it is to spend £150/month on a lease.

Money changes everything. I was separating from exDH when he passed suddenly. As we were still legally married I got everything. Had a great relationship with my PIL up to that point but they didn't think I deserved the money, asked for it all and never spoke to me again when I said no (I did give them half).

If you have a joint account, you can still only spend the money once. Its easier now I think with online banking and apps but we always cut up one of the cards and used the other one between us.

Never rely on anyone else for your financial security.

Never a lender or a borrower be.

Don't spend more than you can afford.

If you don't understand it, don't invest in it.

If you own a home the best stress free thing you can do is put 6 months money aside to cover your bare basics rent and core bills incase u lose your job.

After one redundancy and working in public sector where in past 2 yrs its been touch n go having that money to one side means I am no longer scared if I lost my job. I have a buffer to find the right job and not just have to take any job like I did as I had 6 weeks before I had no money so ended up taking a pay cut that set me back yrs.

And that is money u never ever touch. Its like a comfort blanket knowing its there

Tons of good advice and tips on here. I haven’t spotted this one: never tell anybody how much money you have in savings, whether it’s £1K or £100K. There will always be someone who will think you can easily afford to lend them money, whether it’s £10 £100 £500. And you won’t get it back because they’ll think you can afford it/won’t miss it.

Watching my mum who was SAHM mum too scared to spend any money because my Dad is checking the bills. Be self sufficient!

£1000 is not a lot to have. But it's a hell of a lot to owe.

Never marry a drinker. You will never have any money.
Never secure a loan on your house.
ever......

Don't rely on an inheritance. Both my parents got early-onset dementia and a decade later almost all the money has gone on care home fees.

When we were really short of money, I had to raid the children's money boxes one time for change to buy groceries.

I spent ages counting the money up in £5 zip bags as I knew taking £50 in 10 pence pieces would take forever at the checkout in Lidl.

I got to the checkout with a long queue behind me and the assistant started counting out the money. The manager came over and I told him I'd already counted it out and it was right. Luckily he believed me and waved me through.

I learned that a credit card is 100x less humiliating than cash in a crisis.

Sort out pensions when you are younger.

Never underestimate the importance of being well enough to work.

Don't count on anyone else to support you , even a husband .
Never get into an interest only mortgage arrangement.
Don't have a joint account only
Don't rely on any money in the future , be it inheritance, job progression or equity.

Do allow yourself to spend some on what makes you happy.

Use credit cards in a way that advantages you e.g. convenience when abroad with a card with no foreign usage fees and to build up Avios/airmiles and have insurance on purchases. Never pay interest, so always pay the monthly balance off in full. When you use it, make sure you will be able to do that.

Going to agree with everyone who said don’t lend money you can’t afford to lose.

Another one is try to pay for things like insurance annually. I know it’s not that easy but if you set some money aside every month, you might have enough when it comes time to renew. If you just fall short, it may still work out cheaper to put it on a credit card and pay it off over two - three months instead of a year (obviously depends on individual circumstances). This is one reason why I would never say credit cards are always a bad idea.

The Help to Save government scheme is pretty good if you can spare £50 a month for two years. I don’t get any universal credit, but I submitted a claim just in case and I was able to sign up for that. You only need to be eligible on the day you register too.

Stock up on things you use regularly when they are on offer. Don’t wait until you need them unless the items have a short shelf life or you have a big enough freezer to keep them.

I totally agree. And you can’t get much for £150 pounds per month. Most basic cars on lease are well over £200!

I've always attracted money and kept money.

I am a cautious risk taker.

I started a pension early
I have always worked very hard
Never borrowed - if can't write a cheque for it, you can't have it.
Love beautiful things
Took risks with property once my home was secured
Had a pre-nup
Love a half price sandwich at 6pm on a Friday night (straight in the freezer)
I have never been skint
Married for Love but don't think I could have loved a twit.
To make money you have to love your work and life
To be happy you have to love what you do and love life.

Neither a borrower nor a lender be

I imagine you were also born into money

Pension contribution have to continue in full during marernity leave by law, at the level previously paid in.

1. For work travel: get a company credit card asap, do not use your own and then keep receipts and think that you’ll claim it all back. You will lose some of the receipts, and forget stuff, and end up subsidising your employer by hundreds of pounds but not really sure what happened or how to prove where your money went.
2. When you’re a student and your boyfriend is well paid, don’t insist on always going 50:50 on every meal out, you’ll spend way more than you can afford and he won’t notice or remember that you paid anyway.
3. There are lots of lovely granta around and if you don’t apply for them someone else will.

I wish I'd heeded that.