The housing Ladder.....

[manzi18]

Even though a life free of being a mortgage slave and the tedious worries about rotting windows and crumbling gutters might sound very appealing, independent studies have shown that it costs nearly £200,000 more to remain a tenant for life than to become a home-owner!

It is more important than ever that the younger generation become more financially minded in order to get on the housing market. Some of the younger generation are lucky with the bank of "Granny and Grandad" or who have parents that have planned and been successful with the financial future for their children. Unfortunately for most there is no financial support in starting out on the housing market.

If you had the knowledge of today but re winded your life, what financial advise would you give to yourself.....??

My top two to myself would have been:-

1. Not keep up with the Jones'..... 'Allocating time and money in the pursuit of looking superior often has the predictable outcome: inferior economic achievement'. Buy Assets. Assets provide an income, liabilities don't!!

1. Be Frugal..... this is the number one way to make your money go further. Make your own lunches, don't buy expensive clothes, and never buy new cars, and especially don't borrow money that you don't need.... car loans are one of the biggest destroyers of income that we see...

Agree with paying off as much of mortgage as possible. We bought a house many years ago when interest rates were almost 15% and offered endowment (interest) type only. It was a a killer at the time. However, over the years we've taken advantage of the low interest repayment rates and still continued with our original payment which is just as well as the original endowments are only worth half of their original estimate.

Also agree with second hand car - never had a new car. We usually buy one about 4 or 5 years old, keep it for 5 years and then replace. By saving £100 a month into a 'car fund' this makes enough to replace it each time without taking out a loan. I hate giving money away to loan companies. With the exception of the mortgage, we've never taken out loans. Never been high earners but always lived within our means. And can sleep at night.

Also how you save has a big impact. Much better to have money go out by DD into a savings account at the beginning of your financial month, rather than thinking 'oh we will save whatever we haven't spent'.

If you havnt got it you can't afford it

With the exception of house and now sadly education there is also a well considered exception for something that makes a big difference saves you money and that you can easily afford with saving IYSWIM

However the best tip for most would surely to have been born few (or more) years earlier, so that you had cheap housing free education and a gold plated top tax rate paying pension

Live slightly below your means (I think Dickens put it better though with the quote I can't quite remember that ends with something about a sixpence and "result- misery).
If you get a raise, save the difference. You managed to live off the smaller amount last month, you'll manage this month. That tenet has taken 10 years off the mortgage.

InMySparetime - do you mean Mr Micawber in David Copperfield?

Mr Micawber's famous, and oft-quoted, recipe for happiness:
"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

Never rely on a man for money has to be the best advice.

have yopur own pension AND property.

Dont get married (unless you own nothing and intend staying a sahm)

Yes Frizz that's the one.

Completely agree with the advice about earning your own income and having your own independence, vital advice for women.