What is the best financial decision you have made?

[Flyingfish111]

What is the best financial decision you have made and why?

If appropriate, has it helped you save for anything in particular?

Trying to rain in my spends and save as much as possible for a house deposit.. both myself and dp have a LISA and have done now for a few years!

I'm not so sure I have a best financial decision but one that stands out is staying at home during my time at university (of course there are downsides to this outside the financial remit) which means I will have paid off my student debt by the age of 35/36+ although I admit I wasn't as savvy as I wished I was in my 20s going on regular holidays and going out drinking etc!

Both myself and DP have also kept our savings in premium bonds and have worked out that we have won more than we would have gained interest, not a significant amount or a life changing amount but a small win all the same!

On the downside, DP is in a bit of a career rut at the moment, stuck in a particular 'specific' field in the civil service (his role is business support for a specific team with some project assistance work) and struggling to move upwards!!! Any other job in his field elsewhere is paid about 5k less. I know that this is something that is holding us back financially, something for my dp (with my support) to think about this year!

Overpaying my mortgage at every possible opportunity.

Being debt-free, and insurances for pets and dental care.

Opened an ISA for DS last year.

Also opened a help to save account and found out about the scheme through MN!

Buying when I did. It's only been 3 years, but I'd already be priced out of my preferred area.

I bought a small ex-council flat in a nice part of London and it doubled in value in 4 years.

Buying my home

Doing an apprenticeship. I’m in a well paid senior job in my twenties and with no student debt I’m a couple of hundred quid a month better off than my graduate friends earning similar.

Oh, and partnering up with someone who inherited a lot. That clearly wasn’t my intention though.

Your husband could take a level transfer to another CS dept with better promotion prospects. CS usually maintains current salary on level transfer - check out the job advert additional information.

Using a debt management company to help us clear our debt.
Now overpaying mortgage and making additional contributions to my pension.

Overpaying on my mortgage. It’s always been the best decision I’ve made. It’s meant we could a) move to a bigger home as we had enough equity and b) could use some of the overpayments to help to pay towards an extension

Working silly hours(90 plus ) a week for a few years to buy my first flat at 21, then continuing to work like that, to buy an investment flat by 24.
Yes l missed out on socialising and spent next to nothing on myself but it gave me the freedom for everything else.....
Took a year out at 28 to travel as the rent paid my bills, came back moved to London and was able to sell up with just enough for a deposit on a London flat (although l needed a lodger).
It went on, all my life decisions have been made possible due to to that first flat.

Bought a house when I was quite young (20s), sold it 4 years later for more than double what I paid. Was deffo luck with the housing market but I was so worried about buying so am glad I did at that time.

@Touloser that's exactly where we're at, we're priced out the area where both me and dh grew up and my close friends all bought in this area within the last 5 years, it has literally gone crazy!

Definitely overpaying the mortgage and putting extra into my pension when I could afford to (once the DC had left home)

@DragonMamma thank you for this, we have planned to over pay when we do get a mortgage, probably not a significant amount (£50 a month maybe?)

How does it work with being able to release the funds for an extension? Is it because you have overpaid you were allowed allowed do that, or just more funds? Did it cost you much to do that? (I.e changing the mortgage fees, extra interest etc) I'm asking as we would consider a dooer upper and something we have discussed long term.

Learning to live without using my overdraft. It completely changed my relationship with money.

When salary increased, living to the same basic standard of living, but putting the extra money into paying off mortgage, adding to pension and building up savings.

So, now, after never earning an especially high salary, I am mortgage free, will be able to retire around 55 with a good pension and live a comfortable retirement. I never kept aiming for bigger and bigger houses but have been satisfied with a standard family house and paying that off rather than continually extending myself.

Persuading my mum to lend me £5k so I could buy a property in 1997.

Learning about bitcoin.

Took out pet insurance. Saved me countless money.
Took on a second job, part time a couple of nights a week. I live off my full time job and can save all the money from the part time job.

Probably buying early (at 22). Having said that, I then got divorced and had to start again at 35 with a 25 year mortgage, so I'll be 60 before it's actually paid off.

Treating myself to a ring I’ve been lusting after that cost me an extortionate ££££ and used some of my inheritance from my Mum to buy it. Completely ridiculous given we have debt and aren’t a high income family but every time I look at it I love it. And I had a dreadful relationship with my Mum - very abusive- so it feels like I treated myself to something out of the bad stuff.

Bit of a weird one but felt id share....!

My earnings vary wildly by year. I have been good at stashing money away for bad years. Like this last one. Thank god.

Taking a job that supported flexible working before I started a family - meant I have been able to carry on working in a good professional role and kept earning throughout but still getting to spend a decent amount of time with DC