What do you wish you’d known when you first became financially independent? Tell Lloyds Bank for a chance to win a £300 voucher! NOW CLOSED

[AngelieMumsnet]

Lloyds Bank have asked us to find out what Mumsnetters wish they had known about personal finances when they first became financially independent.

So, what do you wish you'd known? Maybe you didn't quite appreciate how expensive buying a house would be. Maybe you didn't think about saving when you were younger. Perhaps you wish you'd known how best to invest your savings. Or did you find it all quite easy? We'd love to hear your stories!

Everyone who posts on this thread will be entered into a prize draw to win a £300 Love2Shop voucher!

Thanks
MNHQ

I did ok to begin with, having learnt from Grandpa. He didn't think to mention that your choice of partner can make or break you financially.

I've always been quite good because I stick to the adage, "Don't spend what you don't have".

Also, spare money goes in the best savings account you can find (interest percentage wise).

I wish I'd been more aware of what making bad choices in regards to catalogues and credit cards. I got myself into a lot of debt and it took so much work to get out of it. At the time it was 'free' money and I went mad. Now I'm a lot more careful.

To save money as and when you can and not to stop saving. I remember a friend not understanding how credit cards worked and that he would end up paying more back than he borrowed, which I had to explain to him at age 19/20 when he was in debt! I think also to explain the terminology of finance because it can be very complicated to understand.

To start saving as early as possible :)

I wish I'd known about budgeting and the importance of saving.

To put money aside for a rainy day and not just spend, spend, spend.

• not to spend more than you can afford if you can help it.
• to make saving a habit
• try to have a 'buffer' amount in the account at the end of the month if at all possible, so that more expensive months don't tip you into the overdraft.

Save for a 'Rainy Day' there are lots of them to come!

-start a pension the day you start working. I've been a sahp for 7 years now and can't see me working for a least another 3. I'd only been paying in for a few years so my pension is virtually worthless and I won't have many years to catch up.

• learn to budget. It's easy and saves you a fortune.

• save, save, save. Even a little bit makes a difference

Always have some easily accessible savings for emergencies

Long term savings.

save the loan for the necessities - not just because you're now 18 and can get one!!

Spend your money on what you need, not what others think you ought to be buying

Save as much as possible! You never know when you need it for emergencies!!

I wish I had never got a credit card - it gives you the wrong mindset. It's best to save for what you want rather than just buy it on credit and pay it off "later". I still struggle with that mindset some days.

That I should have looked around more before buying things especially expensive purchases. It's much easier nowadays because of the internet and I always do it now.

Save wherever you can and never, ever take out a loan.

It doesn't last, and it is very very easy to get back into the red

I wish someone had told me how to prepare my money better. I used to have a habit of spending all my money on pay day then being left with nothing by the middle of the month. I drew up an incoming/outgoing chart so I could see where all my money was going.

Not to be impulsive with money and spend, spend, spend. I have a 1000 pound over draft so I used to see that money and think that was my money to spend when infact it wasn’t..

Yes I spent lots went on holidays I couldn’t afford but ended up paying interest so defiantly not worth it.

I am now better with money as my husband keeps a close eye on my account as I can sometimes be impulsive and think I can buy a £200 dress when infact I can only afford a £20 one but im loads better x

Put a little away for a rainy day

I wish I had spent my money less frivolously when I was a student as it all has to be paid back! I didn't need a new outfit for every night out!

wish I'd known how to find out about pensions, saving for a mortgage, savings for the childrens univercity etc

try and save a bit more