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MNHQ

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

429 replies

AngelieMumsnet · 02/10/2015 15:38

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

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
OP posts:
avery64 · 14/10/2015 18:40

Make saving for what you want in life a priority rather than an afterthought :)

Anderson8 · 14/10/2015 19:28

I wish id known in the beginning how to budget properly

princesssmitheee · 14/10/2015 20:05

to always have savings

maureen3733 · 14/10/2015 20:25

that savings are the most important thing in the world. not designer handbags.

Dessallara · 14/10/2015 20:43

Always have some savings!

mumpetuk1 · 14/10/2015 21:30

Do not rely on a credit card to buy anything

ozbird1 · 14/10/2015 21:59

I wish I hadn't been in such a rush to move out into a rented flat and buy a car at 17 - I don't think I ever had money since that day !

aussiegeckogirl · 14/10/2015 22:51

I wish I had known how important it is to save and monitor my finances properly for the future

EmmaJDav · 14/10/2015 23:06

I wish I'd have started to save money as soon as I was able, and had known that having savings is important.

goose1964 · 15/10/2015 07:41

that income can go down as well as up

Kangakate · 15/10/2015 08:56

Loans and overdrafts should only be used in an emergency, because they can cause more problems with money than they solve. If you need a loan always shop around for the best APR and consider the repayments and is the short-term gain worth the long-term debt

bellaboo194 · 15/10/2015 09:22

Money doesn't stretch as far as you would like it to and it's always a long time til payday so how to budget would have been good to know.

glmcall123 · 15/10/2015 12:58

I wish I'd started saving earlier, I've never quite got into the habit.

smittenkitten666 · 15/10/2015 13:23

If only I had known to set up an "escape fund". An emergency savings account for when a situation/ job became unbearable, but I couldn't afford to leave it. Although I have never worshipped money, I respect the freedom it brings.

oliveoyl72 · 15/10/2015 13:31

I didn't realise there were so many bills, let alone how much they'd cost. Same for food shopping and household goods. I wish I'd been given some clue about it all and a lesson in budgeting - I had no idea how to manage my finances at all when I took on my first flat. It was a short, sharp shock and I ended up moving back to my Mums after 6 months, where I stayed and saved for 2 years before going it alone again.

EasterRobin · 15/10/2015 13:33

That I am lazy and will rarely want to deal with finance things unless I have to. Therefore I shouldn't go for any bank account or investment that reverts to a low interest rate after a period of time.

LisaJimmy85 · 15/10/2015 13:36

find out about all costs including council tax , insurance & energy

jaibaby · 15/10/2015 13:51

I wish I knew that bills needed to be paid, when I bought something on credit it had to be paid eventually, normally with added interest. I wish I knew the difference between salary and disposable income - I always thought I'd be fine yet had little money left at the end of the month. Finally, I wish I saved more.

slbhill42 · 15/10/2015 14:01

That if it's hard to save now, it'll only get harder later (with a mortgage or kids or more commitments) - so start now, even if it's only a bit.

bettythebuilder · 15/10/2015 14:06

I wish I'd had the sense to realise that most things an 18 year old feel are essential, really are not! I'd have saved myself from quite a few expensive purchases, and If I'd then put those savings into the bank, it would have tided me over a few tough financial times in my 20s when I was out of a job.

toodles60 · 15/10/2015 14:06

I wish i'd known that i would have been better off saving up for large items i wanted instead of getting a credit card and HP for my first sofa etc. Left me in debt for a long time and i struggled for years when younger. I think i'd tell myself now to save up and pay outright for items saving myself years of payments and extortionate interest.

NoManJan · 15/10/2015 14:29

How important it is to budget and have a rough idea of how much is in your bank account at all times. Much easier nowadays with apps and online banking

NoManJan · 15/10/2015 14:30

How important it is to budget and have a rough idea of how much is in your bank account at all times. Much easier nowadays with apps and online banking

torthecatlady · 15/10/2015 14:46

I wish someone had told me to be more careful with my precious, hard earned money. There was a time when I was spending a couple of hundred pound a month in a well-known coffee shop!! £200! That is crazy, I had nothing to show for it either, except an expanding waistline from all those caramel lattes!

clazthecat · 15/10/2015 14:46

I wish I had known how expensive having my own house would have been. We were new parents and took out a large mortgage which was really unaffordable and the house also needed totally renovating. The first few years of my daughters life we were struggling financially however it did teach us to budget.