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

Wise words from my DF. Do not buy anything on credit. Do not lend money unless you can afford to lose it. Never be a guarantor for anybody.

I have 3 bank accounts. The first that my salary goes in, I then list all foreseen bills and leave that amount in that account (plus a little extra to be on the safe side). From what is left I move some to another account which is for car tax/mot/repairs/holidays/birthdays/christmas. I work out roughly what this costs per year and divide by 12. I then use the remaining figure and put this into my third account. This is what I can spend that month.

Sounds complicated but it really isn't. Pleased to say, I have never been overdrawn and my credit rating is A1.

To start saving and a pension fund as early as possible and if you can't afford it don't buy it!

To save as much as you can while living at home with parents.

SAVE some money for a rainy day.

that life is really expensive! Save as much money while your at home still living with your parents!

Don't spend what you can't afford and plan a budget and try and stick to it.

I wish I hadn't taken out student loans when by spending more carefully I didn't need them (era of free tuition fees).

I wish I had brought a house sooner, before the prices went crazy. I had a deposit, got a mortgage in principle but got scared by the thought of it so carried on renting for another eight years ...

I wish I'd have known more about fixed term life policies. I've got friends who have got £1000's back when they were in their early 40s which gave them some financial freedom.

more about pensions

I wish I'd known the difference between wanting something and needing some things! Normally I can afford what we need, sometimes what we want and I now know the difference!

I wish I'd known that credit cards are not as exciting as I thought they were - especially when you need to pay the money back!

Save more

To save from an early age, rather than the money burning a hole in my pocket. It's perfectly okay to blow your first few wage packets, but after then, you need to look into the future. I so wish I'd had the inkling to do this.

I wish I'd have known where best to save a little money each month, and how much more rewarding saving is to spending.

That saving even small amounts would add up over time

I would have saved as a child and understood the importance of money and budgeting. I would have waited a bit longer to have children and made sure I had bought a house and been financially secure before having them.

That credit cards should only be used in an emergency.

• how much things actually cost
• how to save my financial earning in a way im not struggling before the next payday

-how difficult and long applying for a credit card was (so glad i get rejected)

I wish I understood that interest rates could go up and up and up,after buying my first house in early 1987 ,within 2 years the interest rate went up from 8% to 14% which was a bit of a shock and a struggle financially .

That no matter what there would always be something unexpected lurking....and not to get credit cards!

I was quite good with money and saved the money I earned at my first part time job while I was at school, then I had a boyfriend who was all for living in the moment and suddenly I was broke and spending money as quick as I earned it.....looking back it was all spent on cheap tat!

I wish I'd know how easy it was to get into debt, and how difficult it was to get out of it. I spent money like water when I was a student and then had to save my wages for the next 5 years to get out of it. It was incredibly satisfying to get out of it though and I am still very careful with money 15 years on!

How much tax would be taken! How disappointing!

I wish that I understood the consequences of debt. It all seemed great when I was old enough to get a credit card and an overdraft. It's not so great when trying to pay it all off. That's the one thing that I would change if I could go back and do it all again.

I wish I'd valued saving for stuff rather than using credit. Setting up an account to save a set amount regularly would have saved a fortune in interest even if only from being able to deposit more and borrow less. IT discourages wasting money if you have a pot of money growing.