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

Maybe just to set up an account to put in £1 or £5 or even £10 per week!
When you end up needing high value deposits etc it's horrible to have to ask parents or not afford it....hindsight is a brilliant thing :/

Pensions and their importance. I was a long way in before I started putting some away - might live to regret it.

That you need to stand on your own two feet but if you get a bit stuck there are always people who will help. I got into a bit of trouble when I was young and couldn't pay for a new fridge/freezer so got a loan instead of asking family for help. I paid it back but it made life very very difficult. I wish id known that there was no shame in asking for a bit if help xx

Save up for things you want to buy. Save in general.

I wish I'd known how easy it is to get into trouble with credit cards, and that sticking your head in the sand just makes things much worse!

Write down EVERYTHING that comes in, and write down EVERYTHING that goes out.. then you can find out exactly what you're spending and where.

That it isn't possible to save the world with one person's earnings!

How expensive it is to live, I don't think i ever appreciated it when I lived at home!

That you shouldn't get a credit card!

Thank you to everyone who has posted on this thread! Congrats to SerenaVanDerWoodsen who has won the prize draw for a £300 Love2Shop voucher! We'll be in touch soon.

Not to get things on credit or get any credit cards until i fully understoon APR

I was pretty much finincially independent at 18 when I went off to uni. I wish I had realised what all that splurging would mean in bank charges. I spent a good few years paying off an overdraft which was probably made up of a fair proportio of bank charges & interest.

I wish I would have know that you can't plan for every eventuality and life is full of surprises, not always good ones. That if you don;t have a little saved by for emergencies and one pop's up, you can end up struggling for months and months.

Wish I had known how much house prices would rise

If I could turn back time, I wish I'd realised how EVIL credit cards could be! We have had so many financial troubles due to running up big bills. If it weren't for these, we could be mortgage-free by now - we took out a mortgage in 1997 for less than £40k but due to having to re-mortgage to pay off debts, our mortgage 18 years later is still £65k! I could kick myself for having been so stupid - but at least I learned in the end. I'd go back and tell my younger self to do things the old fashioned way: if you want something, save up for it!

I wish I had been advised to save a small amount each week for my funeral. A small amount would not be missed but the cost would be covered when needed however far in the future so avoiding a lot of stress for your family.

I had always been encouraged to save and keep to my family's faithful bank. Perhaps understanding that you have to move with the times and look for the best deals would have been financially worthwhile.

that every little penny helps

I wish I had known how much difference it would make to my pension if I'd left all my superannuation in, instead of withdrawing it to pay for decorating our house. Paint and wallpaper were NOT good investments.

I wish I had listened to my parents advise - neither a lender nor a borrower be.

To have 2 different bank accounts - one that all your bills come out of and one that you can use for spending - that way if you do spend a bit too much you are still able to pay your bills.

how easy it is to get into debt.

Well I guess it's about how Mortgages work, interest rates, etc

I wish I'd know to save as much as possible when still living at home and working as once you have a place of your own money just goes

That credit cards weren't free money!