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

1. That I should always maintain my financial independence [bitter]
2. That saving little and often at the beginning of the month is more effective than trying to budget and save 'leftover' money at the end of the month
3. That buying property as soon as possible is the best way of securing your financial future

To always have some money aside for emergencies. You never know when your car will get wrecked or you get a huge home repair bill so it's essential to always have some money put aside to cope when these things happen.

1. toiletries are REALLY expensive. when i first moved out i was on a low income and never realised how expensive toothpaste was - when i was at home, i'd never think about it, but when i realised, i'd use a pea sized amount!

Well everything really; had the wrong account from the start, university onwards, parents had no relevant knowledge no advice, blatantly rude bank staff, friendly knowledgeable staff in our local branch go a long way

001 oh yes, the cost of toilet paper...

Wish I'd set up a private pension years ago. I'm now 43 unemployed due to ill health and think I'll really be struggling when older.

I worked for the govt and naively thought I always would.

tarzan I know right? My friend always uses up about a quarter roll every time she goes - makes me that's literally flushing money away!

Definitely that overpaying mortgage/saving by even a small amount is worth it and soon mounts up.

How to budget for short, medium and long term aims and why important to have plans/aims for the short, medium and long term.

Building your savings back up to a good amount before overpaying the mortgage, as you need a cushion

That the disposable income I had, which I frittered away, would have been better saved!

To save more money than I spent on socialising.
To buy a property as soon as I could afford it.
To ferret away money from unexpected windfalls and not fritter it away on nothing.

With hindsight I should've started saving sooner, and made the most of the money by putting it into a decent savings account.

I also wish someone had suggested opening up a new "clean" bank account away from my student overdraft when I graduated. It's such a simple thing but it would have made it so much easier to pay off the debt (by allocating a set amount each month). It's so difficult to stay on top of when your wages get paid into an overdrawn account and you're still using it every day.

Glad I listened to my mum and didn't take out an "emergency" credit card though!

That a month is longer than 28 days generally!

I learned very quickly that the top line drove the bottom line. I worked very very hard (3 jobs) to save enough for a deposit. I graduated with no student debt because I flipped houses during my summers.

Now a few years down the line I earn less but DH earns more, a lot more. We still live off less and have saved enough that we have great options available to us. We might have enough to have designer clothes and luxury holidays but there are more important things in life and its not good for our kids.

Best advice was to save up for car insurance/home insurance and at annually. Otherwise the companies charge you for paying monthly.

I wish I'd known how to manage my overdraft better at university and been more ready to question the bank when they suggested I got a credit card whilst still at university. This naivety meant my student debt was worse than it should've been and affected my credit score.

To never give up that financial independence. Ever.

As most people have mentioned - I wish i'd known to save. I look back on all the money I wasted when I was young and it's so annoying! I could still have gone out and had fun but could have had a little pot of savings to fall back on in lean times.

That the only money you can rely on is what you bring in yourself

Don't spend everything that you have at once. Always put away as much as you possibly can after all outgoings have been taken care of. Always have an emergency fund. Don't make impulse buys - look around for the best deal and wait for a bit to see if it really is what you want to buy

I really wish I had known how important:-
Saving was
Budgeting was
That no matter what it is, it is so rare that you actually need it now, you can wait, research and get the best offer.

I also i wish i had learnt the value of money much earlier!

I wish I'd kown life is short. I spent so long of my youth saving hard and not enjoying the moment. Probably the opposite of most!

Don't get in to debt! Once you go down that slippery path...

Just because you are offered a credit card, it does not eman you should take it and spend it to the max!!

I had no idea what interest rates really meant.

I wish I had realised that when I was working full time and living at home I should have been saving hard instead of spending every penny and getting into debt. I was offered a credit card at 18 and I took it and it all spiralled from then. 13 years later I'm still trying to sort the mess out.

Tbh I wish my parents had taught me more financial sense, but they don't have much of that either. If I'd been more careful with money then my family would have a nicer lifestyle now.