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What's the best advice you've had with money?

Ed_Ed_ Moderator Posts: 1,551 Extreme Poster
We've been having a chat in the office about managing money, from all things like moving out for the first time, to budgeting, to supporting someone you care for. People were reflecting on the fact that they didn't know they needed the help or info until they actually saw it or someone told us. This got us thinking, how do we help people manage money better if they don't know they need the help?!



So, what's the best thing that you have found out about money that has helped you the most that you wish you had known sooner?
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    AzzimanAzziman Moderator, Community Champion Posts: 1,914 Extreme Poster
    Track your finances. Not many people do this, but those that do seem to reach their goals far more than those that don't. Having an idea of where your money goes can really help you to cut back excess spending and save for the things you really want. In this day and age, it's so easy to spend money you don't have to waste, on things you don't need, to impress people that don't care. Having an idea of where your money is going, and what you want to achieve, helps you to focus on using money as a tool to reach your goals :)  
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    JustVJustV Community Manager Posts: 5,336 Part of The Furniture
    edited March 2020
    @Azziman said:
    Track your finances.
    Super late to the party on this thread but I like this one. :)

    A friend of mine recommended I start tracking mine a while ago and, if nothing else, it's just nice knowing how your expenditures and income look at the end of each month. I also do love a spreadsheet.

    Like @Aidan I've never had much money-related advice, but the best advice I ever got was that money doesn't equal success, and vice versa. I grew up in a working class family and my parents didn't have much (if anything) once bills had gone out, and they were usually pretty stressed or down about money and their limitations. My dad had a conversation with me once about this and really put into perspective. All anyone needs is to be comfortable and financially stable. I think the most he ever wanted was to be able to sometimes buy a nice thing without stressing about it, or without doing mental maths to see if he had enough money in the bank. That really rubbed off on me.

    Similarly: it's okay to buy something just because you like it. :)
    The truth resists simplicity.
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    MaisyMaisy Moderator Posts: 672 Incredible Poster
    edited March 2020
    I've not been given much advice and the advice I've had isn't applicable to most young people (probate, court of protection/power of attorney, nursing home fees are expensive etc) but the mantra my dad used to say growing up was 'Earn a little, save a little, spend a little' and I think that's the advice I hope to live by. Like @Mike I've grown up in a working class family so after the bills have been paid, there isn't a lot of money left over, and the money we do have, is usually in savings. But equally, it is nice to treat yourself every now and then!

    My dad, before he got ill, used to do bookkeeping for household bills, and he would have a section for incomings and another for outgoings and he knew when all the bills were due etc., and it worked great. Just a shame my mum never got the hang of it, but I'd quite like to pick it up as tracking finances is a handy skill to have! 

    Edited to add: Another good saying I grew up with is 'Look after the pennies, and the pounds will look after themselves' basically just focus on saving small amounts and it will add up in the long run!
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    DistractionDistraction Posts: 466 Listening Ear
    I don't know a lot on this subject but I recently reached a money saving goal I was aiming for and I'm really happy, I have an overall goal of how much I want in five years (I want to move out after education which will take five years but if I can, I want to move out sooner) 

    So I find manageable steps good, I see what I want to make a year and then brake that down to six months, I don't stress to much over it because if I don't make a goal I can try saving it somewhere else 
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    BubblesGoesBooBubblesGoesBoo Posts: 3,590 Community Veteran
    honestly I don't know much about money, I have bpd and tend to over spend haha, but something my dad told me was to set up a direct debit on payday to a separate account, that way I don't see the money in my account and spend it, it's put away for when I need it :)
    ' So I put a bullet where I shouda put a helmet, and I crash my car cause I wanna get carried away, that's why I'm standing on the overpass screaming at myself 'hey, I wanna get better''  
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    mags98mags98 Posts: 287 The Mix Regular
    Saving accounts do a lot, even putting in a few pounds per week or month goes a long way. Having expenses go out at the start of the month is very helpful because then you don't have to worry about over spending during the month and not having enough to pay off bills
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    SienaSiena Posts: 15,558 Skive's The Limit
    Those who act rich are poor and those who act poor are rich. 

    (I mean unless you're watching rich kids go skint then they don't even look at prices. Which i mean i would still do if i was them, not about the money don't want to be robbed)
    “And when they look at you, they won't see everything you've been through. They won't see the **** that turned to scars that began to fade with time. They won't see the heartbreaking things that shook up and changed your entire world. They won't know how many tears you cried or even what it was you were crying about. They won't see how strong you had to be because you had no other choice. What they will see though is how compassionate you are because you experienced pain. What they will see is how kind you are because you experienced how cruel the world is. What they will see is how good you are because you've seen how bad things or people can be. The difference between you and your experiences are who you choose to be, despite everything that could have turned you cold and unkind.You are the good the world needs and the best of us.” ~ Kirsten Corley
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    Ed_Ed_ Moderator Posts: 1,551 Extreme Poster
    Am loving all of these tips, definitely some good ones in here. We have been working with a charity called MyBnk to create some new resources to help people understand how to manage money better, including e-learning. Would anyone be interested in a sneak peak of the course?
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    Millie2787Millie2787 Community Champion Posts: 5,160 Part of The Furniture
    @Ed_ YES OMG YES ! I only got paid yesterday and spent most of it so fast 🥺 
    Sometimes all you need is one person to believe in you , for you to begin to believe in yourself.
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    DistractionDistraction Posts: 466 Listening Ear
    @Ed I would be interested  :)
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    BubblesGoesBooBubblesGoesBoo Posts: 3,590 Community Veteran
    @Ed_ i would be 😁
    ' So I put a bullet where I shouda put a helmet, and I crash my car cause I wanna get carried away, that's why I'm standing on the overpass screaming at myself 'hey, I wanna get better''  
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    GreenTeaGreenTea Posts: 12,938 Born on Earth, Raised by The Mix
    @Ed_ I'm interested!!
    Currently working on saving up money and learning to manage it better. This would be helpful!
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    MaisyMaisy Moderator Posts: 672 Incredible Poster
    @Ed_ I'm interested :)
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    Ed_Ed_ Moderator Posts: 1,551 Extreme Poster
    If you follow this link, it should give you access to the course! You will need to have an account on the platform before you can access them @Maisy, @BubblesGoesBoo, @Distraction

    @Millie2787 - the struggle is real eh! You may find the exercises in the budgeting module helpful, particularly around sorting out needs vs wants and the envelope method of sorting out your needs before you spend on your wants :)

    @GreenTea - great to see you are planning ahead with this, hopefully the modules will help, though focus more on the basics which you may or may not already know :+1:

    Do drop us a PM if you have any bugs on the modules, they are very hot off the press so may have a few things to fix! Equally, please do complete the surveys at the end of each modules, it helps us evaluate how effective they have been :+1:
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    DistractionDistraction Posts: 466 Listening Ear
    Awesome, thank you @Ed_ :)  
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    ToniToni Deactivated Posts: 67 Boards Initiate
    Not strictly on topic, but also kind of. The best bit of advice I was ever given with money was from my uncle who told me to know my worth and be unafraid to talk about money. If you take away the taboo, you feel like you can own the situation more. 
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    SkiveSkive Posts: 15,286 Skive's The Limit
    Spend it. Enjoy it. You can't take it with you.

    "I spent a lot of money on booze, birds and fast cars. The rest I just squandered."
    --George Best
    Weekender Offender 
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    SkiveSkive Posts: 15,286 Skive's The Limit
    Aidan said:
    Skive said:
    Spend it. Enjoy it. You can't take it with you.
    Shrouds have no pockets, as me nan says.
    It's quite true. Especially when your young. Be a hedonist to the max.
    Weekender Offender 
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