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

Ed_Ed_ Posts: 405 Community Manager
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?
"Such is the way of the world, you can never know, Just where to put all your faith, And how will it grow. Gonna rise up, Burning black holes in dark memories, Gonna rise up, Turning mistakes into gold" Eddie Vedder

Comments

  • AidanAidan Woo titles are back! A long time ago in a galaxy far, far away....Posts: 2,079 Boards Champion
    edited February 21
    I haven't had any money advice I think, ever.

    But there's something I know,

    The interest rates on most savings accounts is lower than inflation. So most of the time, money you save away is losing value in real terms.

    I guess the advice is to buy things you need now, instead of waiting til later in the name of saving?
    "Do, or do not, there is no try" <(•.•)>              
  • AzzimanAzziman The Mix convert Posts: 743 Incredible 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 :)  
  • MikeMike 🦄🎮🌏 LondonPosts: 2,497 Community Manager
    edited March 19
    @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. :)
    All behaviour is a need trying to be met.

    Avatar credit: Qostine
  • MaisyMaisy The Mix convert CymruPosts: 274 Moderator
    edited March 19
    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!
    chubbydumpling
  • DistractionDistraction Noob Posts: 211 Boards Initiate
    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 
    Ed_
  • BubblesGoesBooBubblesGoesBoo Sunny ScotlandPosts: 3,519 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''  
    Ed_
  • mags98mags98 Posts: 257 Moderator
    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
    Ed_
  • ShaunieShaunie England 🏠Posts: 9,116 Supreme Poster
    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)
    if you have the strength to sustain anorexia you have the strength to overcome it
    Ed_Maisy
  • Ed_Ed_ Posts: 405 Community Manager
    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?
    "Such is the way of the world, you can never know, Just where to put all your faith, And how will it grow. Gonna rise up, Burning black holes in dark memories, Gonna rise up, Turning mistakes into gold" Eddie Vedder
  • Millie2787Millie2787 🐶 💜 Posts: 2,910 Boards Guru
    @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.
    Ed_
  • DistractionDistraction Noob Posts: 211 Boards Initiate
    @Ed I would be interested  :)
    Ed_
  • BubblesGoesBooBubblesGoesBoo Sunny ScotlandPosts: 3,519 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''  
    Ed_
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 5,077 Part of The Furniture
    @Ed_ I'm interested!!
    Currently working on saving up money and learning to manage it better. This would be helpful!

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

    Ed_
  • MaisyMaisy The Mix convert CymruPosts: 274 Moderator
    @Ed_ I'm interested :)
    Ed_
  • Ed_Ed_ Posts: 405 Community Manager
    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:
    "Such is the way of the world, you can never know, Just where to put all your faith, And how will it grow. Gonna rise up, Burning black holes in dark memories, Gonna rise up, Turning mistakes into gold" Eddie Vedder
  • DistractionDistraction Noob Posts: 211 Boards Initiate
    Awesome, thank you @Ed_ :)  
  • ToniToni Posts: 33 The Mix Staff
    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. 
  • SkiveSkive No discipline. No morality. No respect. New ForestPosts: 15,121 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
    Yesterday is history
    Tomorrow is a mystery
    But today is a gift
    That’s why it’s call the present
  • AidanAidan Woo titles are back! A long time ago in a galaxy far, far away....Posts: 2,079 Boards Champion
    Skive said:
    Spend it. Enjoy it. You can't take it with you.
    Shrouds have no pockets, as me nan says.
    "Do, or do not, there is no try" <(•.•)>              
    SkiveMike
  • SkiveSkive No discipline. No morality. No respect. New ForestPosts: 15,121 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.
    Yesterday is history
    Tomorrow is a mystery
    But today is a gift
    That’s why it’s call the present
    Mike
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