Did your Mom and Dad give you advice on how to budget ?

[soulman101]

My nieces tend to live pay cheque to pay cheque, if they wants something they want it now, so that involves credit.
They earn good money, they will save for a holiday but not for the future.
Like a lot of my old work mates, they live including bonus's and overtime. When overtime stopped at work, my mates were in trouble.
When I started work, Dad told me save 10% of your basic, overtime is a bonus.
At my age,you had to be 21 to get HP or get your Dad to sign. Which my Dad wouldn't, he used to say If you want something you have got to save.
This advice stood me well.
What I wish I had learned was how to use money to make money.
Instead of working long hours, looking back I should flipped houses .
I put money into pensions so I am OK, I retired early.
My wife says I'm a fuddy duddy, when she hears me given them advice.
Is budgeting taught in school ?

[Joy_Division]

I spent my early years with my grandparents and from them I learned that you don't have anything on tick as Nan would call it. You saved up and when you had the money, if you still wanted it then you bought it. The only things I bought on credit was my mortgage for my first unrented home and my first brand new car and that was only over 1 year as I had saved the bulk of the money. Never had any economic advice from school but I always squirreled away small amounts of money in case of an emergency. Then when I was made redundant the first time, I banked enough to be able to pay my mortgage off if I needed to. Then when I was made redundant again I paid off my mortgage. Economic security is a lovely feeling. You don't need to have thousands in the bank, just enough to be able to relax and know you can fall back on some money when an unforeseen emergency arises. I could not relax if i thought I would fall into debt if the next months pension cheque did not arrive.

[kettering_baggie]

Over the years the only time we’ve paid for stuff on instalments, apart from once, is when there has been interest free credit, otherwise we wait until we have the money. The one exception was when I was 21 and wanted to buy a racing car, amazingly, the bank lent me the money with a request that I try to repay the loan early! I bought the car and repaid the bank in about half the time of the loan period. The bank manager said that I could have another loan any time I liked! I never did.

[mickd1961]

Good thread is this.

I have never been a great saver if I’m being honest but when I was younger I did save £695 for my first car in 79.

My dad actually worked for a finance company and was brilliant with money and his own finances.

His job made it almost impossible for me to even think about getting a loan!😩🤣

When I traded my first car and bought my first Capri there was a £595 shortfall which I didn’t have.

The garage owner was a great bloke though and trusted me to turn up every week with a tenner which I did until it was paid off.......you wouldn’t get that scenario these days.

Dad was furious when he found out I’d done this but respected the fact ( eventually) that I hadn’t come to him because he’d have turned me down!

The only finance loan I ever had for a car was arranged by dad when I was 36 and working for myself and having success, he recognised I could afford the £700 a month over three years and did the finance deal.

I’ve never been a good saver but I have always been good at handling and managing my business and not splurging money just because there’s hundreds of thousands sat in the business account in good times.

One of my big problems at this moment is that I have a very large amount of money sat in my business in “retained” profit that I’ve never taken as I’ve left it in to let the business grow.

It’s the sort of sum most people don’t earn in a working lifetime but because business is slack I can’t access it and it’s sat in stock in our warehouse in effect.

My own view is that schools don’t teach enough common sense and that budgeting should be taught from a very early age.

My own kids of 37,33 and 30 are appalling savers and live well behind their next payday much to my frustration.

[baggieal]

My nieces tend to live pay cheque to pay cheque, if they wants something they want it now, so that involves credit.
They earn good money, they will save for a holiday but not for the future.
Like a lot of my old work mates, they live including bonus's and overtime. When overtime stopped at work, my mates were in trouble.
When I started work, Dad told me save 10% of your basic, overtime is a bonus.
At my age,you had to be 21 to get HP or get your Dad to sign. Which my Dad wouldn't, he used to say If you want something you have got to save.
This advice stood me well.
What I wish I had learned was how to use money to make money.
Instead of working long hours, looking back I should flipped houses .
I put money into pensions so I am OK, I retired early.
My wife says I'm a fuddy duddy, when she hears me given them advice.
Is budgeting taught in school ?

Being sensible Lloyd is the right approach. I do understand those who live for today and have a great time as might not be around tomorrow!

My dismay is seeing those who don’t have holidays and forego having a good time stick too much into pensions/money for old age. I raised my voice at my mum when she retired and told her to enjoy life - take holidays and spend! I didn’t want to be left a bean and told her that!

Why people go without to purposely leave a nest egg baffles me! I like to hear people who have no regrets ie - seeing the world - having enjoyed life to the full and not any of the - wish I had done this or that when younger!!

When your dead - you are dead! Life is for enjoying until the last breathe! My opinion!

[soulman101]

Being sensible Lloyd is the right approach. I do understand those who live for today and have a great time as might not be around tomorrow!

My dismay is seeing those who don’t have holidays and forego having a good time stick too much into pensions/money for old age. I raised my voice at my mum when she retired and told her to enjoy life - take holidays and spend! I didn’t want to be left a bean and told her that!

Why people go without to purposely leave a nest egg baffles me! I like to hear people who have no regrets ie - seeing the world - having enjoyed life to the full and not any of the - wish I had done this or that when younger!!

When your dead - you are dead! Life is for enjoying until the last breathe! My opinion!

HI,we told our Mom and Dad to spend their money,they offered to pay our mortgage off, but I woudn't let them.
In the end the care home had £78k out their £100k savings.
We hope to treat our nieces and watch them enjoy it,while we are still here.

[baggieal]

HI,we told our Mom and Dad to spend their money,they offered to pay our mortgage off, but I woudn't let them.
In the end the care home had £78k out their £100k savings.
We hope to treat our nieces and watch them enjoy it,while we are still here.

Lloyd - that’s great mate and my ideal! Treat those who are closest to you whilst alive!

I have told my wife if I lose my marbles then suffocate me with a pillow as not going in a care home! Not the life I would want and rather kids have the cash than a care home!

My mum left money and told her to spend it whilst alive. Couldn’t accept it when she had gone so gave it to the kids.

[westcountryvillain]

My parents were both working class and lived frugally, I always saved most of my pocket money and any that came my way for birthdays but didn't need anyone to tell me to do so. I suppose that because we didn't have much in the way of life's luxuries it taught me the value of money, I had a small debt when I graduated which I cleared as soon as I could after I started work. Imagine my surprise when my mom passed and I discovered they had a substantial sum in savings, some of which was in a current account paying f'all.....

Wife is the polar opposite, middle class background, less picky than me in discerning needs from wants, has less hang-ups about debt whereas I'd prefer to have none at all. That said, our holidays are modest and we don't go out much so could be worse.

My 14-year old daughter has started a candle making business and has a very healthy bank balance which she doesn't spend much of, she's great at picking out stylish clothes from lower end shops. 17-yr old son made a fair bit from Crypto in 2021 and still has most of it, hasn't really discovered the finer things in life - yet!

[Stevil81]

Really good post, I have never been great at budgeting. I set up my own business (with my wife!) straight from uni and was always hand to mouth. Since then I have a good income but costs are so high!

I feel bad for my kids, how are they going to afford to live in 15 years time?

I always wonder why we are not more like the Germans, they seldom buy houses and rent instead. I guess renting is much cheaper than it is here!

I totally get the living in the present too, my mates mum just died at 63, she was the main earner and didn't have life insurance so hubby is going to find it hard.

I have been through the keeping up with the Jones' mentality and got cars on PCP and lease but am being much more frugal these days.

[soulman101]

The last couple of years have been a reality check for a lot of people.