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

[Omegstrat6]

Too many of recent generations have been brought up with expectations beyond their means. Too many expect to have things such as Sky TV, the latest smart phone or holidays abroad regardless of income. In a world of credit cards, Amazon and streaming services they expect everything and everything now. Life skills such as patience and budgeting seem to have been forgotten alongside those around communication or dealing with conflict whilst self-entitlement only increases. This doesn't apply to all young people by any means, but it does apply to many. Isn't all their fault as it's the way they have been brought up. Forget Sunak's pet project of teaching kids maths until they are 18 how about teaching them more life skills instead-including how to budget!

Sadly, I also recognise that society has changed and for those who have always paid out right for things and never resorted to credit this lack of a credit scoring record only goes against them when it comes to larger purchases like cars or a mortgage. In a country over reliant upon the consumer and financial sectors, debt seems to be encouraged.

[mickd1961]

Too many of recent generations have been brought up with expectations beyond their means. Too many expect to have things such as Sky TV, the latest smart phone or holidays abroad regardless of income. In a world of credit cards, Amazon and streaming services they expect everything and everything now. Life skills such as patience and budgeting seem to have been forgotten alongside those around communication or dealing with conflict whilst self-entitlement only increases. This doesn't apply to all young people by any means, but it does apply to many. Isn't all their fault as it's the way they have been brought up. Forget Sunak's pet project of teaching kids maths until they are 18 how about teaching them more life skills instead-including how to budget!

Sadly, I also recognise that society has changed and for those who have always paid out right for things and never resorted to credit this lack of a credit scoring record only goes against them when it comes to larger purchases like cars or a mortgage. In a country over reliant upon the consumer and financial sectors, debt seems to be encouraged.

Such a good point in your last paragraph.

I haven’t had Hire Purchase on stuff for over 30 years now and my credit card gets cleared every month so I never pay interest.

So when I tried to take advantage of zero finance to pay for a sofa just because it was available I got turned down!

Same at Autoglass when they offered me low terms on their credit account offer on 4 tyres, I got refused.

I’ve got no everyday credit history in my favour despite paying for everything on time and having actually paying for mortgages into the millions in time!

It makes absolutely no sense other than to enforce your point that they ( the markets ) just want to feed the poor with as much debt as they can, they don’t want the comfortably off and the wealthy on their books.

It stinks really.

Watch the new “Madoff” documentary on Netflix as it really highlights how the mega rich elite control the world to the expense of the poor.

[Omegstrat6]

Such a good point in your last paragraph.

I haven’t had Hire Purchase on stuff for over 30 years now and my credit card gets cleared every month so I never pay interest.

So when I tried to take advantage of zero finance to pay for a sofa just because it was available I got turned down!

Same at Autoglass when they offered me low terms on their credit account offer on 4 tyres, I got refused.

I’ve got no everyday credit history in my favour despite paying for everything on time and having actually paying for mortgages into the millions in time!

It makes absolutely no sense other than to enforce your point that they ( the markets ) just want to feed the poor with as much debt as they can, they don’t want the comfortably off and the wealthy on their books.

It stinks really.

Watch the new “Madoff” documentary on Netflix as it really highlights how the mega rich elite control the world to the expense of the poor.

You would have thought that credit companies would value those who have been sensible with their money and not over extended themselves as they would be a much safer/lower risk borrower. Makes no sense-unless you conclude that it's all about encouraging further debt in order to make more money for these companies themselves. Not heard of the Madoff doc. so will check it out 👍

[baggieal]

Such a good point in your last paragraph.

I haven’t had Hire Purchase on stuff for over 30 years now and my credit card gets cleared every month so I never pay interest.

So when I tried to take advantage of zero finance to pay for a sofa just because it was available I got turned down!

Same at Autoglass when they offered me low terms on their credit account offer on 4 tyres, I got refused.

I’ve got no everyday credit history in my favour despite paying for everything on time and having actually paying for mortgages into the millions in time!

It makes absolutely no sense other than to enforce your point that they ( the markets ) just want to feed the poor with as much debt as they can, they don’t want the comfortably off and the wealthy on their books.

It stinks really.

Watch the new “Madoff” documentary on Netflix as it really highlights how the mega rich elite control the world to the expense of the poor.

Interest is accruing on your Chesterfield ticket in the way of a pint at the match 😭

[WBA123]

Too many of recent generations have been brought up with expectations beyond their means. Too many expect to have things such as Sky TV, the latest smart phone or holidays abroad regardless of income. In a world of credit cards, Amazon and streaming services they expect everything and everything now. Life skills such as patience and budgeting seem to have been forgotten alongside those around communication or dealing with conflict whilst self-entitlement only increases. This doesn't apply to all young people by any means, but it does apply to many. Isn't all their fault as it's the way they have been brought up. Forget Sunak's pet project of teaching kids maths until they are 18 how about teaching them more life skills instead-including how to budget!

Sadly, I also recognise that society has changed and for those who have always paid out right for things and never resorted to credit this lack of a credit scoring record only goes against them when it comes to larger purchases like cars or a mortgage. In a country over reliant upon the consumer and financial sectors, debt seems to be encouraged.

I've always worked hard and watched every penny I spent. I know people in their 30s who have been the same as me. But I've still taken loans/credit cards/mortgages out.

Debt can be useful, if you borrow at a cheap interest rate and invest it. I've done that, I'm massively in debt right now in the form of mortgages, but equally I have property with values that can cover that debt and the mortgages are on long term low interest rates.

You have to be financially intelligent, almost everyone will take a mortgage out to buy a house and its widely applauded by the older generation. When really its the devil in the detail that is important. What's your LTV? How much is that house worth? What interest rate do you have? How many years will it take to pay off? Do you feel comfortable with the monthly repayments? etc.

Same goes for long term 0% credit cards. These can be a great tool. If you want to go on a £5000 holiday and you have the cash available, you might as well take out a long term 0% Credit card and pay that £5k off in 18 months time. In the meantime, you could put that cash into a safe stock market investment fund, or even a savings account and earn a small % back.

I don't necessarily buy into the 'younger generation' are financially illiterate, I've spoken to quite a few young people in their 20s who are heavily interested in investments and really impress me with their acumen. I've spoken to some people still working in their 60s and 70s because they didn't plan their retirement. I think it really depends on the person, rather than their age or generation.

[mickd1961]

I've always worked hard and watched every penny I spent. I know people in their 30s who have been the same as me. But I've still taken loans/credit cards/mortgages out.

Debt can be useful, if you borrow at a cheap interest rate and invest it. I've done that, I'm massively in debt right now in the form of mortgages, but equally I have property with values that can cover that debt and the mortgages are on long term low interest rates.

You have to be financially intelligent, almost everyone will take a mortgage out to buy a house and its widely applauded by the older generation. When really its the devil in the detail that is important. What's your LTV? How much is that house worth? What interest rate do you have? How many years will it take to pay off? Do you feel comfortable with the monthly repayments? etc.

Same goes for long term 0% credit cards. These can be a great tool. If you want to go on a £5000 holiday and you have the cash available, you might as well take out a long term 0% Credit card and pay that £5k off in 18 months time. In the meantime, you could put that cash into a safe stock market investment fund, or even a savings account and earn a small % back.

I don't necessarily buy into the 'younger generation' are financially illiterate, I've spoken to quite a few young people in their 20s who are heavily interested in investments and really impress me with their acumen. I've spoken to some people still working in their 60s and 70s because they didn't plan their retirement. I think it really depends on the person, rather than their age or generation.

I don’t often say this but I agree 100% with every word you’ve said there 123.

Especially about the older generation, I know many in their 60’s, 70’s and 80’s who’ve just spent continually above their means.

The situation with social care really narks me though, father in law now half way through his £650k estate in care fees whilst almost every other resident is being paid for by the state.

I do believe that everyone should be made to pay into an insurance policy ( similar to NEST pension scheme ) for the entirety of their adult lives.

If they then need social care they are covered and if they don’t then upon their death, a lump sum of what they paid into their policy goes back into their estate for the family to inherit.

Social care could actually be sorted out so simply if we didn’t have such useless politicians.

[WBA1955]

You don't own anything not even your body and skull, you just live in it rent free for a short time.
If you stop wanting to own and accumulate you will be much happier in life.

[mickd1961]

You don't own anything not even your body and skull, you just live in it rent free for a short time.
If you stop wanting to own and accumulate you will be much happier in life.

Even now at 61 I couldn’t live with such a lack of ambition Des.

I’ve always needed goals.

At the moment I’m just about to embark on something I’ve wanted to do for a very long time.

I’ve just agreed a deal to buy the little house my one nan lived in in Harrogate and where I spent so much time as a kid and in my youth.

It’s quite run down now so I’m going to gut it and make it pin sharp and then use it as a holiday home for my family and rent it out on an AirBnB basis.

I cannot fully explain the sense of pleasure and joy this mission is bringing to my life.

I just like moving on to the next goal, I’ve always strived in my own small way.

Stop swimming and I’ll die......like with a shark.

[soulman101]

Even now at 61 I couldn’t live with such a lack of ambition Des.

I’ve always needed goals.

At the moment I’m just about to embark on something I’ve wanted to do for a very long time.

I’ve just agreed a deal to buy the little house my one nan lived in in Harrogate and where I spent so much time as a kid and in my youth.

It’s quite run down now so I’m going to gut it and make it pin sharp and then use it as a holiday home for my family and rent it out on an AirBnB basis.

I cannot fully explain the sense of pleasure and joy this mission is bringing to my life.

I just like moving on to the next goal, I’ve always strived in my own small way.

Stop swimming and I’ll die......like with a shark.

Hi Mick pleased that you have got your Nans house.
With regards to your Dad,did he keep his Yorkshire accent when he moved down here.
Although my Dad left home at 14 to join the army and never went back home apart from visits , he still spoke with his Mansfield accent

[mickd1961]

Hi Mick pleased that you have got your Nans house.
With regards to your Dad,did he keep his Yorkshire accent when he moved down here.
Although my Dad left home at 14 to join the army and never went back home apart from visits , he still spoke with his Mansfield accent

Thanks Lloyd, I’m excited at the project ahead.

Dad was 32 when he moved to the West Midlands and mum was 29.......both kept strong Yorkshire accents and even now at 84, mum is still broad Yorkshire! 😎

Although I’ve got a Black Country accent, I was only 5 1/2 when I moved here, but, when in Yorkshire I’m told my original accent tends to come back.

Interestingly I think, my dad always said that he was glad he chose the Black Country to live in as the locals are very much like Yorkshiremen in many, many ways, he immediately felt comfortable here.

He found people to be blunt but dead straight and very honest.

But......he couldn’t stand Brummies, a load of whining, whinging w anchors who couldn’t lie in bed straight!

Apologies to any Brummie forum members!😏🤣