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Discussion Starter #1
So as some of you know, I am getting out into the REALLLLLL world relativly soon...and wellllll..
I was wondering if you would be able to share the one thing you really messed up on money wise, and the one thing you either did to help yourself, or one thing you wish you did.

I would rather learn from others mistakes and fortunes then my own! lol.

thanks girlies!!!

:dust:
 

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I learned a few things involving money the hard way, here are some things I wish someone had told me before I moved out on my own:

I would have set up a budget for myself before I moved out on my own. I was working for a few months before I completely moved out of my parent's home, so I could have set up a tentative budget for: food, rent, utilities, car insurance, gasoline, entertainment, savings, and misc. expenses.

I would never have used my credit card. I would have saved up for everything I wanted and then paid for it in cash. I had it for a whole year before I used it, but it was way too easy to use it once I started. I think it's good to have just in case of an emergency, but I wish I had never used it, I should have put it in a block of ice in the freezer :).

Shop around for a vehicle, and don't buy a new one because the value depreciates the moment you drive off the lot and your insurance will be higher on a new car.

Live below your means (Always!) I wish I had moved into a studio apt. for the first few years out on my own, I could have saved a lot of money, and gotten a better idea of where I wanted to live and what I could afford to rent.

Learn to cook and bake inexpensive yet filling meals. You will find lots of frugal recipes here and you can search the web or ask family for some frugal recipes too.

I wish you luck out on your own. I wanted to move out of my parent's house after I finished college and start my own life. Now, thinking back I wish I had stayed there and worked for a year or two to save money. I'll be 29 in two months and sometimes I daydream about how easy my life would be if I moved back home. :)
 

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One thing I wished I hadn't done was be so eager to have "things". Things I went into debt for and they turned out not to be as great as I thought they'd be. If I would change anything it would be to "make do" a little more and save the money I spent on junk.
Some good things I did money-wise was save up for school by working weekends, nights, and summers. I was able to get through college without a ton of loans. Another thing I feel I have been doing right is saving for retirement from a relatively young age. Many people wait until they are older to think about retirement. It's harder to amass as much if you wait until you are older as your savings have less time to grow.
 

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Don't buy the first house you look at. We were stuck there in a tiny house with 3 kids for 15 years. :( Not to mention all the repairs it needed over the years.
 

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I think my worst mistake was thinking that I had to have it all and be a big entertainer, with lots of friends. I wasted more money on junk and feeding them. I was always trying to be the best hostess and it was during college years, and when you made food you needed to feed alot. I wish I had stayed more to myself. Or atleast been more selective.
But hey, I have no regrets, I just know where I went wrong.
 

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My first car was a money pit. Oh, I had to have THAT car. Dad said he wouldn't buy it, boyfriend said think about it. No I had to have it and now. What a mistake!!! Cost me for years in repairs and upkeep. Then in pride because I hung on to it so no one would say I told you so.

Laurie in Bradenton
 

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Don't buy the first house you look at. We were stuck there in a tiny house with 3 kids for 15 years. :( Not to mention all the repairs it needed over the years.
.....or even the first one you fall in love with....make sure it's completely checked out. :deal: My husband and I bought our first house and.....well....think of the movie "the money pit" only worse. It tooks us a lawsuit and a deed in liue of forclosure (handing the deed over to the morgage company and walking) to escape. Over a decade later and we're still feeling some reprecussions.


and as many of the other ladies have voiced .....DON'T USE THE EVIL PLASTIC CARDS!!!!! :fuming:

On a more positive note:
~Use the village for support :grouphug: and KNOWLEDGE. (Wish I would've had access to group like this when I ran for the door ar 18.)
~Thrift stores, yardsales, and second hand. (Including cars)
~Cook at home.....even if its just ramen
~an emergency fund!!!!!! (I hope you have one before you move out!!!!)
 

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You have the benefit of being so young that you can learn from other people's mistakes. Don't ever buy a new car. Buy a used one that someone else has already paid the depreciation on. Go to the library and check out a couple of books by Dave Ramsey. These books are Financial Peace and the other one is Total Money Makeover. If you follow the advice in these books you will be rich someday. I guarantee it.
 

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I wish we would have started saving sooner. Even putting in a few dollars a month is better then nothing.

Now credit cards are EVIL but it's a great way to build up your credit. Get one with a very low limit ($250 or less if you can.) and use to it buy small items then pay off right away. Then after 6 months when they raise your limit, call them up and have them put it lower. Having that limit raise got us in a bit of trouble but I'm happy to say we are completely free of credit card debt now. :)

I know how hard it is being young and having NO credit history. DH and I had a real heck of a time trying to buy a used car when mine finally kicked the bucket when we were 18. We ended up needing a cosigner (My Grandpa) because of our lack of credit. It would make your life a lot easier. Just don't go crazy with it.

And remember to recycle. :) A lot of places pay you for cans and bottles. It's a great way to fill a penny bank. :D
 

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Best~ bought a house at a low price and sold at the right time, doubling our money.
Worst~Not starting to save at an early age.

You are well on your way to not making my worst money decision, start saving anything you can. Never pay full price for anything if you can help it. Invest your money so it can earn more money like with CD's, 401K's etc. Money can't buy you happiness but it sure can buy a whole lot of piece of mind knowing it's there when you really really need it. Just picture yourself retiring early and traveling...young & healthy with no money worries. Keep your eye on the prize.;)
 

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We bought a house and sold it for a big profit. That is the only thing that has kept us in a decent home. Our bigggest mistakes where credit cards and buying something we wanted just because we could not becuase we really needed it.
 

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You will get credit card offers in the mail. It will feel cool and grown-up to actually get a card in your own name. You will want to use it other than just the emergencies you'd planned to keep it for. DON'T. :D
 

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Don't spend your money like there is no tomorrow......because there is. With credit cards you'll wake up one morning and wonder how you got into all that debt because you never bought anything that great. Always put some $$ in the bank and guard it like it was the family jewels. Experience life......don't try to buy it!
 

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save save save as much as you can. boy i wish i had done this

its ok to have a credit card but i would recommend against using it LOL apply for it get and then lock it in a box and dont take it out. (later you may want to have the ability to get credit its jsut much easier to get college age.) we are still paying for our mistakes.

if you dont NEED a car don't get a car they cost so much more than youthink
 

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I don't really have any advice, other than what has already been said. Buy used cars. Save -- even if it's just $25/mo or whatever you can afford. Debit cards and NSF fees are evil, so keep track of your money -- check your balance daily. Get a credit card with a low limit to build credit, but only put budgeted stuff on it that you can pay off immediately (gas, groceries, etc.)

Living on your own can be expensive, especially when you first move out. It was definitely an eye-opener for me. There are so many little things that you take for granted when you're living with your parents. It definitely wasn't as easy as I thought it would be, although it's getting easier. ;) If you are able to work and save money for awhile before you move out, I would reccommend it.
 

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The worst financial decision I made was marrying a compulsive liar with no impulse control, and then waiting five years before correcting that mistake.

The best thing I ever did was buy a good solid house in an excellent neighbourhood, but on the low end of the market. When it came time to sell, the economy was slowing down but there was still a market for reasonably priced quality 'starter' homes. I lived in it 8 years, my mortgage was lower than rent, and I ended up with a 50K profit when I sold it.
 
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