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Discussion Starter · #1 ·
As I grow older (and hopefully wiser) I have been looking back at my life and what money mistakes I have made and what I have learned. Number one rule that I have learned:

Pay yourself first!

I used to read it in books but I didn't apply it. If I had money in my account it always got spent somehow. Now I put money away in my emergency account. I learned. It took me almost 15 years but it finally sank in.

Another big mistake is not paying off my credit cards every month. If I am not able to control myself I shouldn't be carrying around my credit cards period.

Have a stocked pantry. Rainy days do come. Be prepared.

One thing I am finally doing is checking out garage sales. I have a newborn. Why pay full price for a sleeper when she is only going to wear it for a couple of months?

They say with age comes wisdom . . . but sometimes age comes alone!



:eek:
 

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Impulse buying has always been a downfall with me. I now ask myself if we really need it and is it worth the price. I also have a real weakness for clothes and have really had to work on cutting back on buying clothes. I now try to buy things that we truly need and that I know will last a while and try to avoid "trendy" stuff that will not be wearable next year. I have also started looking more at quality more than price for those items that need to last a long time such as coats or boots.
 

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The mistake dh and I made was to listen to my dh's parents and spend too much on our wedding. If I would do it again, it would a very simple, frugal wedding...I believe there is no need to spend thousands of dollars to join your life with the one you love. And it can still a very beautiful wedding.
 

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Master Dollar Stretcher aka DixieBob
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Most of the above and failing to tithe. :( Dh and I recently( several months ago)pledged to tithe a full 10%. I will be honest, it's *hard*, but we both feel a whole lot better, being obedient to our God.
 

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What money mistakes haven't I made...hehehehe

You name it...I've made it...though I've never done any illegal money mistakes....ROFLMBO
 

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Moderator aka AmyBob
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Getting credit cards in college. I figured that one out once I graduated and now we dont' carry a balance.
 

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Getting a debit card is ruining me. I keep overdrawing my account. I need to go back to writing checks. :(
 

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FV Buddy aka Kellie Bob
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Spending an extreme amount on entertainment ran me into big debt between 22-28 years old, extreme = brand new off the showroom floor convertable which cost nearly a year's salary, luxury weekends in South Florida 3-5 X's per year with the girls, $2,000 for 4 days, designer shoes and bags etc. My best friend and I walked into Lane Bryant one night, to by clothes for a little Florida trip, and between us dropped almost $1,000. On average I spent $125 per week going to clubs. Needless to say, I have scaled back tremendously.
 

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Discussion Starter · #9 ·
Oh yes dooblebug I almost forgot, impulse buys and clothes. Yikes! I am still working on that.
 

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TammyBob
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Great info! Thanks!
 

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I really need to cancel our YMCA membership......I keep thinking we'll use it more. When they call for fundraising I tell them my membership IS my donation since I haven't been utilizing my membership :blush:
 

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Very informative and very applicable to my own situation at times!!! Thank you!
 

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well lots.

Here goes

We got into one house, before selling our first house. Back in the early eighties. The market stalled, we bought high, the interest rates went soaring up, and our other house tanked. YIKES

Then dh got us onto a line of credit, DOUBLE YIKES

we moved a lot, not our fault but we ended up selling low and buying high wherever we went. Not good. Looking back I wish I'd rented a while in some of the places or just held onto the home in Vancouver and rented that one out. We'd be rich. Sigh.

Credit cards. JEEZ LOUISE ITS ON SALE (I would shriek as I bought something for 10 % off and paid 18 to 24% per year for the priviledge) :toothy:

tithing wasnt' one of my best moves, not in the legalistic sense that I approached it once upon a time. And we were in a bad church at the time, very controlling-- they taught us to tithe off the gross, not the net, and give gifts on top of that. Just about put us in the poor house over the years we were at that church so I look back, and regret not moving out sooner, not stopping the gravy train as it were. At least God knew we were aiming it at Him, and our intentions were good.

HOWEVER giving is one of my better moves, and giving is something I've never regretted.

And I happily give to the church I belong to now, and several other charities too.

I guess it took me a while to learn to control my impulse to spend. Still not good where books are concerned.
 

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My biggest mistake with money was when I was in College. I ended up with over 15,000 in credit card debt. It's been years since it's been paid off though. What I learned from it never have a credit card (which I don't) if I don't have the cash then I don't buy it. Eliminates impulse buying too.
 

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We have fortunately not had too many mistakes. I think our house comes the closest to being a mistake for us. We were just anxious to own. We make the mortgage payment and everything it's just we might have been able to get something nicer had we waited.

Our most frequent mistake is probably eating out, although we've greatly improved in the last year.
 
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Wow - looking back - I can't really think of any big money mistakes I've made. DH has a pile of credit card debt that we're committed to paying off together, but the only debt I have is student loans, and I'd take them again in a heartbeat - the amount of money I make now depends largely on having a degree (not true of all situations, I know, but true in mine).
 

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I just started learning to pay myself first...and it's the only way.

I also bought "stupid stuff"...sodas at work, pens because they were cute...just ... well... junk

Now I know I'll survive if I use Commerce Bank pens and life will not come to a grinding hault if I have to buy soda at the grocery store and bring it to work with me.
 

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GICs are fantastic things... DH and I bought a car in April of last year. It was our first car and we loved it. We did so much driving! :p Anyway, we squandered away the money we were SUPPOSED to be saving for our insurance for next year, and when September came, and we started to look at our finances for the coming year, we realized we had to have as much of the $1900 for our insurance available as possible. So... instead of being smart, and putting away $158 a month for the insurance, we now have to put away $238 a month away. :S

Thankfully, I set up a GIC account, and every pay-day, the GIC automatically takes $119 out of my pay (I get paid bi-weekly) we don't even miss it. :D But I know better now and next year, we are DEFINITELY going to be putting away the $158 a month instead (which is about $79 bi-weekly).

That's one mistake I learned from... now if I could just beat the rest of them into my brain... :bang:

We have been very fortuneate, though -- after five years of university education, DH and I have come out with roughly $9000 in debt (sure to be a little more after next year) which compared to some people and their Student Loan debts, is small change. I worked to pay off the living expenses, we scrounged and saved wherever we could (went four years without a car) and now we're finally seeing the proverbial light at the end of the tunnel. :eek: It's blissful, but it's still 18 months of work away.
 
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