A bit of advice

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HR2

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As you lads know I am a boring old fart who is getting past it but still full of life at present. So while I am able I'd like to give you gents some advice and prevent you from making the same mistakes I did. Now I in my foolishness did not adequately provide for my old age and I don't want you guys to repeat that so if you look at this page >>

http://www.nsandi.com/

You'll find lots of ways to prepare yourself for the future. From short-term to long-term. Instead of getting or asking for a computer game at christmas or your birthday why not ask for some premium bonds or savings bonds to build a foundation to start with?

Premium Bonds are a nice way to save as you get a chance of winning some cash and it's tax free too! You can also increase your holding and don't forget once you have bonds they are never cancelled until you cash them and the same bonds can win time after time. They are not cancelled after each draw.

So please lads/lasses. don't do what I did when I was young and live for the present . Lay a foundation for your future and your kids future now. You'll not regret it
 
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theblackwatch

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Good advice there HR2, it's never too early to start planning for the future. Things like mortgages and retirement needs to be planned for, they may well be boring subjects but they will shape your future lifestyle and how many years you will have to work for. I'm in my 30s and already putting away money for when I finish work - the more I save now, the sooner I can pack in work and anjoy a retirement without money worries!

Another good tip for any of you who are at uni, or may be going to uni soon - take out your student loan money straight away and stick it into an ISA, which gives a tax free saving. That way it will earn you some interest before you have to spend it. The money is better going into your pocket!
 

ChrisM

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Me and the wife have had around £1000 to (now) £2000 of premium bonds for 11 years and won nothing. :|
ISA's are the way forward.
 
H

HR2

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Luck of the draw ain't it. I Knew someone who had 100 quids worth and one TWO huge prizes one of which was 100 grand
 

Demps

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Yeh but thats like giving a comparison to the lottery, i know you advice is good, and i do not think it is bad, however i dont know of many Kids that would do that, and living for the future does me no good, i have a lot more enjoyment by living for the present, and what if something happens i always live life to the full :)
 
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Demps said:
Yeh but thats like giving a comparison to the lottery, i know you advice is good, and i do not think it is bad, however i dont know of many Kids that would do that, and living for the future does me no good, i have a lot more enjoyment by living for the present, and what if something happens i always live life to the full :)
Yes I too was like that at your age. But then water flows under the bridge and when you near the far river bank like me you look back and think 'Now why the hell didn't I.......'
 

Techniquest

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Good advice that. I'd do just that now, starting tomorrow morning, however when you're on JSA it's a bit difficult to allocate funds to such far-off times.

I've wasted so much money, enough to have done a 14-day First Class ALR in the last few years. If having no money teaches you nothing else, it's the lesson of how to wisely, very wisely manage your money. Never mind, I'll be sorted out in terms of jobs soon enough, I hope. Got to have one by the autumn, I'll enjoy the summer first now (like I was going to do last year!), then it HAS to be time to get a job. Maybe I'll get that ALR in this year, then I'll be working like a slave to clear all of my other debts...That's the plan, whether it comes to fruition I don't know, but the mere idea of doing an ALR in mere weeks has got my heartbeat racing, with a huge grin on my face. I think France might put an end to that though...'Like a bat out of hell I'll be gone'...

Anyway, I've gone off on a ramble there. Point is, starting to sort yourself out now will help considerably. It doesn't have to be much, even £20 a month will help you in times of need. Which you WILL have eventually.

One piece of advice I'll give now, and I've made this mistake myself:

DO NOT get a credit card. You'll get one for emergencies, but you'll use it anyway all of the time, max it out and be completely stuck with a huge bill to clear...I've STILL £464 on my Mastercard to clear out of a £500 limit because I can't afford to pay it off now, so minimum payments only, which I've been doing since 2004. This takes YEARS to do. I will be cutting up my Mastercard up when it's cleared and I'm in a good financial position again (only three years ago I was in the green! Permanently in the red now...), NEVER getting another credit card. The only credit I'll be taking is a mortage now, the debt from credit agreements (cards, loans and the rest) is too much to think about, let alone deal with.

I know this is not a subject that's fun to think about, just bear in mind the fact that credit is a VERY bad idea, several of us here have/are dealing with it. If I could turn the clock back, I'd do things VERY differently. Maybe if I had gone to Sheffield Hallam University and not Swansea, things might have been different...Oh well, another...49 or 59 years of working life left to go...
 

The Gricer

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HR2 said:
Yes I too was like that at your age. But then water flows under the bridge and when you near the far river bank like me you look back and think 'Now why the hell didn't I.......'
Too true! And it's amazing how quickly you seem to approach that far bank. One minute you're at an age where even 40 seems old and past it, then suddenly you're 40 yourself and feeling no different from when you were 20, except that 40 years olds now seems somewhat less ancient. Then comes 50.........and so on.

On one hand I perhaps wish I'd put a bit more away for a rainy day, and perhaps made a bigger voluntary contribution to my pension at an earlier age but then on the other hand there are things I regret not doing when I was young and single that I'm never likely to do now!

So if there are things you really want to do while you're young, go for it! Just try not to get yourself into debt and remember you too will be an old git one day, living on whatever sort of pension/savings you've provided for yourself!

(Not that I'm quite at the pensioner stage yet although no doubt Damon would say the 'old git' part applies :grin: )

Frank
 

Coxster

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The Gricer said:
(Not that I'm quite at the pensioner stage yet although no doubt Damon would say the 'old git' part applies :grin: )
I wasn't going to say anything, Dearest Daddy, but I might now... :D

Anyway, what things did you want to do when you were young, free and single - or shouldn't I ask?
 
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HR2

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WSXFan said:
One piece of advice I'll give now, and I've made this mistake myself:

DO NOT get a credit card. You'll get one for emergencies, but you'll use it anyway all of the time, max it out and be completely stuck with a huge bill to clear...I've STILL £464 on my Mastercard to clear out of a £500 limit because I can't afford to pay it off now, so minimum payments only, which I've been doing since 2004. This takes YEARS to do. I will be cutting up my Mastercard up when it's cleared and I'm in a good financial position again (only three years ago I was in the green! Permanently in the red now...), NEVER getting another credit card. The only credit I'll be taking is a mortage now, the debt from credit agreements (cards, loans and the rest) is too much to think about, let alone deal with....
Very very good advice WSX and shows wisdom beyond your years. However if you have a DEBIT card there are no charges and you can also have an overdaft limit for a small fee each month. I have such a card and I am allowed £500 overdraft which I can increase if I want. The fee for that each month is £7.50. You can pay bills and shops with it the same way as you would a credit card. I am probably teaching Granny to suck eggs here but I stand by the recommedation.
[EDIT]
Coxster said:
Anyway, what things did you want to do when you were young, free and single - or shouldn't I ask?
OOH!! that's dangerous territory Damon. <D
 

TicketMan

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Good advice there from HR2 and WSXFan. I've been working to some degree or other since I was 12 (25 now) and yet I have no savings, Don't have my own place to live yet, and a sh*tload of debt. Live for the present by all means, but don't do what I and others have done and spend the lot as you get it.
I know pensions etc are boring, but you need to think about it before it's too late. Luckily I had the sense to sort that one out - I have joined the excellent Railway Pension Scheme. There are plenty of other ways to save - even if it's only a bog standard savings account. Do it or you'll regret it like me.
As for the younger members, don't fall into the same trap I (and it sounds like WSXFan) did - as soon as you turn 18 companies will be falling over themselves to offer you credit - whether it's credit cards, loans, buy now pay later, or whatever - for f***s sake don't do it - save the money and buy what you want later - sure you'll have to wait longer but you'll feel the benefit in the long run.
 

Techniquest

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Too bloody right there TM! Put some serious thought into any big financial transactions! Myself I spent so much money on trips in March 2005, for example, whilst heart-of-wessex and joy54 were on their 14-day ALR that I could have bought a 7-day ALR of my own, just about! Do I feel like a fool? You betcha. Did I spend a lot of money I really could have done with spending on other more important and less expensive trips? Yep. Still, it was the London to York and back bit of that expense that made me hate GNER...And got some large power car mileage numbers too!

TM is right on the fact people crowd you with credit card offers upon your 18th. It's stupid and some of them should be outlawed. I got sent a credit card offer recently with a typical APR of 29.x%. That really should not be allowed.

Like I said in my second sentence of this post, if it's really expensive, put some thought into it. Pro and Con it if you must. And by that I mean get an A4 pad out, a biro and make a Pros column and a Cons column. If the second column contains more in it than the first, look why this is. If this can be changed, then by all means do so. If not, then think to yourself "Do I really need this? Can I do without?". If you don't really need it, then say no. I've learnt it all too late, but I don't fancy seeing someone else following the problem I had in Penzance when I went in 2004, when I got there I had no money I could spend in my debit card account (I was overdrawn on my overdraft...) and I had gone over my Mastercard limit by circa £20. I still thank the Heavens Penzance had a WHSmith and I had a ClubCard with them with points on that allowed me to use some/all of them to get a drink. Otherwise I'd have been completely screwed. I made that bacon baguette on the way down last, topping my stomach up with biscuits from the complimentary FC stock all the way home. Trust me, it's not nice to essentially be told 'Sorry, you've got no money left at all, you're going to have to go hungry. In other words, you're screwed'.

HR2, that overdraft idea is a great one. I'd recommend other people follow that advice. I could go on forever on here about it all, but I won't. I can't stress how important it is to be careful with money, especially now walk-on fares are so expensive!

Oh, and don't end up in Pizza Hut. I'm sure you've all heard the anecdotes already...
 

theblackwatch

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Absolutely right Ticketman in what you say there - it's a question of striking a sensible balance between living for now and the future. I put some money away each month, but still leave myself with enough to spend to get out.

Its worth saving something, be it for a house, pension or whatever - even a new camera. Speaking personally, I have no desire to slog away working full time when I'm 60+ , therefore the more I can put away now, the sooner I can finish full time work - even though in my 30s I know that is some time away!

Good advice from both Ticketman and WSXFan re credit cards. If you have one, the best thing is to pay it off each month, ie only spend what you know you can afford to pay off. That way, you basically get a month interest free. If you don't think you can keep to that, cut the bloody thing up! The bank must hate me, as they never get any interest from my Visa.
 

eezypeazy

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theblackwatch said:
I have no desire to slog away working full time when I'm 60+
Sadly, you 30-somethings are almost probably going to have to work well into your seventies..... and it's partly your own fault. I assume, sir, that, as yet, you have no children? By contributing to the falling birth rate, you're not raising a new generation to take your place at work, and if the wheels of industry are to keep turning, then sadly you'll have to work on....

Returning to the "good advice" theme, I'll bet that most of our younger correspondents will almost probably go into debt to fund a car purchase, so my advice would be.... shop around! You can finance car purchase on some very good personal loan deals - don't just take the deal offered by the garage!

If you do have a credit card with an outstanding balance, consider becoming a "rate tart" - change to a 0% for 6 months card, and then all you'll be paying is the debt, with no interest (but be aware - most cards charge a balance transfer fee - so check beforehand!).

Now, something tells me we're going to get loads of money saving tips in this thread...
 

Techniquest

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Why not?

Tip: Advance-purchase tickets! Man are they cheap and a better deal than walk-on!

People less fussed about having to travel on trains and looking for a cheap deal to go spotting should remember Megabus and National Express' Funfares. These companies do have some good deals if you can book a few weeks in advance and are open to travel times.

I do like your transferring idea mind, that's a cool idea.
 

theblackwatch

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eezypeazy said:
Sadly, you 30-somethings are almost probably going to have to work well into your seventies..... and it's partly your own fault. I assume, sir, that, as yet, you have no children? By contributing to the falling birth rate, you're not raising a new generation to take your place at work, and if the wheels of industry are to keep turning, then sadly you'll have to work on....
Hence my reason for saving now! I believe if you want something, the best way to guarantee it is to try and do it yourself. Of course, others may expect the government to fund their retirement, then moan if they don't get a pension till age 75 or whenever (if such a thing exists when I get that far).

I think the real reason people will have to work longer is that the majority of people are actually living longer, and this has to be paid for. Despite the decrease in birth rates (but increase in 2004), there have been more births than deaths since 1976 and the size of the UK population is not expected to decrease until the second half of this century. (Source - National Statistics Online) Best shut up now on this, the youngsters will be falling asleep I expect :)

eezypeazy said:
Returning to the "good advice" theme, I'll bet that most of our younger correspondents will almost probably go into debt to fund a car purchase, so my advice would be.... shop around! You can finance car purchase on some very good personal loan deals - don't just take the deal offered by the garage!

If you do have a credit card with an outstanding balance, consider becoming a "rate tart" - change to a 0% for 6 months card, and then all you'll be paying is the debt, with no interest (but be aware - most cards charge a balance transfer fee - so check beforehand!).
And the above 2 can even be combined! A friend of mine bought a new car using his 0% credit card, after 9 months transferred the balance to another 0% card, and by the time that 0% was up he'd paid it off.
 
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