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Thread: Most helpful tip you wish you could go back in time and tell yourself?

  1. #31
    Smart Canuck Minou's Avatar
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    Yeah, I often shake my head when people struggling financially have expensive iPhones. Some even post hard-luck stories and request free stuff on Kijiji -- and they're using their iPhones to do it!

    I guess it's like a social worker speaking at an inservice once said: some of the most impoverished households have the biggest TVs!

    It's all about priorities.

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    Quote Originally Posted by roseofblack25 View Post
    I'm young so I can't really go back and tell myself much...but I have just moved on my own and am basically living pay cheque to pay cheque which sucks It worries me because I don't have emergency money in my pay cheque and my savings is going towards paying for school without the need for loans. I'm trying (key word is trying) to figure if I can save at least $100 a month in a savings account...but that might not be possible since I figure I will only have around $50 left at the end of the month after all my need expenses are paid. That doesn't include school...*sigh* money worries are super stressful!
    We've all been there & it is tough. There is no simple answer....my advice from my own experience is to simply do your best to stay above water because when you graduate, you'll have a good job to help you "catch up" with the necessities you had to put on credit while learning....but do buy used as much as possible (great deals if you just look hard) for books, clothes, etc...carpool, have a room mate...etc etc...do what you have to do to stay afloat & the rest will fall in place. It always does.
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    Wishing for coupons! lucy16076's Avatar
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    If I could go back to when I worked in the service industry & made great tips, I would save much more & remind myself of the want vs need line. I wasted SO much money on "wants" & could have had a hefty bank account for something more important, like housing or a car.
    Also, once I bought my first home, I would have had a room mate to help me with the bills & mortgage payments! What a great way to start off both in business by being a landlord & financially by getting someone else to pay your mortgage! Find a good room mate or rentor & build equity young! You'll be glad you did!
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    searching for answers i_forget's Avatar
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    Something that I have started to do in the last couple of years that I never did before was to "overbudget".

    I know that my hydro bill is going to be under $150 every month, so in the summer when it is about $140 I have an extra $10 to toss into savings. In the winter when it is $120, I have $30 to toss in....same thing for my phone bill. It is really good in August when Union Gas is doing the adjustments from equal billing because they always owe me. I just wish that I had started doing this years ago.
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    Coupon Princess sheetsofemptycanvas's Avatar
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    Quote Originally Posted by angel_2011 View Post
    if i could go back in time, i would tell myself to start couponing!! honestly, i only became aware of couponing after watching the tlc show. Now when i think about it, i can't believe i used to buy diapers, wipes, formula and mostly everything at full retail price!
    THIS! I cringe when I think of all the money I spent on those things I'm teaching my kids the value of a dollar and they know about my couponing... I try to get them involved as much as I can!

    If I could go back I would tell the younger, much more stupid me "DON'T get a Sears credit card, DON'T use overdraft just because you have it, DON'T rely on a man for finances, and DON'T wait to go to college!"
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    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by roseofblack25 View Post
    I'm young so I can't really go back and tell myself much...but I have just moved on my own and am basically living pay cheque to pay cheque which sucks It worries me because I don't have emergency money in my pay cheque and my savings is going towards paying for school without the need for loans. I'm trying (key word is trying) to figure if I can save at least $100 a month in a savings account...but that might not be possible since I figure I will only have around $50 left at the end of the month after all my need expenses are paid. That doesn't include school...*sigh* money worries are super stressful!
    Don't beat yourself about not being able to save $100 per month.
    What's wrong with $5 per week. Automatically deposited from chequing to savings?
    At least that's $260/yr.

    And with every small increase in the paycheck, add it to the savings rather than spending it.

    Soon, in no time, you are use to the habit and will reach the $100 per month savings goal.

    Be the "tortoise" when savings, not the "hare". Slow and steady wins the race.
    Ontario votes in 2018. Make your vote count. Remember your hydro and gas bills.

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    searching for answers i_forget's Avatar
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    Quote Originally Posted by Shwa Girl View Post
    Don't beat yourself about not being able to save $100 per month.
    What's wrong with $5 per week. Automatically deposited from chequing to savings?
    At least that's $260/yr.

    And with every small increase in the paycheck, add it to the savings rather than spending it.

    Soon, in no time, you are use to the habit and will reach the $100 per month savings goal.

    Be the "tortoise" when savings, not the "hare". Slow and steady wins the race.
    love it. great advice.
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    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by i_forget View Post
    love it. great advice.
    Thanks.

    With my first job, I saved $5 per month.
    The bank teller looked at me funny when I said I wanted to open a savings account with automatic deposits of $5 per month.

    One year later, I told her to increase to $10 per month.
    She treated me like I was nothing, so I wanted to show her I could do something.
    Not a big amount but she looked at me a little nicer after that.
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  9. #39
    Boo Radley Conspirator roseofblack25's Avatar
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    Quote Originally Posted by Shwa Girl View Post
    Don't beat yourself about not being able to save $100 per month.
    What's wrong with $5 per week. Automatically deposited from chequing to savings?
    At least that's $260/yr.

    And with every small increase in the paycheck, add it to the savings rather than spending it.

    Soon, in no time, you are use to the habit and will reach the $100 per month savings goal.

    Be the "tortoise" when savings, not the "hare". Slow and steady wins the race.
    I'm going to have to try that. I just wish I could save more though...I'm hoping to add a second job during Christmas time and put the income from job #2 all into savings. I don't get interest on my chequing account and I need to keep the balance above $3000 or they start charging me a $4 monthly fee, so if I can just make ends meet with job #1 and keep that balance above 3000, the rest will go in savings so I'm less tempted to touch it. Plus I have to pay for school out of savings so I need to try and put that money back somehow before I think of shopping for "things" outside of what I need.
    Last edited by roseofblack25; Sun, Aug 12th, 2012 at 01:41 PM.
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    Wishing for coupons! lucy16076's Avatar
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    Quote Originally Posted by sheetsofemptycanvas View Post
    THIS! I cringe when I think of all the money I spent on those things I'm teaching my kids the value of a dollar and they know about my couponing... I try to get them involved as much as I can!

    If I could go back I would tell the younger, much more stupid me "DON'T get a Sears credit card, DON'T use overdraft just because you have it, DON'T rely on a man for finances, and DON'T wait to go to college!"

    SHEETS...what a great comment! The school system badly needs a personal finance course for our teenagers to give them a start to budgetting before heading to University or College where they hand them credit card after credit card knowing full well that these "kids" will rack up debt & pay soooooooo much in interest fees. The basics aren't addressed even in "accounting" as they call it in school. Not using overdraft is a great suggestion as it too racks up great debt & not relying on anyone else to be your cash supply is an OSSUM suggestion!!! I can't stress enough to my daughter especially, that she can make it on her own & should never have to rely on a man to support her. Those days are over. Women have just as much to offer as men & when directed down the right paths, can earn & support themselves. Thanks SHEETS!! I always love reading your optimism!
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    Wishing for coupons! lucy16076's Avatar
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    Quote Originally Posted by roseofblack25 View Post
    I'm going to have to try that. I just wish I could save more though...I'm hoping to add a second job during Christmas time and put the income from job #2 all into savings. I don't get interest on my chequing account and I need to keep the balance above $3000 or they start charging me a $4 monthly fee, so if I can just make ends meet with job #1 and keep that balance above 3000, the rest will go in savings so I'm less tempted to touch it. Plus I have to pay for school out of savings so I need to try and put that money back somehow before I think of shopping for "things" outside of what I need.
    You have stated what you need to do, now do it!! You can make your goals with discipline! If a second job comes your way, that's be bonus bucks which you can put towards Christmas or savings, your choice. BUT...dont' go out on a limb & spend crazy over Christmas...if you could put a note with each gift that either says "bought with money I have" or "now I'm in debt because of this gift to you" .... what do you think people with the second note would think? They'd likely hand it back to you...people understand. Stay within your means! You can do it!
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    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by roseofblack25 View Post
    I don't get interest on my chequing account and I need to keep the balance above $3000 or they start charging me a $4 monthly fee, so if I can just make ends meet with job #1 and keep that balance above 3000, the rest will go in savings so I'm less tempted to touch it. Plus I have to pay for school out of savings so I need to try and put that money back somehow before I think of shopping for "things" outside of what I need.
    They're holding you hostage with that chequing account.
    And no interest?

    So maybe investigate an ING or PC chequing account. No minimum balance. ING limits the number of physical cheques you can write. PC will mail you 200 cheques at at time.
    Their give you interest on your chequing accounts:
    ING = 0.25% (up to 50000)
    PC = 0.05%
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  13. #43
    Boo Radley Conspirator roseofblack25's Avatar
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    Quote Originally Posted by Shwa Girl View Post
    They're holding you hostage with that chequing account.
    And no interest?

    So maybe investigate an ING or PC chequing account. No minimum balance. ING limits the number of physical cheques you can write. PC will mail you 200 cheques at at time.
    Their give you interest on your chequing accounts:
    ING = 0.25% (up to 50000)
    PC = 0.05%
    Yep I feel they are holding me hostage too...especially with no interest! I don't mind having to have a minimum balance but it's like I try to keep as little money in there as possible because I'm not getting interest...so as long as I can pay my bills and have a bit extra to not go under the 3000 cap I will probably transfer the rest into my high interest savings.

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    Chicken counting expert! sweet sparrow's Avatar
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    In money matters, I wish I knew that my DH had completely opposite spending habits. I wish I knew that on our first date, he had an overdraft and I had my entire life's savings in the bank. I wish I knew that he'd probably throw himself on the ground and turn blue before he ever used a coupon, and that would be the least of our worries. I wish I knew that he treated money like a dirty slip of paper with a stranger's phone number on it.

    On the other hand, I could tell myself that things would be more than fine being with my complete financial opposite. If I knew all the other things, it might not have ended up the same way. I might have been a whole lot richer, but maybe not as happy.

    DH tells me he wishes we'd started dating when we met and I could tell him to start saving his money. But then, who in their right mind takes financial advice from a 13-year old? Now that's crazy.

    I think I probably would have told myself that people never change in ways I'd like them to change and there is never a nice way to nag - and leave it at that.
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    Smart Canuck matrix82's Avatar
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    I would tell myself that I don't need to buy so many clothes, I could buy 1 good quality shirt instead of 10 cheap shirts.
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