What we wish we knew earlier when it comes to money
WITH spending, saving or investing money, things can get a little tricky especially if you don’t have much knowledge about making your money work for you. You might even live with the regret of not using your money effectively, after bombing at some investment scheme or the other. That’s why the earlier you know what to do, the better, so you’ll have proper control over your money.
We usually take instruction from money managers, who advise us how to manage what we have, so we make the best investments for the future. But nothing beats experience, and these people tell the money mistakes they made, how they’ve recovered, and what the wish they’d known earlier when it comes to money, as a guide for you going forward.
Nadesha Davis, 28:
I wish I knew the value of money earlier and I would have purchased more furniture then, as they are too expensive now.
Laura Scott, 42:
I wish I had saved in my youth, especially towards retirement, and things like my child’s college fund. I was working full time and then quit my job, and had the option of leaving the funds in the company’s pension account, but I took it all and spent it on foolishness. Then when I had my son, I paid the bare minimum towards a college fund, when I was advised to save in US dollars and didn’t, even though I was earning enough. Now my son is in fifth form and thinking about college, and I’m ashamed that I don’t even have enough to pay for one semester. I also just recently upped my pension contribution to the max though, so at least that’s a start. I just wish I had paid more attention to how I spent, saved and invested money sooner.
Ashley Anderson, 21:
Don’t just save. Start investing early. I find there was just always a big deal made about saving my money, getting a bank account to save, etc, and just not enough on how beneficial investing can be. By the time you actually know, you’re in a rush trying to figure out how it actually works.
Charmaine Serju, 37:
I wish I had made more of an effort to save towards a house. I remember when I was younger, the mortgage company had a savings plan where you could save towards your deposit, but I thought it didn’t make sense because I wanted a house right away, and saving for five years seemed like too long. But that thinking was foolish, because I’m trying to get a house now, and I don’t have all the deposit, or the closing costs. If I had begun saving even $3,000 per month when I was 23, I would be able to make my deposit now. Instead I will have to borrow money to achieve this dream.
Shavel, 21:
I wish I knew how to save now, rather than later or when I have attained “financial stability”. The reality is that everything adds up. I also wish I knew about only buying things I can afford, creating and sticking to a budget, and most importantly, setting aside funds for emergencies and leisure activities.
Chris Nembhard, 40:
I wish I knew that it was more important to have an educational savings plan for my children, instead of spending money on material things, kids’ parties, and toys, clothes and shoes to impress my neighbours. I also wish I had not made the investment in prep school, and focused more on paying for extra-curricular activities, while enrolling my children in public school. I regret the amount of money I spent on these frivolous things, because I really don’t have a savings plan for my kids, and the thought of higher education for them is frightening, especially since I don’t want them to take student loans.
Kai Clarke, 21:
I wish I knew about credit unions and their value. I wish I knew that I could start making other streams of income from a young age. Now it just feels like I’m trying to do everything at once which includes making multiple streams of income, getting a degree to get a “steady” stream of income, saving and investing.
Liana Beresford, 50:
Don’t just invest for investing sake — make sure you have a plan that will make gains for you. I put a lot of my money into CDs, and it’s laughable what I’ve gotten back after many, many years. I could have better managed my money, instead of just jumping on the bandwagon and investing blindly.
