What's your biggest financial mistake?

Avatar for donovansmommy2000
iVillage Member
Registered: 03-26-2003
What's your biggest financial mistake?
19
Fri, 03-28-2003 - 10:26am
Just wanted to get the board moving! What's your biggest financial mistake? And what did you learn from it??

Pages

Avatar for donovansmommy2000
iVillage Member
Registered: 03-26-2003
Fri, 03-28-2003 - 11:07am
I have 2 mistakes- #1) not having all of my debt paid off before getting married. #2) combining my money with my husband's after we got married.

He decided a year ago this weekend that he didn't want to be married anymore and moved out. I didn't have a personal safety net of any kind and if I did, I wouldn't have been so strapped while I was getting together a deposit for my apartment.

What I've learned: I will never EVER combine my money with anyone again. If I do get re-married at some point, we will each have our own accounts and a joint house account to pay the bills from. Also, if I ever buy a house on my own, there's no way I will sign someone else's name onto it- the risk of losing everything is just too great.

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Fri, 03-28-2003 - 12:01pm
my H had bad credit when we met. When we got engaged, I helped him build good credit and get credit cards again. When we got married, we were debt free.

Once he got credit cards again, he maxed them out. We were able to clear them up. Then he had an affair and put us into debt again.

That was my biggest financial mistake, helping my H get credit cards.

iVillage Member
Registered: 02-14-2003
Fri, 03-28-2003 - 12:34pm
Mine was letting other people in my money. I had to do it several times, though, before I learned.

Ms Joe

Ms Joe
CM Ms Joe Cool
Senior Community Moderator
moneylifecm@mail

Avatar for akirez
iVillage Member
Registered: 03-26-2003
Fri, 03-28-2003 - 1:03pm
My biggest mistake was spending too much money on credit when I was in grad. school. I had no concept of money and was paying my own bills for the first time. So, I lived like I wanted to all on credit. I am still paying for it now. But, I think it has been a huge lesson too and I'm glad it wasn't worse!
iVillage Member
Registered: 03-25-2003
Fri, 03-28-2003 - 1:35pm
Years ago, my husband and I had MOUNTAINS of credit card debt. We charged up so much in credit cards that we had no money left at the end of the month. I knew we had hit "rock bottom" when I had to charge a roll of toilet paper. OMG, how I hate to admit that!!!

But, all of that is behind us now. The only thing we have in debt is a mortgage and a car payment. NO MORE CREDIT CARDS!!

iVillage Member
Registered: 03-26-2003
Fri, 03-28-2003 - 3:13pm
My biggest mistake was not listening to my inner voice!!! Two years ago my DH and I sold our two bedroom condo and bought a three bedroom (brand new) house. I ended up getting pregnant before we even moved into the house. Our mortgage was just too big for us to handle when our son arrived. We eventually sold the house and are now renting (which I HATE) but not before racking up some debt and all the equity we had from the condo (about 25,000) is gone!!! I had that little voice in the back of my head saying not to "do it" (sell and buy bigger). If we had stayed in our condo we would now have about 50,000 equity and could have easily bought something bigger without having a real big increase in the monthly payments. I know hind sight is 20/20 BUT I did not listen to my intuition and now we have no savings (barely), no house and we owe on a loan. I have learned to be patient when it comes to my financial goals) and I am not so eager to spend my money today in order to have it all. It takes time.

Sandra

iVillage Member
Registered: 04-08-2008
Fri, 03-28-2003 - 7:56pm
Not following a budget. I finally realized that a budget can be a great tool in money management. For many years my form of money management was to pay the bills I had to pay each week and spend whatever was left over. If I wanted anything after that, I used a credit card thinking I could pay it off next month (which rarely happened). Of course, I am in serious debt and am now following a very strict budget. It is amazing to see how I spend my money now that I track where it goes. After my debt is eliminated, I will still follow a budget.
iVillage Member
Registered: 03-19-2003
Fri, 03-28-2003 - 9:29pm
I could say ever, EVER, getting into debt! Ha ha. But a bigger mistake than that, even, was panicking when I realized I was in over my head, and mortgaging the house I inherited to get out of it (so I thought). Had I negotiated, I could have worked out something with the credit card companies; I was getting a job soon and that'd be $900 a month I'd be bringing home free and clear now, and I probably wouldn't have all the other debt either--heck, with all the money I could have saved, I could have fixed up the house over and over and even had a better car by now. So the lesson I learned was no matter what happens--don't panic! Use your head, and THINK ahead!

Ozbound - "Basically on my way to Australia"

CL for Bud

iVillage Member
Registered: 09-22-1999
Fri, 03-28-2003 - 11:03pm
I have learned that I can't keep charging everything forever. I am trying to stop, but failing miserably this month.

iVillage Member
Registered: 03-26-2003
Sat, 03-29-2003 - 7:52am
My biggest mistake is when I paid off two credit cards and didn't close the accounts. Of course I started using them again and now they both have balances on them. They're almost paid off and this time they WILL be closed.

Pages