Over in the Money Mess To Financial Success Facebook community, a lass called Georgia recently posted a really interesting question that got dozens of group members reflecting on how their attitudes to money has changed over the years.
Georgia wrote: “At what age did you realise the importance of savings? And what made you realise?
“I’m 18, I don’t have an awful lot in my savings but put as much away as I’m capable of. When I start my apprenticeship next month I’m aiming to put £200 away a month which will be about 40% of my monthly wage. People think I’m “too young to think about savings”. One person even told me to wait til I’m 25 to worry about that!! I want to be buying a house at 25 not starting to save for a deposit to do so
😒 There’s nothing wrong with the people that do but i have my goals and I want to achieve them and people don’t seem to understand?”
The replies we got were really interesting and so I thought I’d share them with you guys. I also received some private messages from group members who wished to stay anonymous and people I know personally. Here are some of the answers:
[Some answers have been edited slightly]
Jessica
“I was 27. Throughout my teens and early 20s I was really reckless with my money. I just didn’t give a shit. I spent every penny I earned, lived in my overdraft, and was in so much credit card debt. Earlier this year I decided to do something about it and so I did some Googling, found some personal finance sub reddits, and stumbled across the Money Mess To Financial Success Facebook group, and decided to sort my life out. I’ve paid off almost £800 in credit card debt so far this year but I still have a lot more to go”
Catherine
“When I was in my early teens. I had seen the benefits of savings with my parents and so started then. I’d paid our mortgage off before I was 40 (8 years early). The main thing young people should consider is a pension. The earlier the better”
Ashley
“When my partner and I had a daughter, I gave up work to look after her full time. My partner was earning £70,000 a year so I thought we’d be fine for life. But we split up when I was 28 and I was left with nothing. He gives me money for our daughter, but other than that it’s a real struggle. Finding a job after 5 years of unemployment was an absolute nightmare and now I’m on minimum wage. It’s really forced me to pay attention to every penny and save what I can. When my daughter’s with my ex, I spend a lot of time studying in the hope that I can get a better job.”
Simon
“When I went to uni aged 19 my attitude to money was awful. I just spent it all on nights out and takeaways. But then I got a housemate who was really good at making money through… let’s just say illegal means. I know this sounds ridiculous and reckless and it was! But he made so much money and would invest a lot of it. Although I admired his hustle and knowledge of the investment world, a life of crime wasn’t for me and I’d probably have gotten caught. I felt inspired to make money in more sensible ways and invest that instead. I got myself a side hustle buying things in bulk online and reselling them for a profit. I also started fixing electronics and charging for that too. I saved the money instead of spending it and when I felt like I knew enough about investing (much of it I learnt from him), I got started. 10 years later I’m buying a small house in cash!”
David
“I was 27 when I started thinking about the importance of saving. I’d spent most of my early 20s travelling and when I got back to the UK last year, it really hit me just how settled down all my friends are. They’ve got pensions, mortgages and savings accounts. I don’t feel like I have anything concrete to show for the last few years as I’ve spent every penny I earned while travelling. I don’t regret a thing because I’ve got so many amazing memories, but it’s time to start saving for the material stuff.”
Raymond
“I started saving when I was around 13/14. Coming from an Asian family, it was drilled into us early about the importance of saving. Me and my brothers worked from an early age to learn the importance of money and the value of money. While our friends relied on their mum and dad for things, we would just buy what we wanted with our own money and we were more or less independent by the time we were 18. If you start saving young, even if it is a small amount each month, as long as you have the drive and determination to make something of yourself, then you will have a house in no time.”
Nikki
“I had my epiphany aged 30….I seriously wish I’d started at 18.”
Sara
“I was late to the table too. Even more shameful as I worked in finance from 18 to early 30s!!! But that said.. I had a childhood friend that used to save everything and she’s still not a homeowner yet (which is my goal) so it’s not necessarily about the time you’ve been doing it more of the pace you do it! :)”
Chris
“22 till I cared, 23 until I started doing something about it!!”
Luke
“My parents were great at teaching me about saving, but it didn’t really click until I left university. My finances were a mess when I came out of university, but my parents sat me down and over a couple of days I got it all organised and went to a bank to open my first proper current account with Halifax.”
Julianne
“I’ve always been a saver! Was very proud of the £120 I managed to save from pocket money by age 18 😄 I think as long as you don’t become obsessive and still enjoy your life (which can be done cheaply!) the earlier the better.”
Rosalin
“I’ve always been a saver, even as a child getting small amounts of pocket money. I saved up to buy the big things I wanted rather than spend it as I got it. And compared to many of my peers (I’m 30), despite earning less than all of them I’m on my second house having had a mortgage for 5.5 years already. I have a good stash of savings and have already been married and have a wee boy. Our close friends in our main inner circle are only just starting to think about saving up for one of these things. My dad always told me to start saving for retirement as soon as I could, because he didn’t. He opted out of all the pension opportunities he had when younger so that he could keep his money in his hand at the time. He’s now approaching 65 with very little to support him from now on. I also usually aim to put between a 1/3 and 40% away as savings each month. It soon adds up! And you become a bit addicted to trying to save that little bit more each month”
Sarah
“It was when I was at uni, I did Business Economics and one of the lecturers taught a module about the Economies of Eastern European countries. He knew a lot about them and told us about how he had invested a lot of money in these emerging markets and made a killing from them. Most of the other students were bored and stared out of the window but I asked extra questions about how and where he invested etc and scribbled down notes! As soon as I graduated and earned my first pay cheque I started investing in stocks and shares, including some of the ones that the professor mentioned. They have done pretty well for us, although I sold some to enable us to move to a bigger house we have rebuilt the investments and more. The younger the age you can start, the better!”
Soph
“I’ve always been really keen on saving since I was a kid. My parents kinda instilled it in me although lately I’ve gotten worse at it because…it turns out that I quite like spending money? 🤔A good way that I’ve found to properly save money is to set up standing orders so the money is out of my hands. Also, the app Chip is very useful. I don’t have to think about actively saving cos everything just kinda happens.”
Emily
“31, which is how old I am now. I’ve got to my early 30s and I have nothing to show for it. I have no savings, I don’t own a house, I’ve got a couple of grand of credit card debt and I just don’t want to carry on living like that. Honestly, I wish I’d started at a young age. It would have changed my life”
Jenni
“I was 24 when I started to take money seriously, after years of missed opportunities. When I was at uni, one of my housemates was always very sensible with his money and he kept talking about how he’d eventually use his savings to buy a house with his girlfriend. The rest of us were so obsessed with splashing our cash in the present that we’d jokingly take the piss out of him for being boring. Obviously in hindsight he was the smartest one of us all. Don’t get me wrong, I’m glad I got loads of partying done at uni, but I could easily have been a bit more mindful of where my money was going and should have saved some for the future. My parents tried to encourage me to start saving for retirement when I was 16 but I laughed in their faces because I figured I’d start saving in my 30s. I assumed I’d be rich by then. 😆 I’m glad that at 24 I had a wake up call and was able to move in with my parents for a while to save a deposit. I now have my own flat, but I’m definitely not rich like I thought I’d be!”
