Budgeting and saving: Review

This is a guest post for which I received compensation.

We have not always budgeted, and because of this we got into a fair bit of debt a few years ago. Now, however, we budget very carefully, and I mean pretty much every penny is accounted for. It’s quite time consuming but it’s a really useful exercise and it doesn’t half show you where your money is disappearing to each month.

Do they teach budgeting at school these days? If not I really believe that they should. I was taught about money at school, I remember having a school bank, I was even “cashier” at one point. But we weren’t really taught how to spend wisely from what I remember.

My Mum did make sure I knew the value of money and by secondary school I had a monthly clothes allowance and separate pocket money. Anything I wanted HAD to come out of that. That definitely taught me some valuable lessons.

So why then did I still get into debt, both with my first husband and then even though lessons had been learned there I did it again when I set up home with the hubs. I think we’re the HP (hire purchase) era. The “Well I can have it now and just pay a bit of interest on it” instead of waiting and saving and then buying it like our parents did.

We’re lucky. Lucky that it didn’t get so out of hand we couldn’t deal with it. I can’t count the number of people I know who have either IVAs or have gone Bankrupt. How have we, as a society, let it get this bad?

Have you ever had to use a debt solution plan? How did you find it? Are they all they’re made up to be, i.e. once it is all done and dusted can you truly start again and did you learn the lessons you needed to learn?

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