Lately I have become interested in financial management, as that has definitely been one of my biggest weaknesses in life. I am scared to think how much money I have wasted over the years. :yikes:

I have been reading material by Australian experts such as Noel Whittaker and Paul Clitheroe, and their information is extremely eye opening. They have made me realise just how much little things add up, and also the importance budgeting and putting as much money away as possible for investment.

Anyway, I am going to put their advice into practise, and get the ball rolling.... hopefully towards early retirement and financial security.

Scarlet,

I wish you the best of luck. And don't think too much about the past, what's done is done, there's nothing you can do to change that. =)

i agree antiphrasis, and scarlet, it's not how much you put away, but how well you put it to use.

for instance, you'd earn almost nothing keeping your money in a bank account, you could loose on shares or in property, but you could also win. it's normally stated that the bigger the risk, the bigger the possibility of profit/or loss.

probably the best time to invest this decade was the days after the 911 issue. there will possibly be another time like it, sadly a reality in todays world, but instead of waiting for the appropriate time, look at strong long term companies on the stock exchange that are generally suggested to be undervalued, and you will see that they mostly bounce back.

most importantly, accept that you are not a professional in these matters, and seek advice of those people that are.

I have great difficulty in handling my finances and I don't earn that much in year compared to the average wage in the UK.

So really managing my finances should be my main priority, but alas it is not.

probably the best time to invest this decade was the days after the 911 issue. there will possibly be another time like it, sadly a reality in todays world, but instead of waiting for the appropriate time, look at strong long term companies on the stock exchange that are generally suggested to be undervalued, and you will see that they mostly bounce back.

I never thought of that. Many stocks plummeted after 9/11 so that probably was indeed a good time to invest. Sometimes you have to be shrewd to be successful.

Scarlet,

I wish you the best of luck. And don't think too much about the past, what's done is done, there's nothing you can do to change that. =)

True that! :)

i agree antiphrasis, and scarlet, it's not how much you put away, but how well you put it to use.


True that as well! :)

I have great difficulty in handling my finances and I don't earn that much in year compared to the average wage in the UK.

So really managing my finances should be my main priority, but alas it is not.

I think getting into the habit of poperly managing money would definitely be worthwhile. Better late than never. :yup:

Scarlet,

The best way to spend less is to keep track of all your expenses. If you do that you'll notice how you will want to buy less stuff if you have to write it down in a book. I did this years ago and often I wouldn't buy small stuff because I did not want to go through the trouble of writing about it... =)

Yep, that sounds like a good idea. :)

I am in the process of making a budget to track my spending. It's particularly important that I do it now while I don't have a great income. Sacrificing the "want" items that I spend on will also free up some money for savings.

Yep, that sounds like a good idea. :)

I am in the process of making a budget to track my spending. It's particularly important that I do it now while I don't have a great income. Sacrificing the "want" items that I spend on will also free up some money for savings.

Scarlet,

Here's a great tip for saving money: instead of eating FOOD eat RAMEN. You'll save lots of money. ;)

Scarlet,

Here's a great tip for saving money: instead of eating FOOD eat RAMEN. You'll save lots of money. ;)

LOL!

I had to google search ramen, as I've never heard of it before. Is it something that is popular over in the U.S.?

Yes, especially among struggling young adults. I did my share of them when I was younger. The thing is, they are actually quite good and super cheap.

There were actually some recipes for ramen on the first site I looked at. Maybe I should give it a go and see what it's like.

I generally take sandwiches to school, as the cafeteria food is crap. :(