I definitely think poor money education has a lot to do with it. I grew up poor, with my parents living to pay check to pay check. They would argue about money constantly, but were terrible at sticking to a budget. I am now trying to learn how to manage my money and budget etcI’m curious how much of debt comes from poor money education. I’ve recently been helping my mum with her finances and they are a mess. All through my teenage years I remember my dad throwing money around- though we had none and then my mum getting into debt to clean up his messes.
I lived in my OD all the way through uni up until I was in my late twenties. It was only when I had my baby I sorted my money out. I do have bits and pieces of debt (car loan etc) but I know what I have now when for years I wouldn’t even check my bank balance because money made me so terrified.
Just my mortgage and car, I still have nearly £1.5k a month fun money after all bills are paid. I have CC’s and accounts with Next & Very but I always pay it off and the mortgage is overpaid every month. We have plenty in savings so in summer we will get rid of the car and buy a newish one outright with savings.
8 years ago I was in £25k debt and renting. Lots of hard work and savings and we now have a good saving pot and our own house. We have had several promotions, bonuses and 2 redundancy pay outs along side a year of saving £1k a month (it was a killer but so worth it!) to help. No outside help, all done on our own.
I agree, if financial literacy was taught in schools, from a young age everyone will learn the basics of how to budget, save, invest and shop reasonably. Although debt helps the economy, writing off debt doesn’t. A lot of debt is written off due to poor management, false advertising, lack of knowledge, etc.I’m curious how much of debt comes from poor money education. I’ve recently been helping my mum with her finances and they are a mess. All through my teenage years I remember my dad throwing money around- though we had none and then my mum getting into debt to clean up his messes.
I lived in my OD all the way through uni up until I was in my late twenties. It was only when I had my baby I sorted my money out. I do have bits and pieces of debt (car loan etc) but I know what I have now when for years I wouldn’t even check my bank balance because money made me so terrified.
It does depend on your mortgage agreement and how long you have left. Some mortgagees do penalise early repayment depending on how early. Speak to your mortgagee and find out if you can repay early.I’m curious about paying more on a mortgage. Mine is crazy low and I could afford double if not triple. Are there any negatives?
Overpaying might be an option if you’re tied in some lenders allow 10% overpayment a year before there’s a penalty if you log into your bank that your mortgage is with you’ll be able to find outI’m curious about paying more on a mortgage. Mine is crazy low and I could afford double if not triple. Are there any negatives?
Tuition fees are over £9000 per year now. If you get the full maintenance loan (no longer a grant so now needs paying back) that’s a further £8-9000 per year. A Masters is 4 years.Good grief, what sort of uni course means racking up £50K of student debt? Genuinely interested, not being critical. I know some courses take years - veterinary surgeon 7 years, for example.
I have a huge amount of student debt however after 30 years they write it off. It is hardly a big payment per month and doesn't affect credit history so really I would never worry about it or try and pay it off early. I think per month I pay 50 quid or something. As it comes straight from my pay I don't really think about it. It is similar to pension etc to meTuition fees are over £9000 per year now. If you get the full maintenance loan (no longer a grant so now needs paying back) that’s a further £8-9000 per year. A Masters is 4 years.
£18000 x 4 = £72000.
My son changed university after year 1 so at the end of it he will have been studying for 5 years and accrued about £87000 worth of debt.
I find it sad because we, as his parents, have zero debt and he will be starting out in life with such a huge student debt. Plus they get charged interest from day 1, even though they are unable to start paying it back until after they graduate.
I dread to think how much it will be once that is added on.
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