Father and daughter dancing in the kitchen

What would you tell your younger self about money?

If you could turn back the clock – say 10 or 20 years – what advice would you give to your younger self? Most people in their 30s, 40s or older will have plenty to say on this topic. After all, most things in life are learned through experiences – both good and bad.

    Published: 24 May 2021

    “Get to know where your money goes”

    We asked some of our colleagues and customers, here’s what they had to say.

    If you’re not paying close attention to your spending habits, you won’t really have a good grasp on where your money’s going. So it may come as a bit of a shock if you one day realise how much is actually going on your daily coffees, nights out, or things you subscribe to.

    To get a better understanding of where your money’s going, budgeting is the best solution. Many people say they wish they’d started living with a proper budget much earlier in life. To help you get started, you could use Clubcard Pay* to set a budget for your weekly shop and top it up ready to pay.

      “Stop spending all your money on stuff”

      When you’re just starting off in your first real job, it’s exciting to have money coming in for the first time. Although you may not feel well-off, it’s probably the time in life when you have the fewest financial responsibilities. So it’s pretty tempting to spend freely, with your money going on things like clothes and going out.

      Whilst these carefree years may make great memories, most people have some regrets over their younger spending choices. When you reach a point in life where you have a better grasp on the value of money, it’s tempting to look back and wish you’d done things a little differently.

        “Start saving money sooner”

        Ask anyone what they wish they’d done sooner, and starting saving is sure to come up. Especially when later in life you learn about the beauty of compounding interest. In short, this means that the longer you save for, the more your savings will grow – as you’ll start to earn interest on your interest over time.

        It’s all too easy to spend all your money on a mix of ‘wants’ and ‘needs’. And it’s easy to tell yourself that as long as what you have coming in matches what you have going out, everything’s fine. But in reality, you’re probably spending far more than you realise on ‘wants’ – things you could really do without.

        This unnecessary spending is the money that a lot of people wish they’d started saving. Many of us think that saving is just for the rich, but even a regular £1 put away each month can grow to a useful sum over time. If you can resist the ‘treat yourself’ mentality early in life, you’re likely to get much longer-lasting satisfaction from what you can save in years to come.

          “Just because it’s on sale doesn’t mean you need it”

          Everyone loves a great deal. But is it such a good deal if you don’t really need it? It’s hard to resist tempting offers. And because of our psychology some people find it harder than others. It’s so easy to fall for discounted prices, but so many people say they wish they’d learned a little more self-control earlier in life.

          If you can get yourself into the habit of saving up for the things you need, you’re less likely to have future money regrets. Resisting impulse spending can be tough, but it’s such a helpful mindset in life.

          *Tesco Clubcard Pay is provided by Tesco Bank and is available to Tesco Clubcard members who are resident in the UK and aged 18 or over. Accounts are subject to status.

            Important information

            The content on this page aims to offer an informative introduction to the subject matter but does not constitute expert financial advice specific to your own situation. All facts and figures were correct at time of publication and were compiled using a range of sources.

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