One in three families

[Danny_Boy 10]

Why, those are their favourite customers!!

 

---------- Post added 09-08-2016 at 15:05 ----------

 

 

My friend is currently looking for an idependant mortgage advisor, needs a transfer of title, bad credit advice etc..

 

I'll PM you my contact info Chelle then if your friend would like they can contact me at their convenience.

[Chelle-82 10]

I'll PM you my contact info Chelle then if your friend would like they can contact me at their convenience.

 

[Cyclone 10]

100%, mortgages, savings, bank accounts and credit facilities should be tought to all children in comprehensive school. I am beyond shocked that it is not part of the curriculum. Could it be that banks make a lot of money from people who are loose and fast with their money

 

Could it be that parents are supposed to teach children about life and schools are supposed to teach academic topics?

[willman 10]

Could it be that parents are supposed to teach children about life and schools are supposed to teach academic topics?

 

You beat me to it.

 

IIRC part of the mathematics syllabus always covers examples of credit/% and APR's and some schools encourage savers from primary age.

 

Schools can't force pupils or parents to recognise what this means for them though.

 

I'm trying to tutor my niece who thinks that algebra doesn't matter from parental/peer advice.

Edited August 9, 2016 by willman

[Danny_Boy 10]

Could it be that parents are supposed to teach children about life and schools are supposed to teach academic topics?

 

Yes that's a fair point, and I will be doing just that, but some parents don't understand these things themselves never mind have the ability to teach their children. Some first time buyers I speak too genuinely think that the state will look after them if they're ill or lose their jobs.

[Daven 10]

Also, people seem to want to stretch to their maximum borrowing rather than buy a home well within their budget..

 

People seem to want the better house or the better car or the better designer furniture etc rather than have something more suited to their income and have financial stability..

 

Not to mention the foreign holiday.........

 

---------- Post added 09-08-2016 at 16:37 ----------

 

Yes that's a fair point, and I will be doing just that, but some parents don't understand these things themselves never mind have the ability to teach their children. Some first time buyers I speak too genuinely think that the state will look after them if they're ill or lose their jobs.

 

God help them when they are old - because no one else will

[El Cid 220]

How anyone finds this hard to believe is unbelievable itself with all these zero hour contracts around and a living wage not really good enough to live on as well. There is no way anyone in this situation is going to have any money left to put aside for a rainy day.

 

I have been made redundant once, about 12 years ago; that is the only occasion that I left my job without it being my choice.

What reason would people be in a dead end job, year after year? There are loads of benefits these days, the average family with 2/3 children get looked after by the state.

 

---------- Post added 09-08-2016 at 17:49 ----------

 

Last thursday night she came to me crying because she had smashed her iphone screen, this is the third iphone she has been given in the last year or so (all second hand mind you!) and each time she has smashed the screen even though she has been told repeatedly to get a cover for it!!

 

The past two times i have felt sorry for her and replaced the phone but not this time.. She's only had this one 3 WEEKS!!!! If i keep on replacing them she's never going to realise what it means to look after something.. even second hand iphones are not cheap! it's her 13th birthday next month and i've told her she can save up any money she gets and spend her OWN money to fix it or buy another one, she might then start looking after it... She looked at me as though i'd just pulled a mooney infront of all her classmates!

 

Kids are spoilt these days, will Grandma end up paying for it; that is what happens in some families.

[Isabelle 10]

There are many grey areas though, I wanted a new 4k TV, it was on offer for £1000 which was a bargain at the time, I had the money but it was on 12 month interest free credit. Why fork out a grand when I can pay £83.33 a month and still pay the same in the long run?

 

Same with our Sofa from SCS £2k upfront or £42 a month interest free over 4 years. No brainer if you ask me.

 

My partner's sofa was £40 off eBay, it's a nice leather one as well. He's had it a few years and it still looked decent until we got the kitten, but it doesn't really matter. If it'd been a £2k sofa we'd have been gutted.

There are bargains to be had out there, most of our stuff is second hand.

[Danny_Boy 10]

My partner's sofa was £40 off eBay, it's a nice leather one as well. He's had it a few years and it still looked decent until we got the kitten, but it doesn't really matter. If it'd been a £2k sofa we'd have been gutted.

There are bargains to be had out there, most of our stuff is second hand.

 

Of course there are, I get quite a few things from eBay. I could have saved for a couple of months and paid cash for the sofa but did not see the point when for no extra money I could just pay monthly. I think the issue is when people that cannot afford to buy what they want they take it on finance as though they won't have to pay it back and then bury their heads in the sand.

[Isabelle 10]

It's about getting the balance right..

 

Yes you can use credit to your advantage, 0% interest credit is great as long as you have the means to pay it off in the agreed time limit (though, more often than not the 0% interest item you are purchasing is higher in value anyway - clothes catalogues are a prime example of that)

 

I do believe it is a generation thing, my child truly does believe money grows on trees!

 

Last thursday night she came to me crying because she had smashed her iphone screen, this is the third iphone she has been given in the last year or so (all second hand mind you!) and each time she has smashed the screen even though she has been told repeatedly to get a cover for it!!

 

The past two times i have felt sorry for her and replaced the phone but not this time.. She's only had this one 3 WEEKS!!!! If i keep on replacing them she's never going to realise what it means to look after something.. even second hand iphones are not cheap! it's her 13th birthday next month and i've told her she can save up any money she gets and spend her OWN money to fix it or buy another one, she might then start looking after it... She looked at me as though i'd just pulled a mooney infront of all her classmates!

 

How old is your daughter?

She sounds like my partner's son. He's broken his iPad a few times by not looking after it. The last time, his parents made him wait a few months before they repaired the screen. It was still usable, but the touchscreen didn't always work properly. He does seem to have learned a bit, he seems to be more careful with it and won't let other kids use it (he'd let a girl use it and she'd dropped it).

He's nearly 9, and I don't think he understands the value of earning money yet, he's always eager to spend his money on random crap, and is always losing things.

[El Cid 220]

When I bought my first house years ago, banks would not lend me more than two and have times my annual salary. they also used to say nobody shpuld be paying more than a 3rd of salary for housing costs, what is needed is a "the fair rents act" reintroducing.http://www.broomhillremovals.com

 

I am hoping for 5x my salary

[Bargepole23 337]

Not as upfront cost though, which is what we are talking about.

 

I thought we were talking about mortgages? Student loan is similar no? You borrow a chunk of money to invest in something and pay it back over many years.