Post # 1
I saw this discussion on the Money Matters board on the Nest and it was interesting! So I thought I would copy it here haha.
So what would you say has been your best financial decision? Worst? I’ll start it off.
Best: Paying off the credit card debt from when I was a teenager. I only have about $1,000 left so I’m hoping to use my tax refund in February towards paying it all off. Then I will be credit card debt free! Next goal will be to build up an emergency fund 🙂
Worst: Getting two credit cards when I was 19 and being very irresponsible with them 🙁
Ok ladies, your turn!
Post # 3
Best: Not selling investments during the crash of 2008.
Worst: Overspending on training at the gym.
Post # 4
Best: setting up an emergency fund.
Worst: paying off my first set of school loans, then stupidly going back to school (private – dumb, dumb) and taking out loans AGAIN. I swear I must bumped my head around then. STUPID, STUPID, STUPID. I totally hit the reset button.
Post # 5
Best: Moving home, not having a life, in order to pay off loans and credit cards in bulk.
Worst: Getting credit cards in college and using them to study abroad, travel, and for other things, then paying small monthly payments every year.
Post # 6
Worst: Credit card in college. I had almost 6k in debt! Ugh! (Fortunately no loans from undergrad though!)
Best: Finally learning how to budget. Not just the wishy-washy tracking of spending. But a real, honest budget. We have been able to aggressively pay down debt and build a substantial amount of savings.
Post # 7
Best: Moving in with my Fiance back when he was my SO in 2012 and slashing my monthly rent in half. Bye bye overpriced Manhattan apartments!
Worst: Going to law school and dropping out. I have a semester’s worth of loans to pay off, but glad that I didn’t continue and just went down the finance/accounting path instead.
Post # 8
Good topic! Here’s mine:
Best: Buying a house last year. We were debating whether to wait another year before buying a house. We found one in a great location, in our price range, with every feature we wanted, so we bought early. Since then, the market has been booming in our area. Every house that has gone on the market this year in our neighborhood has gone under contract in 1 week or less. Had we waited another year, we would have needed to raise our budget, search in a farther-out location, or compromise on features. Our house has also increased in price a good bit since we bought it. And we’re having our wedding in the backyard, so we don’t need to spend as much on a venue 🙂
Worst: Holding onto my 1996 BMW for as long as I did. I had this car for several years and loved it to death. The repair bills were ridiculous, though, and maintenance ate up a ton of my income. A couple of years ago, I sold it and bought a new Mazda, which is under warranty and has low monthly payments. I just wish I had done it sooner because I could have likely saved another $2k-$3k, rather than spending it on repairs.
Post # 9
Best – Having my dad add me onto his longest held credit card, instant credit history!
Worst – Buying a house before being settled with work and now having to rent it out.
Post # 10
Best: my income properties
Worst: my luxury SUV because it will only depreciate in value (I justify it because I was in a car accident and it makes me feel safe)
I will say that I would never buy something I couldn’t afford. If I had to go into debt for my SUV or put off any other more important goals than I wouldn’t have done it. However, it is probably our biggest splurge (even though it feels totally worth it to me).
Post # 11
Best: Paying off DH’s college loans all at once.
Worst: Not managing my money better when I was with my ex. I’d probably have a way better savings account. Not that I am hemmoraging money or ever have been, but I would have a cushy 20K+ had I done better.
Post # 12
Best: living at home and going to school on scholarship (this allowed me to purchase a home with no PMI)
Worst: Getting a credit card in college. While it didn’t really do too much damage, I spent $2000 on crap.
Post # 13
Best: Getting a credit card – really. I was responsible with it and built up awesome credit.
Worst: Buying a cheap car. It only cost me 5K, but I spent so much money keeping it working during the 2 years I had it.
Post # 14
best: never carrying a credit card debt. doubling my mortgage payment (pay off principal faster).
worst: trading in my bmw’s every 2-3 years for another brand new one.
Post # 15
- Wedding: August 2013 - Brookfield Zoo
Best: splitting my paycheck (via direct deposit) between 60% checking and 40% savings
Worst: I guess this has yet to be seen, but opening up a secondary savings account through my work’s Credit Union. On the one hand it’s extremely inconvenient to access the funds, but on the other hand it’s kind of like getting money set aside that one day I’ll come back to and have a bunch of forgotten money in.
Post # 16
- Wedding: September 2013 - B&B
@bleusteel: We bought an income property in July… I am glad we closed when we did because the rates went up almost 1% from the time we signed paperwork and the time we closed! And it is a fixed rate wooooo!!! It has come with some struggles of its own but I am so glad we have this now. It is good to hear from other ladies that it was worth it! I will include this in my best.
Worst: For me it was probably NOT getting a credit card when I could have. I have never really been that bad with money, and I think it would have helped me build better credit. I have started behind the 8 ball, so to speak, because of not ever really having a chance to build any credit until I graduated college.