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First Big Financial Mistake

Last post 02-18-2011 11:33 AM by whitney37354. 10 replies.
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  • 06-30-2010 12:23 PM

    First Big Financial Mistake

    Since this is all about "firsts" ... What was a financial mistake that you made that really scared you? or made an impression on you? Doesn't necessarily have to be the first one but one that got your attention. Mine was letting my ex-husband near my checkbook right after we got married. He discovered money I had hidden and was giddy with excitement. Once my safety net was spent, he got comfortable with abuse. Nuff said.
    Officially Recognized Stretchpert in Stages of Life
  • 06-30-2010 1:07 PM In reply to

    Re: First Big Financial Mistake

    Toni B.:
    Since this is all about "firsts" ... What was a financial mistake that you made that really scared you? or made an impression on you? Doesn't necessarily have to be the first one but one that got your attention. Mine was letting my ex-husband near my checkbook right after we got married. He discovered money I had hidden and was giddy with excitement. Once my safety net was spent, he got comfortable with abuse. Nuff said.
     

    Mine was also letting ex near the checking account; he would forget to mention things like $20 ATM withdrawals, then things would bounce - and his answer would be "but it was just $20" - and mine was "yeah, and you did it 3 times in 2 weeks" - then I took his ATM card away (he'd long since lost access to the checks).  This was nearly 20 years ago, so it was much harder to track things than it is today - I used to spend time on the phone with the automated system every day or two, making sure he hadn't taken out more money without telling me.  Related mistake:  didn't check his pay stubs; he felt he didn't have enough spending money, so instead of talking to me, he changed his deductions to 11 - when the tax bill came due, he told me that he thought we'd have it by then (because yeah, $2500 was going to magically appear when our joint income at the time was $30,000).

  • 06-30-2010 1:46 PM In reply to

    Re: First Big Financial Mistake

     Ditto on the letting DH near the checkbook. 

    You teach people how to treat you -- Dr Phil
  • 06-30-2010 5:39 PM In reply to

    Re: First Big Financial Mistake

    Dear ALl, My first big financial mistake was giving in to my love for designer middle-class clothing. I sst ill have all of my scarves froom Yves St Laurent for example, but I long since have had too much of a belly to fit into thigs like a white linen skirt suit or sweate r-&-plaid skirts ensembles. I spent like there was no tomorrow on clothing all the time that I was dating. In 1993, when a bad situation made me give up on men, I stopped buying the clothing -- no need to impress at that pooiint, but spending so much on clothing is still one of the things I most regret aboout my youth. I even llliked a folk song, "Putting on teh agony/Putting on the style/That's what all the young folk/Are doing all the while/And when I look around me/I know I have to smile/At all the young folk/Putting on the style." (The Weavers/Pete Seeger -- wrong politics, good song!) Yorus in Him, Deborah & Heart
    Officially Recognized Stretchpert in Government & Charity Assistance

    Proud guardian of Heart, a black female Miniature Poodle, a Psychiatric Service Dog

    Enter His gates with thanksgiving, His courts with praise; give thanks to Him, bless His Name. (Psalm 100)

    Yours in thrift, Deborah



  • 06-30-2010 6:40 PM In reply to

    • Walt34
    • Top 75 Contributor
    • Joined on 12-17-2007
    • WV eastern panhandle
    • Posts 1,399

    Re: First Big Financial Mistake

    Marrying a girl who thinks the solution to every "I wanna..." is charge it or take out a loan.

    But at least I got out of it without a stack of bills, alimony or child support. I will give her that, she didn't run up a bunch of credit card bills that were joint and we paid off the ones we did have.

    Officially Recognized Stretchpert in Money Management
  • 08-09-2010 7:21 AM In reply to

    Re: First Big Financial Mistake

    Toni B.:
    Mine was letting my ex-husband near my checkbook right after we got married. He discovered money I had hidden and was giddy with excitement. Once my safety net was spent, he got comfortable with abuse.
     

    This was mine too Toni, except it was my savings account. I was only 16 so no checking account yet.....had almost $2500 in bank after buying first car...oh well we live we learn

    Lynn


  • 09-01-2010 9:36 AM In reply to

    Re: First Big Financial Mistake

    My first [and worst] financial mistake was letting my husband completely control all finances.  I had no idea how much money was coming in, what bills we had to pay, a loan he had out, or that we were $4,000 in credit card debt, since he was paying our mortgage with 39% interest credit cards.  I got a rude awakening when he suffered a brain injury, and it was up to me to dig out of the mess.

    Biggest thing I learned? Never let one spouse control everything.  For me, it was just easier, but if I'd known more, maybe we could have worked together to make better choices.  Marriage should be an equal partnership, even in finances.

    Yes, we're still together and recently celebrated our 19th anninersary.

    Discount Diva 

     

    The Discount Diva
    "Enrich Your Life by Spending Less"
    http://shaunna67.tripod.com/id21.html
  • 09-01-2010 10:12 AM In reply to

    Re: First Big Financial Mistake

    Using credit cards when I didn't really understand them. I got a credit card at age 18 at college from a kiosk in the Student Union. I think they were giving out free Husker T shirts and candy and I thought "ok, I'll get one." It came in the mail and was silver and shiny and had my name on it and I could be grown up and use it at the store(s), the gas station, the restaurant, etc.

    A similar thing happened about 2 years in to my marriage. We were 2 income (not big income), no kids, a new mortgage, a new(er) car with a loan and DH lost his job. We knew he would "eventually" get another job (and he did) but no income that summer and we kept living like we wanted. So one day, I opened the credit card bill and saw $4000 balance. Yikes!  Only one other time did we have a big balance and that was after first DS spent 8 days in the NICU and we had a $3500 medical bill.

    Now, we have savings, a cushion for emergencies and hopefully foresight to not get into debt like that. No car loans either!

    Erika
  • 09-01-2010 12:19 PM In reply to

    Re: First Big Financial Mistake

     Right after my husband and I got married was my first big financial mistake.  We had gotten a bunch of cash (a bunch to me, lol) for the wedding and we pretty much blew it all on eating out, books, etc.  I really don't know what we spent it all on, but one day it was just gone.  I was used to balancing my checkbook from my own checking account and not having to see if someone else had taken money out at the atm, or withdrawn any money.  I knew what I had spent and written checks on, so I recorded those things.  My husband and I went to the atm one day that we both had off from work and tried to take out some money, but it said our balance was .24 cents.  I just knew it had to be a mistake!  Well, I went in to the bank and they gave me a print out of activity in our account and sure enough, it was correct.  My husband and I went straight home to balance the checkbook and figure out where I had messed up.  I handled the checkbook, still do.  I figured out that day that I had to ask him for his atm receipts, lol.  I also figured out that I had to be more diligent with balancing the checkbook and comparing it to the bank statements.  At least I figured it out early in our marriage.

  • 02-17-2011 9:48 PM In reply to

    Re: First Big Financial Mistake

    had to bring this up so mine:  Letting hubies relitives have free wrain of funneral services how did I know things had to be done in 3 days right after the death and fogetting to let everyone know about medical insuranse and bural,  that was my big bobo I laugh now then it was not funny for six months medical cost crediting my account my store I sold payed all the medical for the hubbie but never let his relitive have free run of anything if it were not for cindy she kept me from killing everyone so like I said it almost took this time to write this and hey you thanks for letting me vent once in awhile about it ...

    chrissanne
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