'my Spiral Into Debt Hell' Tv Programme (Channel 5)

[Peaspeculiars]

After watching this programme, I'm glad my parents instilled into me the adages 'Never spend beyond your means' and 'If you can't afford it, don't buy it'.
http://www.channel5.com/shows/my-spiral-into-debt-hell/clips/watch-the-trailer

I am a car-boot crusty and proud ;-)
Did anyone else have good financial advice from their parents? Did they put you on the right path, or not mention how to be responsible with money at all during your childhood?
If not, who do you think should be teaching children about budgeting/ expenditure and income these days? Are so many people in debt nowadays because they had no input from parents/ family whilst growing up?

[rockyracoon]

I don't think I had any advice from my parents about budgeting, money would burn a hole in my dad's pocket and he was very generous when he had it and a miserable git when he didn't, my mum would have a better handle on the purse strings. I'm quite a good budgeter but I think that's more to do with the times when there was no money and I was derermined that I wouldn't live like that. That's not to say I don't buy stuff on credit though.

As to teaching kids, it's no good the parents doing it if they're rubbish themselves so it has to fall on the shoulders of someone else, at my kids school they have lessons about citizenship etc and I do know a bank has visited them about this very subject but a solo assembly isn't enough, the financial world needs to get more involved in some kind of educational lessons.

[viv38]

My Dad has always been a good saver, paid his own way and never got anything on credit, so I suppose I had a good role model and I live my life in the same way. Of course I've always been lucky enough to hold down a steady well paid job, as Dad did and that obviously helps.

[ummmm]

My dad was useless with money.

My grandad was very good. He was the one that stumped up the cash if it was ever needed but he also made sure a repayment plan was in place.

[Graham-W]

I'm a Yorkshireman. My Dad is a Yorkshireman. I was brought up right. Not tight, but careful.

[Peaspeculiars]

Interesting answers, thanks all :-)

Rocky I didn't realize schools did citizenship lessons now - just out of interest, presumably this covers a wide range of subjects to help kids with issues that they will come across in adult life in the UK?
I wish they had classes like that when I was at school, the only real awareness of financial learning I had was having the Natwest Piggy Bank family! Do the citizenship lessons cover politics also? (again, something I wish schools had touched on when I was a kid - I had no real grounding of how UK politics worked when I turned 18 and had the choice to vote) sounds interesting...

[Peter Pedant]

Dad encouraged me to do Book keeping and accountacy CSE in 1968

not bad training - you pass if you can write - sorry you passed if you could write. Couldnt teach us how to play the stock market in which he was very very successful in the good old days before capital gains tax.

[ummmm]

My son has citizenship on his timetable.

My kids are really good with money. It all comes back to the repayment plans.

[ummmm]

PP....stock market made my granddad very rich.

2 years after his death and he still has an income.

[2sp_]

My dad was great with money. Like others here, he taught me that if you couldn't buy something today, live without it until you can save enough to buy it outright.

He also taught me that if you borrow money, you should pay it back as soon as possible and go without luxuries until your debt is paid.

My brother was also brought up under these guidelines, but hasn't lived by them at all. Strange how two people can be so different.

[viv38]

It looks like a few of us were influenced by our Dads .....

[Peaspeculiars]

I wonder then, if children today are getting some help with planning their future finances, is it just my generation (early 80's kids) who are floundering the most and if a wave of more penny savvy generation will put an end to money lenders.
I remember having no heating, hand me downs from older sister, walking to save the bus fare and picking potatoes up from the road when the big tractor trailer hit a bump in the road. The rag and bone man with his dobbin was common place too.

[wolf63]

I, about ten years ago, was seriously in debt. I had about £15,000 of des lucky in that I was offered early retirement on health grounds (with a pension and lump sum) and I managed to pay off my debts. bt and was sinking fast. I suffer from Manic Depression/Bipolar Disorder and when I am manic I spend. I never bought anything of any use and have no idea how I managed to spend it. It took a few years to amass this debt.

I wa

[wolf63]

^^^

I lost my train of thought on my post and then it managed to post itself. I think that my mouse is ill and is needing to be renewed.

:-)

[rockyracoon]

No Peas, I don't think politics are on the agenda, I think it's more about personal and social responsibilities, keeping safe etc, in their school it's called something like PRE. They don't like it :)

[Peaspeculiars]

Wolf, I'm glad I watched the programme it was a real eye opener into how easy it is to fall into debt - and very difficult to get out if the advice you need is not available. Pleased to hear that you were able to pay yours back. I guess buying new things or 'toys' as my OH call them can affect a persons mood and give them a temporary 'lift' out of the darkness?
(give yer mouse a stern talking to :-)
Rocky, shame they don't like the class, it sounds very useful to me. I think in a fast paced world it's good to take time to look around and learn how to be socially/ morally responsible and respectful to others :)

[2sp_]

I have been poor before and have no intention of repeating the experience. I bought a house when I was 19 and in a bad relationship. Managed to escape from the relationship and went back to college at 21. I struggled financially for quite a few years and when I think back to how I coped, I still have no idea how I managed it at times. I had nothing. Slowly I got back on my feet and eventually sold the house making a nice profit. I know I was lucky and I will always appreciate the money I have in the bank now.

[rockyracoon]

Well Peas, they say youth is wasted on the young, they're not wrong.

[Peaspeculiars]

2sp you've worked hard to get were you are, good for you. I think having no money at some point in your life definitely makes you appreciate any money you have saved up, and so makes you careful about spending it.

Rocky - too true ;-)