The Student Room Group

What's the biggest financial mistake you've ever made?

What's the biggest financial mistake you've ever made?
Probably buying any article of clothing over $100 (not sure what that translates to in pounds).
Thinking at any time that I had any edge whatsoever in gambling :tongue:
I made impulse purchases.
going to uni
the amount of debt i have is staggering, and as its impossible to pay it back through employment im stuck with it until the 2050s
the fact kids are in 5 figure debt before their life even starts is ludicrous. in the future they'll be like all these folk went for higher education to improve themselves to provide a better work force and they got penalised for it
Original post by yeetouttawindow
going to uni
the amount of debt i have is staggering, and as its impossible to pay it back through employment im stuck with it until the 2050s
the fact kids are in 5 figure debt before their life even starts is ludicrous. in the future they'll be like all these folk went for higher education to improve themselves to provide a better work force and they got penalised for it

tell me about it lol, I dropped out with a sem to go.. now work full time, and am paying back a 24k AUD loan :frown::frown:
Buying an expensive pair of shoes, that when I got them home they didn't fit properly but I was to lazy to take them back in time to get my money back
Reply 7
Avatar for o_reo
o_reo
17
Original post by yeetouttawindow
going to uni
the amount of debt i have is staggering, and as its impossible to pay it back through employment im stuck with it until the 2050s
the fact kids are in 5 figure debt before their life even starts is ludicrous. in the future they'll be like all these folk went for higher education to improve themselves to provide a better work force and they got penalised for it

dont most people say that you barely notice paying it back as its taken out of your pay check before you even see it? or does it feel like a big burden?
Reply 8
Avatar for ANM775
ANM775
20
falling for a deceptive cleverly crafted campaign by Alex Becker and spending £900 on it....
Original post by yeetouttawindow
going to uni
the amount of debt i have is staggering, and as its impossible to pay it back through employment im stuck with it until the 2050s
the fact kids are in 5 figure debt before their life even starts is ludicrous. in the future they'll be like all these folk went for higher education to improve themselves to provide a better work force and they got penalised for it

Are you talking about the UK? SLC is actually a very reasonable system. SLC debt is nothing like personal loan/credit card debt, the amount you pay back is miniscule in a monthly context. It is more like a graduate tax. Higher education is expensive; it doesn't "penalise" people that willingly pay for it.
Original post by RedGiant
Are you talking about the UK? SLC is actually a very reasonable system. SLC debt is nothing like personal loan/credit card debt, the amount you pay back is miniscule in a monthly context. It is more like a graduate tax. Higher education is expensive; it doesn't "penalise" people that willingly pay for it.

For me it doesn't really matter what kind of debt it is just - its real money deducted from my paycheck on top of the other taxes for a very long time. If you x12 then its several hundred pounds per year. It is expensive but so what our elders got to study for free
Original post by o_reo
dont most people say that you barely notice paying it back as its taken out of your pay check before you even see it? or does it feel like a big burden?

it depends on how much you earn and if you did a postgraduate
Original post by yeetouttawindow
For me it doesn't really matter what kind of debt it is just - its real money deducted from my paycheck on top of the other taxes for a very long time. If you x12 then its several hundred pounds per year. It is expensive but so what our elders got to study for free

You lack a wider perspective, assuming you are on plan 2, currently you have to earn at least £27,295 a year to start repaying, which will be an annual payment of less than £100 until you earn more than £28,450. If you think that this is a bad deal (it's really not) then get an entry-level job and work your way up without a degree.
(edited 2 years ago)

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