15 Money Lessons I Wish I Learned Earlier

Money lessons, we need them. That’s a fact. I want you to avoid financial disaster. Make sure you learn from my mistakes to help you save, budget, organize your life, and your money.

15 Money Lessons I Wish I Learned Earlier

I’m a 30 something. It hit me today so I’ve spent some time thinking about where I am in my spiritual and personal life. While most of my thoughts are around what I’d like to do going forward in those areas, I’ve also reflected on my financial life.

I’ve made SO MANY many money mistakes. Thankfully, I’ve learned from them.  Today I’m going to share 15 money lessons I wish I learned earlier with you, to help you avoid as many of them as possible, no matter your current age. Without further ado let me introduce you to the lessons I learned to help you save, budget, organize your life, and your money.
 

Here are 15 money lessons I wish I learned earlier

1.  Break free from what other people think

I spent my 20’s and the beginning of my 30’s with “stuff-itis” (the issue of buying “stuff”).  I put unnecessary pressure on myself to fit in with the people around me. This is no way to live. Now, I don’t worry about not having the latest “whatever’s”, going on trips I can’t afford and eating out constantly.  I’ve had my cell phone since 2019. As for trips and nights out, if it’s not in my budget I don’t go.

2. Identifying wants vs. needs

Before I go shopping, I write a list. Then I ask myself if the purchase is a want or a need. If it’s a need, I buy it without hesitation. If it’s a want, I ask myself if the purchase brings joy or sorrow into my life before going any further.  If I do make a nonessential fun purchase (aka splurging)  I budget for it so there is no buyer’s remorse afterward.  Try it, it’ll change your life.

3. Negotiating helps save money

When I review my bills and feel like I’m not getting a good deal on TV, phone or internet service, I pick up the phone and simply ask for a lower rate. I’ve learned that having a rate from another company can help you get the best deal.  Also, be willing to walk away if your negotiating efforts don’t help you reach your goal.

4. Budgeting is freedom

When I budget I am giving myself freedom to spend by telling my money what to do instead of wondering where it went. This is the most effective way to make sure I don’t spend more than I’m earning. I accomplish this by doing a written budget each month based on my current life season. This was essential to organizing my life and money.
 



 

5. Eating out all the time was a hazard to my wallet

I do not enjoy cooking.  In my early 20’s I didn’t own pots and I kept books in my stove.  At first this was a very difficult area for me to pull the reigns in each month. Fortunately, I’ve more organized and found a balance between cooking at home and going to restaurants by meal planning weekly. My general rule is that I will eat out when there’s an opportunity to make memories with family and friends.  If I eat solo, (lunch, a treat, etc.) which I do enjoy from time to time, I make sure I allocate the money in my budget.

6. Always comparison shop

I’ve learned over the years what things should cost, so I never pay more than I should at stores. When I’m not 100% sure of a price, I can usually find the answer with a quick internet search.

7. Save for retirement

Unfortunately, I didn’t start saving for retirement as early as I should. I knew it was something I should be doing but I just wasn’t motivated.  I’m not proud of that but it’s the truth. Especially since I am NOT confident in social security’s ability to provide for me in the future.

8. Side hustles help the bottom line

I’ve managed to supplement my household income, which helped me get out of debt by selling bags and jewelry on the side. By doing this I was able to gain extra funds to help me on my journey.  Once you kick debt out you can maximize your dollars, give generously, and spend on travel and entertainment—guilt-free.
 



 

9. I’d rather buy a car than lease it

I own the car I drive. I remember helping a client that thought he owned his car.  He had been taking care of it so well and couldn’t wait to make his final payment to own it free and clear.  The sad truth was the dealer talked him into a lease. After his so called final payment, he learned the truth. He didn’t own the car, the car dealership did. He was heartbroken.  After helping him, l discovered I’d rather own my car than lease it. Though my car is not the latest model — not having a car note is a breath of fresh air.

10. Life is easier without debt

I’ve learned this lesson right here after making several money mistakes. Surprisingly, a major part of getting out of debt is organizing your life and money. Who knew? But it was possible because I was focused, intentional, made sacrifices to be able to put myself in a better financial situation, and grace. I thank God for this every day.

11. Giving to God 1st is non-negotiable

Giving God 10% off the top is a non-negotiable. Everything I have is because of the Lord. There are some people who may not agree. Nevertheless, generosity is beneficial. It helps combat greed, outrageous selfish ambition, and turning money into an idol. Additionally, giving this way was and is still crucial to developing my financial disciplines. Without a shadow of a doubt this paved the way to create better money habits, save money, and reduce financial stress.

12. To get control of your money you have to organize your life

It’s not possible to learn how to handle money or create order and function until you know yourself. Money problems causes anxiety, disorganization causes stress and they both impact our overall well – being. Period.

13. The bank is not my friend

Even though there are some nice, friendly employees at my local bank, the bank is not my friend. They accept my deposits and loan money to people. So, the one I choose to bank with needs to work for how I want to manage your money. I’ve learned there is no need for me to stress myself out trying to make 20 purchases each month or meeting a requirement that didn’t work for how I use my money. There are other banks. How I organize my bank accounts is all laid out here.

14. Debt = risk

The stress of debt. No thanks. It ain’t my friend, it’s a product the bank sells. What happens when the its time to pay and you ain’t got it. The stress ain’t worth it. You gotta start asking how much NOT how much are the payments. I promise you they are two completely different things. One is I have the money, let’s buy this. The other is – I don’t have the money and cannot afford to buy it, but maybe I can afford the payments to buy this if nothing else go wrong in my life. Being able to afford the payments is not the same as being able to buy something out right. Such a simple realization, but I didn’t think about it that way. Now, it helps me stay organized and grounded when decide to commit any debt risk.

15. There are only 4 things you can do with it

The terror, overwhelm, and stress I’ve experienced with money is enough to carry me through the rest of life. However, learning and understanding that money is simply a tool helped me understand it has a purpose, I just was awful at assigning it one. The only four things you can do with it is owe it (debt and taxes), grow it (save and invest), live with it (pay necessary expenses, you gotta eat), and give with it (church, charities). Changing my relationship and perspective with money was essential and ultimately a stress reliever.

So, those are the 15 money lessons I wish I learned earlier.   Use them and review them to help you on your financial journey.   Hopefully, at least one will help you avoid a money mistakes I had to overcome.

Do you need help organizing your life and budget, then we’ve got just the thing for you! Check out Break Free &Win Starter Guide, an interactive roadmap that helps to make understanding your money easy!

What money lessons do you wish you learned earlier? Let me know in the comments below.