Financial advice we’d give our younger selves
What do we wish we’d known about money when we were younger? For many of us, our twenties are an exhilarating decade, full of possibility and change. Few find the time or money to think seriously about saving for the future.
AJB Wealth recently sponsored the Perins School Sports Tour to South Africa 2026. It prompted us to ask local business and community figures this question: what financial lessons would you share with your younger self?
Their answers were varied, practical and sometimes very personal. Together, they offer useful perspectives on everything from basic budgeting to investing in yourself and learning from decisions that didn’t go to plan.
1. Spend less than you earn, and make saving automatic
The most consistent message from our contributors was not to wait until life feels settled before saving. This might mean putting aside a modest £10 a week, setting up a small regular transfer on payday, or treating savings like a monthly bill.
Mark Nevola, Head of Perins School, Alresford, says: ‘Live below your means, consistently. Not dramatically, not joylessly, just enough that saving becomes a habit rather than an effort. My father taught me that. He used to take a percentage of my wages when I was cleaning cars or doing my Saturday job as a schoolboy. I didn’t know he was investing it for me. I’ve done the same for my sons.’
Catherine Hockley, Managing Director of auction house Andrew Smith & Son, adds: ‘Apart from a mortgage and student loan, don’t borrow money. Only buy what you can afford. Learn to save for things you want. Be patient. Budget. Research. If you need to have a credit card etc for holidays etc, pay it off in full. Spend money consciously. Don’t fritter it away.’
Although their approaches differ, both contributors emphasise the same principle: spending consciously creates room to save.
2. Build good habits before trying to build wealth
Whatever your ultimate goals, mastering the basics, such as budgeting and building a buffer, is an important first step.
Paul Willans, Managing Director of AJB Wealth: ‘Build good financial habits before trying to build wealth. Learn the basics of budgeting, investing and taxation. Small actions taken consistently beat grand plans that never get started.’
Mark Nevola: ‘A buffer first, even £500 to £1000 changes your stress levels. A reserve account with savings meant I could support my active current account at times when things were financially challenging.’
A financial buffer may not feel like wealth, but it can provide valuable breathing space and make long-term saving feel more manageable.
3. Start early: time matters
Many of the contributors came back to the same point: time matters. Whether it’s saving into a pension or putting money aside regularly, small amounts build into meaningful sums over the long term.
Paul Willans: ‘Before you get used to spending your salary, set up a regular savings plan, even if it’s only a small amount. The earlier you start, the more time your money has to work for you.’
Chris Ray, Director of local corporate finance consultancy Branta: ‘Learn about compound interest properly and learn it early. Many people call it the eighth wonder of the world. It’s vitally important for income, but it works in reverse too when you’re indebted. Small differences in interest or fees can become very large over time.’
Kate Houldsworth of KH Nutrition Coaching and Hampshire Business Networking: ‘As a full-time teacher with two children, there was never any money left at the end of the month for a Costa, never mind a pension plan. But if I’d put away even £10 a week from very early on, it would have made a difference. Contributing £50 a month to my children’s Child Trust Fund was one of my best financial decisions. After 18 years, they have a considerable savings pot.’
The common thread here is consistency. A small, manageable commitment is more likely to become a lasting habit than an ambitious target that quickly feels unaffordable.
4. Invest in yourself as well as your future
Not every worthwhile investment is about accumulating financial wealth. For many people, the decisions with the biggest impact are those that improve their skills, health, confidence or career options.
Catherine Hockley: ‘Invest in yourself – your health, fitness, education. You, and only you, hold the destiny for your future.’
Kate Houldsworth: ’For me, the course fees to re-train as a nutrition coach were a significant outlay that I had to borrow, but I earned it back in the first few months and it has given me a whole new career.’
Paul Willans concludes: ‘Investing in yourself may not always produce an immediate financial return, but the skills, confidence and opportunities can last a lifetime.’
5. Learn to say no to lifestyle pressure
One of the less obvious money lessons is that financial progress is not only about what you earn or invest, but about what you choose not to spend. Several contributors reflected on the value of resisting pressure to keep up with what others are doing.
Mark Nevola: ‘Learn to say ‘no’ to lifestyle pressure. When friends are buying cars, big holidays, expensive nights out, resisting that drift made a bigger difference than any single investment choice.’
Paul Willans: ‘One of the most valuable financial lessons I’ve learned is that you don’t always need the most expensive option to get the best value. Whether it’s wine, cars, clothes or gadgets, spending more and getting more are not always the same thing.’
Kate Houldsworth: ‘Do something fun, but budget carefully. That might mean working hard for a summer then spending money on travel. Or it might mean saving most of your summer or gap year money for uni rent but keeping £200 back for a camping weekend in Dorset.’
Enjoying life and managing money carefully are not mutually exclusive. The lesson is not to avoid every treat or experience, but to decide what matters to you rather than allowing other people’s spending to set the pace.
6. Have courage, but understand the risks
A clear vision of what you want to achieve can be powerful, particularly when supported by determination, courage, and a willingness to work at it.
Chris Ray: ‘We bought a terrible house (it was disgusting) in a great area, renovated it, and sold it. That allowed my family to take a big step forward on the property ladder. It was not easy or glamorous at the time. But the result made the effort worthwhile.’
Gordon Thoday of Hellards estate agents: ‘Buying my business, Hellards, in 2014, was a huge risk at the time, but one that will hopefully provide well for my eventual retirement.’
Paul Willans points out that not taking action can be a risk in itself: ‘In the past, I’ve taken too long to make a decision because I wanted more certainty. Perfect information rarely exists. Sometimes the cost of doing nothing is greater than the risk of making a sensible decision with the information available.’
The aim is not to remove every risk, which may be impossible, but to understand what is at stake and make a considered decision.
7. Learn from decisions that didn’t go to plan
Most people make financial decisions they would approach differently with hindsight. The value lies not in avoiding every mistake, but in understanding what those experiences teach us.
Mark Nevola: ‘I’ve made the mistake of buying things because they were ‘on sale.’ A discount is still expensive if you don’t need it. At University I once bought a job lot of Sergio Tacchini polo shirts I thought were cheap and would give me a good yield but got stuck with enough of them to not end up making any profit!’
Gordon Thoday: ‘With hindsight, I wouldn’t have invested in a Tie Rack franchise in Fleet Street in 1986. No one could foresee that the tie would be largely a thing of the past within a matter of years! I was also an angel investor for a friend putting on his first West End production, which was sadly a flop. He is now hugely successful!’
Nicky Mowat, Operations Manager of AJB Wealth: ‘A ‘friend’ advised me to transfer out of a government pension scheme into something that turned out to be very poor. It was not a huge sum of money, but it taught me that doing your homework and having some understanding of financial matters is key.’
Jane Longworth, Family Lawyer, KJ Smith Solicitors: ‘I invested in a stocks and shares fund which immediately went down in value and I pulled the funds out quickly. I should have left them in. I got nervous!’
Chris Ray: ‘I was once paid in shares in the company I was helping. Not cash. The value of my effort depended on other people’s decisions and the future performance of the company. That didn’t work out as hoped. The lesson was simple: equity is not cash. They don’t accept it at the tills in Waitrose.’
Paul Willans: ‘Everyone will, at some point, make a wrong or disappointing investment decision. The trick is to offset the risk through diversification and not becoming emotionally attached to your holdings. My professional training taught me the importance of never putting all my eggs in one basket.’
These experiences are all different, but each illustrates the importance of research, diversification and understanding the risks before committing money.
8. Plan purposefully, but borrow carefully
Most contributors urged caution when borrowing money – whether for everyday spending or large purchases such as buying a home.
Mark Nevola: ‘I used credit too casually in my mid-twenties. In those days you could have multiple credit cards with really high limits, but also with high interest rates! It taught me very quickly that debt limits your freedom far more than it expands it.’
Buying a property is one of the biggest financial decisions for most people.
Chris Ray: ‘Build a strategy for buying a house/flat. That doesn’t mean buying any property at any price. It means having a deliberate plan to build a deposit, understand affordability and protect your credit profile. That way, you put yourself in a position to move when the right opportunity appears.
‘For me, owning my own home changed the direction of travel. It can move you from treading water to making progress. You are gradually building equity and creating a degree of stability – which you can’t achieve by paying rent.’
Jane Longworth: ‘Investing in two buy-to-let properties has been my best financial decision. Although the Renters’ Rights Act 2025 and higher taxation may turn this into the worst. It was part of my retirement planning, but will have to be reviewed!’
Property ownership will not be right for everyone. But whatever your goal, careful planning can help turn a broad ambition into a series of realistic and affordable decisions.
9. Seek professional advice early on
Good financial habits and greater knowledge can help you make more informed decisions, but there are also times when professional advice can provide valuable clarity.
Gordon Thoday: ‘There have been many mistakes along the way, but advice from financial advisers has been invaluable.’
Paul Willans: ‘You don’t need to be wealthy to benefit from financial planning. In fact, the earlier you start, the greater the impact. Seek advice before you think you need it, not after.’
10. Remember that money is a tool, not the goal
Perhaps the most important message is that financial planning is not simply about accumulating money. It’s about using money to support the life you want to build.
Mark Nevola: ‘Money is emotional, not just mathematical. Understanding your own habits, triggers, and values is just as important as understanding interest rates.’
Paul Willans sums it up: ‘Financial success isn’t about being wealthy but being financially stable enough to be content and achieve realistic goals. Most importantly, remember that money is a tool. The goal isn’t to have the biggest bank balance, it’s to use your finances to create the life you want.’
AJB Wealth can bring clarity to all aspects of your financial planning. To discuss your situation, please book an exploratory meeting, or call us on 01428 774 070.
Important information: This article is for general information only and does not constitute personal financial advice. It includes the personal views and experiences of third-party contributors, which do not necessarily represent the views of AJB Wealth. Individual circumstances differ, and you should seek appropriate professional advice before making financial, investment, pension, borrowing or property decisions. The value of investments can fall as well as rise, and you may get back less than you invest.
