What do you wish you'd known about money when you were young?

purplepurple
purplepurple Posts: 641 Forumite
edited 30 March 2010 at 7:07PM in Debt-free wannabe
Hi All
I've got to plan a series of lessons on money for year 9's (about 13/14 yrs old) and would really like to know if you have any wise words about money management I could pass onto my pupils? Top tips, hindsight, stuff you wish you'd known, stuff you think is important for kids to know etc.

There are so many people on this thread who have so much knowledge about money... I want to make the lessons interesting and memorable for the kids to hopefully give them a "toolbox" of knowledge to help them use their money effectively when they're older.

Any responses would be gratefully received...

Thanks :D

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Comments

  • just the basic one which I think we have completely lost, credit is the work of the devil, save up for what you need, you don't hve an automatic right to everything you want, hard one to put over and probably not what they want to hear but wish someone had drilled it in to me at an early age...................I'm 54 and just learning so maybe I need to attend a class or two?
    More than Two Years in

    Doing it the Niddy way:j:j:j

  • just the basic one which I think we have completely lost, credit is the work of the devil, save up for what you need, you don't hve an automatic right to everything you want, hard one to put over and probably not what they want to hear but wish someone had drilled it in to me at an early age...................I'm 54 and just learning so maybe I need to attend a class or two?

    :T

    Also how APR actually works?
    Proud to be dealing with my debts - LBM Mar 2010

    Start weight [STRIKE]11 st 8.5lbs[/STRIKE] now 10st 3lb
    £2 savers No.99 - £68 July No Spend Days 7/8

    A&L [STRIKE]£202 [/STRIKE]£152 Barclaycard [STRIKE]£3882.89[/STRIKE] £3817.74 :mad:
  • penelopedee_2
    penelopedee_2 Posts: 2,698 Forumite
    I think the main point is that they need to take responsibility for their financial situation and never rely on parents, partners or friends to do it for them.

    Also, I can remember being terrified of loans and credit cards because my parents had drummed into me that they were bad and to be avoided at all costs. That meant when I first moved out I just didn't have the courage to shop around for what I needed financially at a decent rate - I just accepted the first thing offered. So there I was on a really cr*p wage paying completely over the top for my mortgage (oh and with PPI). I wish the internet and this site was available then.
    This time I haven't smoked since 6th Jan 2014 and still going ok.
    Fingers crossed x
  • oh yes forgot that one and also perhaps that your happy caring sharing bank has your best interests at heart - I don't think so!
    More than Two Years in

    Doing it the Niddy way:j:j:j

  • Woowoo
    Woowoo Posts: 4,603 Forumite
    I wish I had understood that anything spent on a credit card is real money and has to be paid back. Paying with cash really does make you learn the true cost of something.

    If you have to put it on the credit card then you can't afford it. I never thought about the fact that a £10 new top on the credit card would eventually cost me more like £50, when you don't pay anything more than the minimum payment every month.

    I wish I had been given money lessons at school, 18 years old is so young to suddenly have access to credit - it is very hard to be responsible and not spend spend spend, but a few lessons at school might help you to understand the implications of your spending.
    LBM Aug 09: £18,650.47 - Current: £12,854.93 (£5946.79)

    Barclays: £2,928.34 Lloyds: £2,499.60
    MBNA: £3,788.99 Overdraft: £1,900.00 Mum: £1,738.00

    Surveys: £6.60/£40.00
  • LittleMoog
    LittleMoog Posts: 2,392 Forumite
    I know it might seem a bit basic, but there's nothing more important than budgeting! I only figured this out about 3 months ago (I'm 28!! :o), and I really wish that I had done a budget when I was a student - I was on full student loan, plus help from my guardians, but still managed to run up a £3000 overdraft and £1300 of credit cards in 5 years. :mad: Even after being helped out of the credit card hole by my guardian, with a loan I paid back over a year, I didn't ever think to budget, or stop using credit cards, so until my LBM in January, I happily overspent every month, using credit to top up my income.
    so budgeting is key i think!
    Little monkey born November 2012:j
    Froglet due March 2016 :D
  • Pink.
    Pink. Posts: 17,675
    Combo Breaker First Post
    Forumite
    Hi purplepurple,

    Martin's teen cash guide might help.

    Pink
  • Thank you all so much for your replies - they're great... and Martin's teen cash guide is fantastic - thanks for sending me in the right direction for that!

    It's so hard trying to get certain messages across to kids at this age, so being able to use the experiences of others, plus the common sense info in the guide, I should hopefully help them realise that they don't actually know best all the time! :D
  • As well as being aware of the dangers of using credit cards and the importance of being able to do a budget so that you can see your income and your expense each month/year, perhaps you could mention the importance of being able to save some money each month. Also how about the importance of starting to put money into a pension fund once they are working. What with talk of the state pension age being upped to nearly 70, if these youngsters want to retire in their 60's, they will need the income to support the years before the state pension kicks in.
  • . Also how about the importance of starting to put money into a pension fund once they are working. What with talk of the state pension age being upped to nearly 70, if these youngsters want to retire in their 60's, they will need the income to support the years before the state pension kicks in.

    I did mention to them last week that I had started pension schemes for my children (both under 10 yrs old) and they looked at me as if I was stark raving bonkers.... until we discussed how much money potentially my two could have in the future to retire on...

    will definitely do savings and pensions, ta for the suggestion... :D
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