5 Things Teens Should Be Taught About Money

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  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    Rule 79

    To post without scrolling across the screen so people can actually read what your posting  ;)
  • frepol
    frepol Posts: 202 Forumite
    Rule 80

    Cheking wat yu have ritten bfore you klik poste so that peple under stand wat yu ar tawkin a bout
  • Spendless
    Spendless Posts: 24,110
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    Some good advice here already, here are some of mine................... ;)

    1 Credit card companies are not charitable organisations giving free money to people who sign on the dotted line. Pay your credit card in full every month unless you have a 0% deal and in that case put the money into a high interest savings account.  Don't forget to pay it off or move it before the rate changes.

    2 Student loans, the word to watch is loans, yes you do have to pay it back even though it is at a low rate of interest it will still impact upon the amount of cash you have to spend at some time in the future.

    3 Buy one get one free, fantastic way of saving money on products that don't go off and that you use. If you don't use it before it goes off or if you never use it at all you wasted the money.

    4 £100 trainers are just the same as £30 trainers except someone in the marketing department of the expensive brand got an extra £70 of your money.

    5 If it looks too good to be true it probably is, check a bit deeper and, if you really can't find the catch grab it and run.
    Wow. I like these ones. Do you have teenagers of your own?
  • nearlyrich
    nearlyrich Posts: 13,698
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    Yes I have two, elder one just gone to University and his sister hoping to go next year so they both need good financial advice. I have had good and bad times with money over the years but I hope they can learn from my experiences.
    Free impartial debt advice from: National Debtline or Stepchange[/CENTER]
  • Milarky
    Milarky Posts: 6,352
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    Well, they could start by telling kids that VAT is really 17.5% :o instead of 15% :-[ [I 'kid' you not - look in any maths school textbook!]
    .....under construction.... COVID is a [discontinued] scam
  • Hi All,
    (what self-respecting 21-year-old isn't £5k in debt at least on credit cards these days?)

    Well I'm 22 now and didn't even have any credit cards until this year when I realised the benefits of a moneyback card - Which I do of course pay off every month in full! - Didn't even take out a student loan during Uni, so have graduated with people oweing ME money!

    Great site btw, forums are really good to read!

    Cheers

    Steve
    completed Uni in 2004 without any student debt - woohoo!
  • nearlyrich
    nearlyrich Posts: 13,698
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    Well done Steve, how did you manage to get through University without student loans?? My son has to pay nearly all of his student loan for accommodation so he has a job and bank of Mum ( not dad) and he is doing OK so far.
    Free impartial debt advice from: National Debtline or Stepchange[/CENTER]
  • buses7675
    buses7675 Posts: 837 Forumite
    Hi All,

    Well I had a job the whole way through Uni in a newsagents, where I currently still work although with longer hours, whilst I look for a full time job!

    My other 'advantage' was that the Uni I went to is very close to my house, so I stayed at home rent free whilst at Uni!

    Cheers

    Steve
    completed Uni in 2004 without any student debt - woohoo!
  • hi

    i would add that things don't magically disappear when you leave uni and get a 'proper' job! although i worked all through uni with two jobs during summer and Christmas times i always thought i'd be ok when i got a real job. a year into my proper job i have paid back about £3000 - £4000 of debt and admittedly my highest interest is on my student loan but i'm far from having the house and wedding i'd dreamed would happen when i left uni!
    Filiss
  • ashmit
    ashmit Posts: 622
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    READ THE SMALL PRINT. ON EVERYTHING. If you can't stay awake long enough to make sense of it, find someone you trust who can talk you through it til you understand what you're signing. 99% of the time, I read everything very carefully and ensure I know exactly what I'm signing. The one time I didn't, I didn't notice that my mortgage guy had put me on THE WRONG DEAL. That is costing me. :(

    But hey, believe me, I will NEVER make that mistake again... ::)

    And always open, read and check statements. If you find that you're getting reluctant, that's a warning sign that things may be starting to go wrong. Act then, not in a year's time when things may be a million times worse.
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