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

DarkConvict

Off topic, the tax system and tax codes. That is so far the only thing i got muddled with. I got to understand it but then didn't realise your meant to have 1 tax code, not 2 which caused me further troubles.

the_insider

I am forever in the debt of my parents for showing me the joy of saving. One of my earliest memories is talking to a nice lady at the Building Society when my mum took me in to pay my birthday money from my gran into my account. And when I was young I would get £5 per week pocket money and my mum would always say "you can spend it on whatever you want, or you can put it in the bank and I'll buy you a chocolate bar". I guess I was lucky like that but even now nothing beats the thrill of seeing that saving account balance going up (and being able to treat myself every few months without having to worry about the bills!!)

torikate

I think the biggest one would be about budgeting. When I first moved out of home at 16 I didnt know you had to pay bills aswell as rent As my family never spoke about money or bills or anything of that nature. I spent the first 4 months thinking i had all this money until someone explained to me that i actually had to pay for these bill and they weren't included in my rent! Oh and catalouges do not want to give you free items :A Maybe also explain if they get into debt how they would get out of it. Im 21 and in 3 months will be debt free. But this is only because I have moved into a campervan in my MILs garden and have not been out for a meal/drinks in almost a year! Had I known this at 16 I probably would have thought twice about moving out so quickly and spending money I didnt have!
Tori xXx

horsechestnut

My Domestic Science teacher gave us one lesson on budgeting; which included "save 10% of your income". Thank you Mrs Davies!
My Maths teacher taught us how to do percentages and compound interest; relating them to savings accounts and mortgage payments - no credit cards in 1960! Thank you Miss Crowley!
No one ever forgets a good teacher!!!

savingwannabe

I am a teacher too. Tell them to think carefully about getting a Saturday job - often students work long hours (for rubbish pay) and are unable to do homework and vital reading. In the short run this is great they can have numerous meals at McDonalds, driving lessons but in the long run if they leave college with poor A levels they will be stuck in a badly paid job. Spend student time wisely. Choose their degree very carefully. This recession is affecting everyone. Maybe describe how many local shops are closing down, do they know anyone who is about to lose a job, been forced to take a cut in pay. People need to save salaries to protect themselves.

Well done. :j

SamanthaA

My own wish would have been to have the conversation at all!

Had I had these complex ideas, like budgeting & CC, explained to me at all I may have avoided some of my problems.

I think I read that the child is 9, too young to understand it all, but the basic message should be that its ok to ask - I will not be able to bail you out afterwards!

dianah

learn to wait. if you want something and are willing to wait, you can usually get it cheaper.

i used to live about five minutes away from the trafford centre and spent quite a lot of time there. i thought nothing of spending £200 on a handbag or £120 on a set of bedding. i could get what i wanted instantly, as soon as i spotted it.
then i moved to the isle of man. not to slag off our shops but we don't have exactly many of them - so quite often you can't get stuff you want over here - and because there's not that much competition, the goods are often overpriced, significantly.
so i've learnt to wait. if i want something and they don't have it over here, i find the best price online and get it that way. if i see something here and want it, i still check the internet to see if i could get a better price.
it also gives you some time to think whether you want the item because you've just seen it and it's oh so cool, by the time you've searched for the best price, i often find i decide against the purchase.

other people have already mentioned re buying on credit, making sure you can afford stuff etc - i'm just pointing out that if you don't have to have something NOW, a week's wait can save you £££

purplepurple

What a lot of brilliant ideas you've given me - thanks so much!:D

whichwhydoIturn

Encourage them to see the bigger picture.credit whilst they start up can lead to a god time of their life dreading mail, a knock on the door a phonecall.it discourages you to have people around your home in caseof an embaressing call.it keeps you awake at night worrying.it is like an addiction that you hide behind while leife carries on around you.explain that life can cahnge so quickly what you have had may not always br there.can i come and sit in on a lesson or two please ?

purplepurple

Thanks whichwhydoIturn... I'll let you know how it goes!