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

ihatefinance

i would suggest telling them a few stories about people who made bad credit choices, Im 25 now and feel ashamed when i have to ask my dad to help with my rent as i cant afford that and repay my debt, debt which was all spent on clothes/holidays etc, whilst it was good at the ime, its certainly not now. Notice the word 'rent' as i am unable to get a mortgage and wont be able to until im at least 35, i have no one to blame but me! Another things is finances and relationships, although i have the best boyfriend, i cant, or wont rather, get any joint acounts/bills etc with him, as i would only affect his credit rating! The only positive of this is that i was able to catch my younger sister in time before she got to know about credit cards, thankfully she has no debt, and has seen firsthand what it can do! ..... also i am now 2 years away from being debt free, after making many sacrifices, and seeing my hard earned monthly wage dissappear! Teach them responsibilty.....if i could go back i would of listened to my dad, and never of gone near any credit cards!

Good Luck

DiamondSpender

purplepurple wrote: »

You're right - my school is in a very deprived area so many of our kids are from families where no one works for one reason or another or where money is incredibly tight. Their families are extremely supportive on the whole, but many of the kids express a real desire to have a different life when they are adults.

That's sort of why I want to get it right so much, because I know that our kids have many different experiences of money management.

Thanks again for the replies.

From a deprived background there is the chance that the kids will either be good with money and understand the value of it, as they haven't had much before...or...get as much stuff as they can on credit as they have never been able to have it buy what they want and when they want it (a la moi!). Kids need to be told of real life experiences, the full picture, everything that can happen if/when you get into debt.

I think what you are doing is brilliant :T...not just like the NatWest advert when they go into the school and talk about budgeting, these kids need more than that and I hope you can get it across to them.

edited to add this bit: Will you let us know how it goes and what the reaction is from the kids? Just out of interest to see how they find the information?

dianah

also, a cheap thing is not cheap if you're only buying it because it's cheap or a good deal. if you had no intention of buying this item in the first place, don't buy it just because it's discounted.
more often than not you'll find you will not use it and all the cheap stuff you've bought and not used will often end up being more expensive than buying an expensive item you actually want & need.

purplepurple

DiamondSpender wrote: »

edited to add this bit: Will you let us know how it goes and what the reaction is from the kids? Just out of interest to see how they find the information?

Definitely! I had them today and we talked briefly about the lessons we'll be doing on money and they were very positive... I'm really looking forward to it too!

savingwannabe

fab! well done.

:j
:j

purplepurple

Sorry for the cheeky *bump*.... just wanted to see if I can get any more replies before the first lesson next week...:D

donny-gal

Just wondering P-P if you could create some kind of game where they have to balance their wages -v- rent -v- food purchases, etc. I am thinking of a business game which I played on one course, where we were given so much raw materials, and had to turn them into products, but had to buy things to do that, and then sell them. Maybe in teams, giving them chance to save up for something, wait for something, and take credit out, and then see who has the most at the end?
DG

Oneday77

I mention the question, "Do you need it and is it as cheap as you can get?" Then go on to discuss what are priorities with money and what are luxuries. Could even be worth adding the money\health benefits of no fags and booze.
Include a life simulation of wages increaing by say 3% per year, but over spending by 5% per year on debt and where the point comes that all the overspending needs to stop as the debts eat all available income.
I would watch you don't make it sound to horror like or they might just switch off and think its all scare tactics.

clarab_3

I wished I'd known that the high from buying "stuff" progressively made me happier for smaller and smaller periods of time, and eventually made me very unhappy.

Thats it in a nutshell. I had £33k of debt and next to nothing to show for it.

Its been a long haul. but I think i finally understand my "emotional spending" as opposed to what I need. Not to say that I dont still spend in this way, but its in a controlled way, as and when i have a little to spare.

Its ugly confronting it, I'm not going to kid on its easy.

Mags_cat

Is there anybody you know, p-p who could come and talk to the kids and give them the *real life* vibe? Younger the better, obviously so they could relate.

I would offer myself - but I'm an old bird now (39!) and possibly not near to where you are.