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

clarab_3

purplepurple wrote: »

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

PP, it might be worth a word with your Primary Care trust mental health team. They deal wth people n their hundreds wth self esteam problems which lead to problems n later life (comfort eating, comfort shoppng, drink, drugs... anything we use for quick fixes to difficult feelings) They might be able to give you some ideas on self esteam lessons and skills which would be valuable to the kids and stop them getting into those patterns?

niccatw

angelflower wrote: »

good thread. I think anything they can do practically to cement the lessons is the only way that any message will stick.

Why not create the lesson around something like 'how to refurb your bedroom'.

Get them to write a wish list - GOALS

Get them to add up how much they will need then investigate different ways of how they might go about getting the money for it - ie credit from different sources, loan from family/friends, saving, working. Incorporate here some of the MASSIVE APR companies that are out there such as places like provident and bright house which might be the first forms of credit they come accross due to lack of credit history. PLAN (might be helpful to get them to fill in things like budgeting sheets or credit applications)

Ask them how their goal may shift depending on the availability to the amount of income they may need (really that big a TV?) REVIEW

Its my understanding if they can make it relevant to their lives now, then the information will stick better. Good luck!!

I think this is a great idea. It's bound to work better when they are motivated and can realte it to their own experiences/things they want.

Another thing to point out would be getting them to work out how many hours they'd need to work at their paper round or how many hours youi'd need to work earning minimum wage to pay for these things. It might help them think about whether they really want that thing. It might also help them realise parent's don't always say no to be mean!

Martin'sdemotivator is good for that kind of thing http://www.moneysavingexpert.com/protect/demotivator/

Good luck with the lessons, they sound fab, wish we'd had them! Let us know how they go.

heatherks

not to get mixed up with credit cards ....better understanding of APR's and BNPL

also to try and stress if they havent got the money/ cash to buy it outright They dont / might not actually need it ...i wish i had listened to my gran many years ago before i fell into the trap ...i'll get it now and pay it at end of month when statement came in .. then something else came along

paybacktime2008

I too work with kids/parents in a deprived area and what I did which was kind of near the knuckle was a lesson on the benefit system. How it was a pot of money that people paid into so that people who needed it could use it when times were tough. Raised a few eyebrows as many kids just don't get that the money comes from other people rather than the mystical 'government' Good debate ensued though.

I think if you could get a replay of the quickquid ad currently running on telly with it's 2000 odd apr and show them what that really means would be a good one.

Unfortunately I'm sure a lot of this kids will know who the Provident man is, savvy about not letting bailiffs in etc etc.

Anyone mentioned credit unions yet?

I have to disagree with the person who said to discourage saturday jobs. They are great experience and excellent for self esteem. Life isn't just about academia...some of these kids will leave at 16 and at least they will have an 'in' if they want it.

Might be worth, if your school is like mine, debunking the myth that teenage pregnancy is a road of milk and honey.


Bit of a brain dump there...hope some helps.

babyshoes

If you have internet access, it is useful for finding prices of various essentials to use in budgeting lessons...

andromache_2

I don't think it's been mentioned already - would it be worthwhile talking a bit about SLC loans and the difference between 'good debt' and 'bad debt' so that those who are considering university won't be scared off unnecessarily by your talk on compound interest and the dangers of credit in relation to commercial loans?

mariemcg

horsechestnut wrote: »

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!!!

:shocked: Is that 10% of your gross pay or 10% of your net pay?

niccatw

Purplepurple, do you know you've made it into the weekly newsletter as DFW chat of the week! :T:T:T:T :A

Well done - and very topical given Martin's work in getting lesson's into classrooms!

Keep up the goo work :beer:

sarahs999

I think the main thing when you're that young is that you can't imagine what on earth adults spend all their money on. The thought of a salary of say, £30,000, is wild to a 14-year-old. 'What do you old people spend it on? I could have a ball with that money.'

IT's showing them what you actually get in your paypacket, and how much is sucked away in taxes, NI, mortgage, insurance, utilities, grocery shopping, repairs, petrol, more taxes, adn then, CHILDREN! That's the only way to learn the true value of money. A good example would be, if you lose, say, £2000 a month on all the essentials and tax, work out how many days you've worked to earn that 2,000, and that's the point that you then start earning money for you. Don't depress them though!

Raw_Foodie

History teaches us that money occasionally become worthless, and I think that's all the more a genuine possibility when speculation is as rife and uncontrolled as it is now. As important as it is to teach children about how best to deal with money, I think they also need to know that it is only one way of valuing things and activities, and when currencies do go pearshaped they will need to know how to make and do a lot of things themselves that at the moment they're paying someone else for, such as growing and preparing food, repairing things etc. To balance out the doom and gloom nature of this post, I can also say from experience that becoming more skilled and productive in this way can also be one hell of a confidence booster.