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

Raw_Foodie

Another one for those who like word games:
Thrift and Thriving have the same linguistic root.

niccatw

Raw_Foodie wrote: »

Another one for those who like word games:
Thrift and Thriving have the same linguistic root.

Oooh, I like that RawFoodie. I might have to steal it for my signature (when I've a bit of space!), if you wouldn't mind?

bigskinflint

:jpay as you go if you cant pay dont go !

purplepurple

Hi Everyone - thanks again SO much for all your replies - I really appreciate the time you've spent giving me your wise words!

Am currently looking at the psychology of supermarkets with the pupils - I thought I'd start with ways that companies try to get our money in subconcious / subtle ways and then build up to the not so subtle ways that banks / companies get it.

Amongst other things, apparently, if you go round a supermarket in an anticlockwise direction, on average you spend £3 more than going in an clockwise direction! Also, supermarkets will put all the "impulse buy" stuff on the ends of aisles and brands will pay millions of pounds to get their stuff displayed there.
It's been scary to hear just how much the pupils spend in Tescos (we have 4 in our town) and how they didn't realise the many tricks the big supermarkets use to entice us to spend.... they do now.;)

I've started using your replies directly in my lessons as there are so many fantastic suggestions/stories and the pupils seem to listen more because they are words from "real" people, not just me banging on at them!

I'll let you know how we get on in the next 13 lessons... thanks again

katieclampet

I wish I'd learnt these financial lessons when I was younger...

* wanting something and NEEDING it were 2 different things
* what APR really meant
* if something is too good to be true, then it probably is
* saving even a small amount regularily is fairly painless, and soon adds up

and most importantly
* the best person to look after your money is YOU

katiex

Radarjet

When I was in school, our cookery teacher took us shopping for ingredients for a full weeks meals (that we cooked over the term) and we had to work out what the cost was for feeding each dish for our individual sized families v buying ready meals v takeaways

Eg. stocking a store cupboard/fridge with a big bag of flour, oats, big milk, cheese, eggs etc was better for cakes, pastry, bread, quiches both cost and nutritionally wise and for Mums time than daily shopping trips for preprepared stuff.

This was long before they posted pence/per 100 grams too, but she made us do it time and time again and I know I do that quick working out often even now.

slummymummyof3

PP, did you know that pfeg offer a whole load of resources free of charge to support finance lessons - http://www.pfeg.org/ I use these resources with my tutor group as well as Martins teenage cash guide.

purplepurple

Hi slummymummyof3 thanks so much for that pointer - those resources are great. The video stuff is brill too - I've found it quite difficult to find clips to show them, so this will be a great help

IWantToBeFree_2

Personally, I would dedicate some time to showing how using plastic is not always bad, and in fact can work massively in the consumers favour if used sensibly.

Most of my spending is put on a credit card, I get funny looks when I go into shops, people judge me when I get out a Mastercard for a few quid, yet I am normally the one laughing when I get my cash back once a year - was £166.02 this year, for nothing, didn't cost me a penny in interest charges as I pay the card off in full every month and set a budget to ensure I can do this.

Martin talks about how store cards are the devil, but they really aren't, if used properly, they can save you loads! I opened 2 recently as I was in need of some new clothes due to losing weight - 15% off my initial spend, and then when the cards have been delivered, they have come with 20% off vouchers, meaning that if I buy anything in the next few months, I can get another huge discount. The cards were paid off in full, not a penny interest paid, just some nice savings

There is such a focus on how debt is bad, and not paying for things upfront is bad, but it is simply not the case.

Obviously, using the 'system' to your advantage doesn't always come at 18, at 18 I had credit cards, store cards, and I was paying the minimums, hence still being in debt now, it has taken me some time to see how I can get things to my advantage and get a few extra £s saved when making purchases.

I wish that someone had told me that once I turned 18, I would have money thrown at me from all directions, and I really didn't have to take them up on i!

laineygirl

Never do plastic, its monopoly money and not real until you have to pay it back.
If you dont have the money for it you cant afford it and when you have saved and you can afford it, it will have come down in price, Bargain.
Dont expect loyalty and help from your bank when you have problems they're in it to make money.If you are become a bad risk the more they will make. Their Customer Services are there to stall you and each department you are passed to delays actual help. It can take over 6 months before charges and fees are stopped doubling your debt and then after 3 months your debt will be sold on to the debt companies (reluctantly they say) because they need the money. Its amazing how if you owe millions the debt can be wiped off but owe a couple of thousand and all hell breaks loose.
Even the banks failed and were bailed out by you and me but nobody will bail us out if we fail through no fault of our own and yet they still sponsor coporate events which cost millions which we are paying for indirectly. Will we ever see any of the prestige tickets, no I doubt it.
If you loose your job you are only 3 months from possible homelessness and a candidate for selling the Big Issue, so dont look down on what you could become.
Use every available tool to help you to save money, better in your pocket than someone elses and the glow you get when you know you have beaten the system.
I suppose the best you can teach them is to live on what they earn, do a budget for everything and make sure their partner is in on what's happening. Boring but you'll never have a sleepless night or endless rows about money which will destroy a relationship.