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

slummymummyof3

If you take a look at https://www.freestuffjunction.co.uk there are loads of other free teacher resources!

irishwench69

IWantToBeFree wrote: »

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.

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.

I agree with this - it's not just about avoiding debt - it's about being a savvy consumer and avoiding bad debt.

For example, student debt is not necessarily bad (can talk about interest rates for SLC loans and how this is linked to base rates) and mortgages (be hard for most people to buy a house without one! Talk about the need to save for a deposit etc).

There's a difference to saving up for a house / mortgage or using a SLC loan in order to go to uni, and living hand to mouth on several cards, loans and overdrafts.......

The other examples given like cashback credit cards and using store card offers are good as well - it's about teaching principles but also showing there are ways round the system!

Sounds like a really fab thing you're doing - I'm sure the kids will really appreciate it (I know I would if I was back in school ).

IW x

carpedieme

never a lender or a borrower be!

frugalfemme

I think budgeting is something that should be taught to children. I was never taught the skill of budgeting. I eventually learnt this myself when I was well into my late 20's (I am 35 and now reaping the rewards). It used to be that people were ashamed when they bought things on tick now it is just accepted. Maybe a task for children to do such as the weekly grocery from a budget. Or how to survive on jobs seekers allowance. Hopefully that will teach them that they should work hard at school so they can try and get a better job so they can afford luxuries!

honeybear_2

Oh so many things for me; what APR actually meant, what a credit card really was (ie.more debt!), the effects & timescale of consolidation etc etc etc...

Most of all I wish I'd known somewhere as supportive & non-judgemental as this forum. I can remember admitting to my debts when I was much younger to parents & a few others & getting loads of abuse thrown at me, along with a fair heap of disappointment. The effect on me was that I stopped talking aboiut my debts, hid my spending & it's taken years for me to open to anyone else about anyth.ing financial. I still struggle now.

This site is (pardon the pun) a wealth of information & this site especially is full of such nice, supportive & helpful people. I may have got there late but at least I'm on my way now :A

Raingold

I wish I'd learnt;
How to budget and save;
How to cook/shop using some of the great meal ideas on here - rather than buying ready made;
Shopping for shoes/clothes isn't the longest or the best fun/thrill!
Having different accounts for savings/purpose ie car insurance/MOT and holiday;
Buying things doesn't make you happy - experiences are longer lasting as memories/friendships/personal challenges.
If it sounds too good to be true ........it probably is

My ds is 8, my dd is 12 - they are total opposites - ds saved and bought his bike (half price in the sale, but still cost £80), dd loves to spend money - but is slowly learning from her brother! I had resisted buying a pet, but one day in a moment of weakness, said he could spend his money on whatever he wanted - he bought a cute little hamster, a cage/food/toys etc , he takes care of his pet and really gets alot of pleasure from the things he saves for. Dd is starting to take note and has started to save, so good role models are helpful, of any age!

zarazara

That you can only spend each pound once. Yes,there will be more next week, but thats more £'s not replacement £'s.

purplepurple

Hi All,
Just wanted to bring you all up to speed with how the lessons have gone so far...

Firstly, thank you all SO MUCH for your replies to the original post - we've used and discussed your replies / comments for the last 7 lessons (7 hours) and the pupils are keen to keep going with them until the end of term.

Your advice has really struck home with most of the kids... one of the best results has been that one of the girls from a family quite deeply in debt has actually persuaded her mum to create a family budget and they've all been sticking to it for the last month. She said that it's been a massive relief that she's actually talked to her Mum about the family finances and feels that she's helping out, she was quite worried about it all.

All the kids have created their own budgets and have been sticking to them more or less. We've talked a lot about good debt and bad debt and a lot of the kids have gained a much deeper understanding (and appreciation) of their family finances.

So... to be blunt, and at the risk of being too dramatic, a lot of the advice you've given them has, in some cases, literally changed their lives and I will be eternally grateful for that. Hopefully they'll never "unlearn" what they've learnt so they'll be well on the way to being informed and educated spenders, borrowers, savers and consumers.

Thank you!:D

dianah

that is absolutely brilliant!

clarab_3

Brilliant!!