Pass on your top money tip to youngsters

Former_MSE_Wendy

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] What's this all about?
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Non-profit teen guidance site Respect Yourself sends a free daily text on lots of topics such as relationships, finance, employment, and positive-thinking to young people aged 13-25.

As one of the popular topics, it’s looking for new financial facts and would like MoneySavers to forward their tips, experience and wisdom in 160 characters or less in the thread below.

Financial messages are best but other 'life' messages will be useful too.

The best will be texted to young people so they can be more informed and make their own decisions in a better way.


[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] Anything else you need to know?
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* Please don't sign up for the text messages if you don't need them as it costs RespectYourself to send each one. You can see the messages on the website, twitter, facebook or its RSS feed.

* Don’t give advice or personal opinions eg "getting a mortgage is much better than renting"

* Try and be informational and provide choices, don't tell people what to do or how they should do it

* Stick to around 20-25 words, so it can fit into a standard text message (slightly longer messages can be edited down)

* Only cover one 'concept' per message, split into several if you have lots of ideas rather than trying to cram your tips into a small space


[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] Message from Respect Yourself...
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"Thanks for your help and support!
Your message could really help a young person get better outcomes in life!"

[title=http://images2.moneysavingexpert.com/images/dp/wtd_underline.gif] A few of the past messages include...
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* Direct Debit: an instruction from u to ur bank, authorising a company 2 collect money from ur account - used 2 pay regular bills automatically like gas/electric
* Loan sharks are unlicensed moneylenders who charge very high interest rates and sometimes use threats and violence to frighten people who can’t pay back their loan. They can be reported.
* Prioritisation: focus on urgent & important tasks, not ones that don't move you towards your goals. Working hard & being organised on unimportant tasks is not effective
* When you have a job, tax and National Insurance are deducted from your wage to pay into your State Pension and other benefits. NI is 12% of your wage or more.
* Basic Bank Account: u can have wages/benefits/cheques paid in free of charge, set up direct debits & cannot take out more than is in there.
* Remember in any discussion there are two points of view and yours may not be the only correct one. Listen to your partner and give them your full attention.

Please post your messages below

Charities, community groups and campaigners send a [EMAIL="campaigns@moneysavingexpert.com"]campaign of the week[/EMAIL] suggestion.

KME91

If you live alone you can apply for a 25% reduction in your council tax bill. Contact your council tax office for more info.

KME91

ps what a fab idea

RazWaz

Set up an amazon wishlist full of all the DVDs/Games/CDs that you want, when you want a treat, buy the cheapest on the list. You always get something you want and save money in the long run.

I also hand out the URL for the list when people ask me what I want for xmas/birthdays.

lostinrates

Keep a record of all incoming and outgoing money. This habit can give you financial control forever, whether you are dealing with pocket money or a vast wage!

bungle4by4

if you ever find yourself on Wonga.com playing with the sliders, smash yourself repeatly on the head with a frying pan.

Trazy

lostinrates wrote: »

Keep a record of all incoming and outgoing money. This habit can give you financial control forever, whether you are dealing with pocket money or a vast wage!

When I get my money I enter it and all my outgoings for the period until I get paid again into a little book. The amount I have left in my book is the actual that I have to spend, not what a hole in the wall tells me (which may not have yet taken direct debits etc)

gsymoo

As soon as you start earning, work out how much you can save (even if its a small amount). Set up a savings account that doesn't have a cashpoint card or easy access - the old fashioned idea of going into the bank to get your money out!

Set up a standing order between the a/c your wages go into and your saving a/c, that goes through same day or within days of getting paid. If you get a payrise just increase the standing order. You don't even notice you are saving.

SailorSam

Do what's right for you, not what your mates tell you to do.

[Deleted User]

Don't mix money and friends; Never a lender or a borrower be

GlasweJen

Try downgrading at the supermarket, value can be just as good as branded!