Pass on your top money tip to youngsters

margaretclare

Save regularly from the first moment you get some earnings, even from a Saturday job, paper round etc.

If I had saved a shilling in every pound I earned - that's one-twentieth - I would be a rich woman today.

Put this small amount of savings aside before you plan what you're going to spend, and put it somewhere where it will grow.

There is a book called 'A Girl's Best Friend is her Money' by J. Birtles and J. Mack (I think). This is excellent basic advice. I gave a copy to each of my GDs. The knight in shining armour is not going to come along and rescue you - you have to do it all yourself, and it feels much better when you know you did it all by your own efforts.

Former_MSE_Wendy

Some great replies so far folks, thanks

Neil_in_Bristol

Many banks let you have 2 current accounts so you can keep your spending money and bills separate.

Lazy_Liz

If your company has a pension scheme joiin it as soon as you can

N.I.M

Never let anyone tell you its ok to have debt, developing a healthy fear of being in debt is a good thing. From this point you can learn the difference between good (affordable morgages and student loans) and bad (credit cards, personal loans etc) debt step by step without getting into too much trouble.

chog24

Look afta the pennies & £s really WILL look afta themselvs. A £2.80 coffee evry day costs u over £1,000 a year!

chog24

Calcul8 wot u need to pay bills:rent,bus,fone,food etc- b realistic! Set up Direct Debit 2 move it 2 a 2nd acct when u get paid so ur not tempted 2 spend it.

chog24

Loyalty must be earned. If U have CC debt, U owe the card issuer no loyalty unless they r giving U the best deal around. Move ur debt 2 where it’s cheapest.

chog24

Don’t B afraid 2 shop around for the best deal.

samanthalewis

If you are serious about saving money,then here are some tips for you guys..

1.Create a budget and stick to it. Keep a detailed record of what you earn, spend and save each week or month. Aim to increase savings, reduce debt and build some savings. Be honest, precise and detailed. How many coffees, how many nights out, how many pairs of shoes on the credit card?

2.Have a no spend day. Challenge yourself to spend nothing for the day at least once if not twice, a week. Just because we have money in our pockets we think we have to spend it. We think nothing of buying cups of coffee, a can of coke, bar of chocolate, packet of chewing gum, etc etc. The average person spends around $40 a week on the above - that’s around $2,000 a year! It’s actually kind of fun, and really not that hard.
3.Give up a vice (at least for a while). Everyone knows smoking and alcohol can have adverse health effects. One argument that rarely comes up is how much it costs to maintain these habits. The money you save from quitting these vices can total to much more than $100 a week. They aren't the sole bad habits that can cost you either. Speeding and overeating also add up to higher fuel and grocery bills, not to mention traffic fines. Practicing a little self-control can get you your financial goals a lot sooner than you think!