What do you wish you had been taught?

littlegreenparrot

Fantastic ideas, thank you.

It's really making me think in detail about the things that I do automatically, but aren't necessarily obvious.

It's an excellent point JackieO that it shouldn't just be about frugality, I'm hoping to get across that if you don't waste money through mismanagement, you get to use it to do fun things instead.

Would be interesting to get them to work out how much they spend on magazines/fast food/booze in a month, then give examples of what else they could do with that money instead car/holiday etc
lgp

Bennifred

Show them how saving just a little REGULARLY adds up over time. It is worth saving even if it isn't much......

Emm-in-a-pickle

OP, I`d assume that the younger apprentices (16) would still be living at home, being cooked for to some extent. It would still be good to get them to look at food budgeting, and maybe give them a nudge to learn what they can from home as well. And they might even get to teach parents a bit of frugality!

RAS

Teach them that Christmas and birthdays come round on the same date every year. If you do not want a nasty surprise, then save a little bit every week/month. Same with holidays if you want them.

Get them to work out the difference in the annual cost of paying for car insurance once year (saving the money up each month in advance) and monthly DDs.

Also get them to work out how much they have to pay back if they take out a pay-day loan or borrow the same amount ffrom the local credit union.

And use a snowball to show them what happens to a £3000 credit card debt if you only pay back the minimum every month.

Callie22

How much utilities cost - I know my younger brother found it a shocker when he moved out and realised how much it was costing him to have superlong boiling hot showers, to heat the house to a tropical temperature and leave every light blazing. If they're still living at home, their parents might appreciate this one too

Lurker1972

The importance of prioritising correctly.

We see so many people at work who are threatened with homelessness because they have paid their car loan, catalogue, etc before rent/ mortgage or council tax.

And that putting small regular amounts away 'for a rainy day' not only builds up to a good emergency fund, but can also be addictive !

Honey_Bear

How to cook a roast meal. We take lodgers and a significant number of them don't know how to cook - and that includes meal planning, how to shop, portion sizes and timings. At the end of the session, they get to eat it!

Cazza

The difference between a debit and a credit card - amazing the number or young people who really don't understand this! Ok, they can't have a credit card for a few years but forewarned is forearmed.

How a pension works and how much of a difference it makes if you start saving early.

The difference between a "normal" savings account and an ISA.

What an insurance policy is and how it works.

SSP / JSA etc. In the current climate there are many people who may spend some of their life without work so they should know what they are and aren't entitled to.

Ok probably some really basic things but if they're only 16 and their parents don't understand / teach them these things, it's better they find out the easy way!

Molly41

I wish I had been taught how to sew and knit/ crochet - would save loads of money. Im trying to learn now but it is hard work:(
As regards money management i think learning about housekeeping - meal planning and budgeting for food is very important.

RosiePuddingPaws

Not something I wish I had been taught as I have never used them, but explain to them perhaps why payday loans are not a good idea (usually). I know some people manage to use them successfully, but it seems most don't. I guess it comes back to budgeting. Don't spend more than you get.
RPP