Should children be taught how to budget at school?

Doom_and_Gloom

happymoneysaver79 wrote: »

You are lucky that your parents have taught you these skills and you are obviously putting them to good use - well done u x

My parents (bless em) didn't really do this for me and now I'm in a pickle -I don't blame them but maybe things would be different if they had?!

I whole heartedly believe that it is an essential parenting skill and I wish I was 18 and debt free again lol!!! I too don't like to borrow money from relatives and never have but unfortunatly circumstances allowed me to accumilate debt and now I have to deal with it. You are lucky that you have the support of your family - many don't x

It is an unfortunate shame that debt is becoming a way of life almost. Main culprits are jobs paying too little (how the hell is a person ment to feed a family on minimum wage or just over is beyond me for example!) and banks giving people the option of loans that are obviously too big for them or overdrafts that are too huge! As I said I'm getting my first debit card soon, that has a £100 overdraft on it!! I only earn an average of £250 so it's nearly half my pay check given as an overdraft!! Yes I know I have another £200 coming in on top of that but still it's amazing really. I opted out of a check book and made sure I didn't get a credit card and only agreed on the overdraft as a just incase to fall back on. I think banks give you these options to lure you in so they can charge you and make more money out of you. Not very nice if you ask me.

I do feel sorry for those that wern't brought up to know about the "real world" as that is more important than maths, english and the rest I feel. There should be a course in real life situations probably, kind of like the parenting classes some people do. Could make a world of difference.

By the way I am hoping none of the above offends anyone. If it does I am very sorry!!

Hapless_2

chocolatechipcookies wrote: »

So you learned how to budget a bank balance in math class?

Yup GCSE Maths Edexcel higher paper, along with compound interest, what APR means. The difference between AER and APR, credit and how borrowing x amount can lead to paying back y amount and what happens should interest rates rise. How house prices can fluctuate and why that causes negative equity. How direct debits work etc.

Hapless_2

Doom_and_Gloom wrote: »

As I said I'm getting my first debit card soon, that has a £100 overdraft on it!! I only earn an average of £250 so it's nearly half my pay check given as an overdraft!! Yes I know I have another £200 coming in on top of that but still it's amazing really.

You can refuse the overdraft you know, or just not use it.

Doom_and_Gloom

Hapless wrote: »

You can refuse the overdraft you know, or just not use it.

I do of course Know that, hehe. I played with the idea and I feel that if it's there then no harm done. I live well within my means thankfully and hope never to use the overdraft. However as I said just incase it's there and I won't get stupid bank charges but will just have to pay the intrest which is fine as will be ALOT less.

happymoneysaver79

Hapless wrote: »

Yup GCSE Maths Edexcel higher paper, along with compound interest, what APR means. The difference between AER and APR, credit and how borrowing x amount can lead to paying back y amount and what happens should interest rates rise. How house prices can fluctuate and why that causes negative equity. How direct debits work etc.

Wow! Maths has changed dramatically since I did it 12 yars ago! Well if what your saying is right, then there is no need to worry about the lack of education in that department then!!! Yongsters shouldn't be needing this website - look out Martin, your going to be out of a job!!!

happymoneysaver79

Hapless wrote: »

You can refuse the overdraft you know, or just not use it.

I wish I had the strength that you've obviously got!

Poppy9

happymoneysaver79 wrote: »

Wow! Maths has changed dramatically since I did it 12 yars ago! Well if what your saying is right, then there is no need to worry about the lack of education in that department then!!! Yongsters shouldn't be needing this website - look out Martin, your going to be out of a job!!!

We did compound interest in school in the 70's. I had forgotten I had learnt it until I started working in a finance office:o

Ps. I have an ever increasing overdraft limit (currently stands at £1500) that I never asked for and have never used in over 20 years of banking. My parents never bought anything on credit in their whole lives, not even their house (they paid cash for it). They set a good example of if you don't have the money for it, you don't buy it. I've never had a car on tick either. I know I have to live within my means. My parents were not well off and had some difficult financial times, especially when my father who was self employed had a serious accident. They had little in benefits so my mother had to go out to work, cleaning schools before we went to school and working in a factory during school hours. The financial difficulties were not hidden from us but they didn't burden us with it either.

I despair of one of my neices who at 24 has never worked a day in her life. No wonder she is broke and in debt!

Poppy9

Judging from my Dutch neighbours washing line they didn't have domestic science lessons in school back in their home country. It's been raining heavily for 3 days here and the washing has stayed on the line since Thursday. The towels have now sagged so much they have pulled the line downwards and they are in the grass/mud. This has happened regularly weekly for the last 5 years. For a couple of academics they are not very bright!

Doom_and_Gloom

Poppy9 wrote: »

Judging from my Dutch neighbours washing line they didn't have domestic science lessons in school back in their home country. It's been raining heavily for 3 days here and the washing has stayed on the line since Thursday. The towels have now sagged so much they have pulled the line downwards and they are in the grass/mud. This has happened regularly weekly for the last 5 years. For a couple of academics they are not very bright!

To quote my ma "just because they have a brain does not mean they have common sence" - she is usually correct with this hehe.

happymoneysaver79

Poppy9 wrote: »

Judging from my Dutch neighbours washing line they didn't have domestic science lessons in school back in their home country. It's been raining heavily for 3 days here and the washing has stayed on the line since Thursday. The towels have now sagged so much they have pulled the line downwards and they are in the grass/mud. This has happened regularly weekly for the last 5 years. For a couple of academics they are not very bright!

ha ha:rotfl: