early 20s money management

GaleSF63

diystarter7 said:

If you look after the fivers, the rest will look after itself

I've only ever heard "Look after the pennies and the pounds will look after themselves". 
That's inflation for you. 

dcfc67

What if after getting paid and saving enough to cover his DD's and standing orders he moves all his salary to a Revolut card.
You link Revolut or Curve (no cash referals) to you current account and move money instantly

You can only spend what you have.

Great rate on Euros, US $ etc if you use your card overseas.

If he has lots of friends he can also bank £50 for each one he refers (up to maximum of 5) providing they order a real card and make 3 purchases of £5 or more within a certain period of time

Nebulous2

Young people, and many older people, get stuck in short-term thinking. Affording the beers on Saturday night was my biggest worry at 18 or 19. 

He needs to stretch that out - what are his ambitions? Any significant relationships in his life? That can help - planning a joint future. Houses? Career moves? Relocation to a bigger City? Travel?

Then plan how he is going to get there. Apparently one of the biggest indicators of success is whether young people have written goals. 

Often within the family there is too much history / baggage and advice is bound up in that, meaning it isn't received well. A family friend gave me the only piece of financial advice I remember, rather than my parents. It was to the effect that it isn't what you make that matters, it's what you do with it. Any wise heads, uncles, aunts, trusted relatives he would listen to? 

By 21 I knew next to nothing about my children's finances. I remember my daughter saying she was concerned to make sure her university friends didn't see her bank balance,  as they never had any money, and she had a decent sum in her current account. I was asked for, and offered, a great deal if advice - on savings accounts, broadband deals, mobile phones etc, but on where to put it, rather than how much to save. 

Ant555

Thanks for all the replies so far - very useful and interesting.

Ive been keeping an eye on the thread but this is a change of habit and we don't yet know exactly what he will decide to do so I have avoided posing a running commentary.

I will post back with any positive/negative results just incase is helps someone searching for the same in the future, but for info, off his own back he applied for and received a revolut card at around the same time dcfc made the suggestion in this thread so that may form part of his approach to this.

All the best.