5 Things Teens Should Be Taught About Money

BargainBerridge

Some fine advice here, IMHO.
Re: costs involved in getting a degree. Many universities offer degrees parrt-time in evenings, so you can still work part-time, or even full-time is sufficiently committed. It may take longer, but won't cost as much as you think. For example, Law degree (hons) at Wolverhampton Uni, can be done in four years (and not too onerous! - I know, I did it), and fees were LESS pa than full-time course. Oh yes, you could also access the 'normal' day time classes!
Worth considering if you want a degree for career advancement, rather than for the social scene. I graduated 3 years ago, so check details.

Rachael_M.

I agree so much with what you have to say.
My Grandson is 11, 12 very soon - and if he thought you were teaching him, or preaching, he would be going to sleep.
The value of money and all of it's pitfalls, is what we are always learning in life, on a day to day process. Some you win, some you loose, but it is if you learn from your mistakes that counts!

suky321

1) Don't use Credit cards
2) Save as much as possible
3) Don't spend money on unnecessary things, cigarettes, alcohol
4) Buy things cheaper from internet price comparison websites
5) Live for the future, don't live for today.

radarhunnihawk

Hi I am a first time poster but long time lurker to the site, anyhow heres what I wish I had known as a teen.

1. If you have any paperwork at all relating to money from bank statements to info on student loans keep it safe. It will save you a lot of hassle in the future, foolish me did not and now in a small bit of a mess with my student loan.
2. Always pay bills on time, if you can't remember to do that and are in a possition to do so set up direct debits/standing orders. It really saves on the fees for being overcharged.

And some that had been drumed into my head since a child.
3. If there is a cheeper alternative that does the same job then go for that. You really do not need those designer cloathes or trainers. Stores such as primark sell cloathes that look designer without the huge price tag.On a similar note discount brands food wise are generally the same only with diffrent packaging.
4. Always always always read the small print. If you don't understand something ask someone you can trust, if needs be take the paperwork away with you to mule over. Never sign anything you don't understand.

And one I wish we had been taught at school.

Basics such as budgeting, meanings of words like apr, diffrent types of intrest or even basics like cooking food on a budget. Also I wish I had started saving from when I was a teen rather than putting what I can into an isa now.

gill_b_4

Use a spreadsheet to work out a budget for a whole year.

Have two bank accounts - one for the bills and one for the rest. Transfer enough for the bills each month, adding about 10% for increases and unexpected items.

You can have fun on whatever is left!

It's always worked for us and we are now enjoying early retirement on our pensions!

Gill and Colin

C_Ronaldo

dont spend more than what you have got, always keep a track of your outgoings and ingoings

Lara44

I studied a design degree and got by okay but have big debt (15k) through student loans. What surprised me most was that for the year following my degree I was much much poorer than when I was a student.

When you finish for the summer and the loan runs out that's it. So my tip is to save some cash no matter how small over the whole three years, you really need it for backup when things are bad.

vanessaw

As I am a single parent I need to ensure my son knows the value of money. I do take him out and spend money on him, but when he wanted a PS2 for instance, I told him I couldnt afford to just go out and buy one, so he saved his pocket money up (£5 per week) and bought it. He also buys all his own games - usually pre-owned as they are cheaper. He automatically saves his pocket money now and as soon as he receives it puts it into his money box. We are also saving up to go to Disneyland (as we have been for 3 years - lol!!) and he saves any birthday monies etc towards this - bless him!!!

gerretl

Probably the best advice I can give is
Don't squander the biggest freebie you will ever be given, namely your education to the age of 18.
Face it, parents are paying for the education system through taxes, and a good education gives you choices to do what you want in the future. By not putting effort in at school, your lifetime earnings could be drastically affected.
Yes I know Alan Sugar, Richard Branson etc left with but one 'O' level, but there is nothing to stop you being well qualified and an entrepreneur.

Jeanne

This is my first post.
Encourage children to save from an early age.Open an account which they understand is not to be touched until they go to Uni, buy a house or whatever emergency might arise. Open another account where they can save up for items and withdraw the money as needed.
I agree that the interest on savings is less than that on debts, but keeping some money in a savings account for a rainy day gives peace of mind.
One birthday when money was tight, my son wanted a Man U. football shirt plus several other things. I gave him a small present and enough money for the shirt and took him shopping. He decided not to buy the shirt as he could get more for the money spending on the other items he wanted.
In the last year or 2 at school give them an allowance instead of pocket money. It can be used for fares, lunches and small items of clothing as well as spending money.