5 Things Teens Should Be Taught About Money

racer256

I think this post should be extended to students!!
x

Middlestitch

Fantastic book just been published which might be the answer to many a parental prayer! Have a look at 'Money and Work' by Wyn Derbyshire, Stephen Hardy and David Wicks (was it written in response to this thread?!).

TescoMum

Neither a lender nor a borrower be!

Stephen_Leak

Cathy100 wrote: »

Thank you to everyone who has written anything Re: 5 Things Teens Should Be Taught About Money.

I have agreed to run a short course next year for Year 11 on 'How to manage your money'. All these ideas are wonderful as I really wasn't sure where I was going to start. All I need to do now is write the course!

I now work in a secondary school and am also beginning to get a reputation as a "MoneySaver". I have a sneaky feeling that I am going to get "volunteered" into one of these sooner or later. Therefore, I hereby give Martin formal notice of my intention to plagarise "The Money Diet", this website and the forums!

C_Ronaldo

Dont spend what you dont have

Jennikay

Children should be taught the value of money.
Normally only really learnt when they start working - i.e. 'That CD will mean I have to work and extra 2 hours, is it worth it?'

I'm 17, and my parents have always paid for my essentials (clothes, food, bus fare), and given me 'pocket money' (not much - £5/week) to do with as I please.

I've never worn designer clothes, the only branded items I own are a pair of Skechers trainers that were given to me by my OH's mum

Personally I like it this way, it means I can fund my clothes quite easily when I'm living on my own, and I'll be perfectly happy in Primark/TU/George/F&F's best


I check my statements!
I noticed something funny when I got home from being away this year, my available balance was 'Nil' I went into my bank, and had to pay about £2 or I was scared I was going to get a £30 charge! (I would've done if I'd been over 18, probably)

We're not all completely ignorant of our finances.

clk299

Don't be afraid to ask for help. Similarly if you have a friend who appears to be in financial trouble then sit down with them and see if they want to discuss it (it may be unwelcome at first but then once they've thought about it, it may be the saving of them).

I was very depressed at university and went from someone who was initially very good with money and very responsible to someone who didn't care any more- after all, I wished I was dead so who cares about the money, it's only money and there are more important things. Except when you are very low, you can't see that you will get better- and that it will become an issue. I knew a couple of people like this and a new friend I have has just admitted she is in £20,000 of debt as a result of this situation. If one of my friends had said to me 'you're going out shopping/drinking/for dinner an awful lot at the moment, how are things financially?' and pointed out to me that I didn't NEED to do those things and they wouldn't help in the long term then I might not have had such a rubbish few years afterwards.

Claire, now debt free apart from student loan, £17k in the bank saved for house deposit, 11k debt paid off in 2.5 years since graduation

ANY_CHANCE

My son is nearly 14 he works in a local pub washing up/ waiting on. He applied for the job himself. He has been there for a year and he loves it.
I am proud of the fact that he is learning the value of money and commitment.

However he is constantly trying to persue buisness adventures. A couple of years ago i had to stop him calling at the neighbours (who we knew) asking if they wanted to have their cars washed - he turned the shed into an office!!

The latest is a stationary theme he has an inventory of stock!! a brochure he has made and he has just informed me he went to the bank to arrange a buisness interview!! OMG i want to tell him to stop but i do not want to break his dreams/enthusiasm for getting up and being pro active in what he believes in.

bristol_pilot

Here are mine:

- never lend money to a friend; you will lose both the money and the friend

- never form a financial relationship or partnership with anyone; e.g. its not a good idea to have joint accounts with your gf, bf, housemates etc



Why is everyone posting saying there is no such thing as a free lunch? There is - I have enjoyed many of them!

$ADZ$

Never Borrow money off someone if you know you won't be able to pay them back!