Young Singles
Money can be a big pressure on young people
- If you don't get to grips with money it can lead to health problems like stress and poor diet.
- It can also lead to problems in relationships and friendships.
- At its very worst the desperation can lead to crime.
Understand some of the basic issues around your money
- Make a distinction between those things that you want and those things that you need.
- Don't get sucked in by advertising - the more you watch and read the more you are likely to spend.
Practical issues
- Make sure when buying an item you take all the conditions and value for money considerations into account - is this really the best deal you could get?
- Put money aside to pay bills so you can pay them when they arrive.
- Make sure you understand all the issues concerned in renting your first property. (See links below)
- Budget! (For budgeting help and calculator go to www.moneybasics.co.uk)
Work
- Work can be fulfilling as well as a vital source of income!
- Make sure your CV is up to date.
- Get information on tax and national insurance - a great tip is to ask your employer for a P38S if you are doing any work in the holidays, this exempts you from tax in your first job until you earn above the single person's allowance.
- When you start your first job after being a student make sure you fill in a P46 to make sure you are paying the right amount of tax, you don't want to end up being taxed when you shouldn't be!
- Check if you are entitled to any benefits. (See links below)
Using banks or building societies
- Accounts have the following advantages - security, convenience and the financial support financial institutions can offer.
- The two main types of account are current accounts (for day-to-day) and deposit accounts (for long-term saving).
- To open an account you need to go into a branch and speak to an adviser.
- Get the full information before taking on cheques, debit cards or credit cards; make sure you know what is involved.
Credit
- There are lots of different types of credit, it is a good idea to get information on what different types and products are available. (See links below)
- APR stands for Annual Percentage Rate and that is the amount of interest you will pay on any credit you take.
- Be careful when borrowing from family and friends - you don't want the debt to sour the relationship.
- If you can't get credit from reputable companies don't be tempted by loan sharks - they're always bad news!
Saving
- Regular saving is vital!
- Look out for useful money saving tips like those at www.moneybasics.co.uk
For more info...
YouthNet have produced a helpful website with more info specifically written for 16-24 year olds http://www.thesite.org/homelawandmoney/money
For more info on renting
Channel 4 - Property & Money
For more info on benefits
Citizens Advice Bureau - Benefits in England
For more info on credit
Moneybasics.co.uk - Borrowing
If you get into difficulties with money then talk to someone about it - Call for free advice from the Consumer Credit Counselling Service on 0800 138 1111
