Money tips for teens
A recent survey found that three-quarters of students feel they don’t get enough financial education in school, and so we’ve been working with an entrepreneur who has set out to change this.
Inc entrepreneur Arinola Araba set up her financial education game, BMoneywize to help young people learn how to manage their money and save for the future. In her latest blog, Arinola shares her top tips for young people starting to think about their money:
T- Think about the future and long term. If you started saving now, by the time you’re in your 40s, you could have saved a lot of money if you take advantage of compound interest, which is when interest is paid on interest earned.
E - Educate yourself in money matters. When you start work, you need to know how much tax you will be expected to pay or how tax bands work. Your wage or payslip will also display your taxable earnings. Your Personal Allowance is the first £12,500 of your earnings that is exempt from tax.
E- Exchange. Now is the time to trade what you don’t need for what you want. Do you want to buy something special? Trade some unwanted items for money on eBay or Amazon.
N- Needs. If you have to spend, decide whether it’s for a need or a want. Practise delaying a spend and save for what you need. It can be fun to plan how to get money for something you want.
S - Save regularly to build up a lump sum to secure your future. Start learning and exploring different ways to make your money work for you. You could start by using some of your savings or Child Trust Fund (all children born between Sept 1, 2002 and Jan 1, 2011 should be getting one.)
If you know someone who is under 18 and is keen to volunteer, the BMoneywise Young Ambassador role might be for them.This is an opportunity for young people to be supported into work. Arinola Is looking for 10 young people to test her training offer.
Arinola would also like to find 100 young people to test her new BMoneywise app. To find out more visit www.bmoneywize.co.uk
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