MONEY TIPS FOR UNDER 20'S
BUDGETING
First things first, you need to know how much money you have in your pocket. It can be really hard to think about how we manage what we spend. We might live like a king or queen for the first few days we have money but by the end of the week or month we end up hunting for coins down the back of the sofa or feeling depressed and lonely because we can’t go out with friends.
Budgeting can help avoid this.
HOW TO START
1. Decide whether you should budget weekly or monthly. If your money comes in once a week, budget weekly. If your money comes in once a month, budget monthly.
2. Work out how much money is coming in and where from. You may have income from pocket money, wages or allowances. Don’t forget about other money, like from Gran, doing chores around the house or babysitting.
3. Work out what you spend your money on every week or month. Remember not to forget the small things like snacks and drinks.
4. Minus what you spend from what comes in and find out what you are left over with. Then use this money for seeing your friends, saving and in case something comes up like a birthday.
SPENDING
Chances are you are wearing most of your spending money as we all know that the latest trends are pretty expensive. Clothes aren’t the only expensive trends though. New technology, music, books and games are all great to own but come at a high price.
Any money you spend should be thought through:
Is this the cheapest place to get this item from?
Is this item really worth the price tag?
Will this go out of fashion soon?
There are some great bargains out there and it pays to take your time to shop around.
Here are a few good places to start:
www.amazon.co.uk -for books, games and electrical items. Free delivery over £15
www.ebay.co.uk -for anything at all really but be careful who you buy from
www.cd-wow.com -for DVDs, games and CDs. Its free delivery too
www.mandmdirect.com -for clothes and shoes
Also try T.K Maxx for designer clothes and shoes. Most big supermarkets also sell affordable, good quality clothes and shoes
SAVING
Saving usually feels a long way off but if you budget properly you should be able to.
Saving even the smallest amount every week or month can help you when tickets for that must see gig go on sale or when a big football match comes around.
SOME WAYS TO SAVE
Piggy Bank / Safe Place at Home:
+You can easily see how much you’ve got
+You can use it when you need it
- You don’t get any interest paid to you
Banks / Building Societies:
+You get paid interest for saving
+You can choose the best accounts
+You may get extras for joining
- It can be complex finding the best one
Money Spider Credit Union:
+It does not make a profit from members
+All profits go to members, like interest
+Over 18s can borrow money cheaply
- You can’t pay in on the high street
The Post Office:
+You get a cash card to withdraw money
- You don’t get paid interest
- You can only use your local Post Office
BENEFITS
‘Benefits’ are extra money paid to people by the government to give them a little extra if they do not have enough to live on. This may be because you are unable to work, are on a low income or need extra help because of a disability or raising children.
Benefits can often be difficult to understand and see what you may be entitled to. Here are just a few that may apply to you:
Education Maintenance Allowance -
Up to £30 per week for over 17s who study for more than 12 hours per week.
Disability Living Allowance -
Paid to people under 65 who need help with getting around and/or personal care.
Job Seekers Allowance -
Paid to people who are unemployed but are available and are actively looking for work.
Housing Benefit -
Paid to people who rent their accommodation and have a low income.
Child Benefit -
Paid to people who are looking after one or more child.
Working Tax Credit -
Paid to people who are in work but are on a low income
Child Tax Credit -
Paid to people who have children
GETTING HELP
Benefit Enquiries- Tel: 0800 88 22 00
For use if you are sick or have a disability
Job Centre Plus- Tel: 01283 505000
For help with job hunting
Shelter– Tel: 0808 8004444
For help with housing or homelessness
Student Loans Co.- Tel: 0800 405010
For help with student finance issues
TaxAid– Tel: 0207 8034959
For all tax advice |
