Money Matters
Cash Information to help you stay out of money trouble......
Earning and Budgeting...
If you've got an income, whether it's from a job or pocket money, you should try and keep a record of what's coming in and what's going out.... This will help you control your funds.... Get cash confident, more information is available from the Need to Know Website
We know Budgeting sounds boring, but what it does is give you peace of mind to help you relax and not worry!Savings...
If you want to put money away for a big purchase like a car, or if you just want to start saving for the future.... you should think about opening a savings account.
Shop around.....
Different banks and building societies offer a variety of interest rates. It might be a good idea if you shop around to get the best interest rate, so that you'll be earning more money while your hard-earned cash sits in the bank working for you.
Key Links
http://www.direct.gov.uk/en/YoungPeople/Money/DebtAndYou/index.htm
http://www.need2know.co.uk/need2know/money
If you want to put money away for a big purchase, or if you just want to make sure that you're covered financially for anything unexpected, you should think about opening a savings account…
Choosing the right way to save…
There are loads of different ways of saving your money to choose from. To find an account to suit you that will also get the most out of your money.
It may be convenient to have a savings account with the same bank or building society as your current account - this way you can manage your everyday living expenses through your current account and quickly divert any extra cash into your savings.
But bear in mind that you may be able to find a better savings account elsewhere. Having money in two separate places may be less convenient, but internet and telephone banking make sending your money to and from different accounts really easy.
Top 10 tips from The Apprentice winner… Michelle Dewberry.
- Get your money's worth
In the long run, a pay-as-you-go mobile is often cheaper than a contract and using a weekly bus pass instead of buying a ticket every trip will save you money. If you're unsure, ask someone to help you work it out. - Claim all your benefits
If you go to college, see if you're eligible to claim Education Maintenance Allowance (EMA). - Spend a little less than you earn
Work out how much money you have coming in and how much you can afford to spend by keeping a record, and then stick to it. - Pay your bills on time
If you get a poor credit rating now, borrowing money later will be much harder. You can check your credit rating on the Experian and Equifax websites. - Open a savings account
Even if you only put a little money aside each week and leave it there, it will soon add up! - Act quickly
As soon as you know you have a problem paying your debts, contact the people you owe money to. If you're honest with them, they may agree to extend your contract or agree to a different payment scheme. - Don't be afraid to ask
You can get free debt advice from the Citizens Advice Bureau or the Consumer Credit Counselling Service. - Eat before you shop
If you're hungry, you'll spend money on food you don't need. Always go to the reduced aisle first to see if there are any bargains you can freeze or use in the next few days. - Check your charges
With a credit or store card you may end up paying back more than you borrowed because of the interest they charge. Look at the APR (Annual Percentage Rate) to see how much the interest rate is. If you have 15% APR on a loan of £100 over one year, you will have to pay back a total of £115. Always look for the best deal around. - Make a stand, don't buy the brand
When you buy brand-name goods, you're paying extra for the name. Check out own-brand goods and non-designer clothes to get better value for money. Even celebrities shop on the high street!
