What financial advice were you given as a teenager?

[ForAFriend123]

DS 16 is at 6th form and has just got a part time job at KFC.
Being so crap with money at his age I would really like him to learn some sensible budgeting/spending guidelines whilst all his money is still his!

His wish list is endless, including driving lessons (we will also contribute to that), car, football kits, gaming gear... I want to be able to give him a steer so he can decide what he really wants versus just spending for the sake of it.
He also wants to go to uni next year where obviously he will be need to manage his money carefully.

What advice we you given? Save, half, spend half? 70/30%!solit?

Would very much appreciate any advice .

It's a part time job.

He should have the freedom to spend it as he wishes, whether saving for a bigger purchase such as a car or spunking it on gig tickets.

Third on bills/save a third/spend a third

Never spend more than 1/3 of your income on rent

Just sharing the guidance I got and that served me well, I realize this doesn’t work for people facing poverty.

Never buy anything you can’t afford aka don’t use credit unless you have the money in the bank already to pay it off immediately. (Exception for a mortgage and possibly a car if you get a very good finance deal)

Always keep a buffer in your account. Think of 500 or 1000 as your zero.

Budget on a yearly basis, not a monthly basis, then break it up into smaller increments to help keep track.

.

Think about a “unnecessary” purchase for 48 hours to see if you still really want it.

My friends were told a third Bill's, a third save, a third spending too. I was never really given saving advice but told from the age of 16 I had to pay for my own health insurance and told to always have health insurance and a few hundred minimum in the bank in case of an emergency (when I turned 18 was told to always have a grand in the bank). Ironically the year I spent it my parents ended up in hospital abroad and I didn't have the money to go help them, my brother did though

None. I wish I had. My mum used to go mad if I spent any money but I wish I had been given permission to spend a bit and then advised to save a bit. Whether it would have made any difference though I don't know. I was shit with money until I hit my 30s. Consequently I drill good financial habits into my teens. They are pretty good at saving..

When it's gone it's gone.

Saving for something and seeing the money build up is very satisfying.

Debt is a mugs game.

Basically how I was brought up...... If we didn't have the money for something we didn't have it. But if we saved we could (( and probably in the sales)) we were brought up by a single mum in the 80s who had us four and no support from her abusive ex. We were very poor but never had to go without mainly through riding out the tough times and prioritising what was needed.......she worked in a college kitchen so her income was always low. Yet we always had holidays, never had designer stuff but that was never a priority and still isnt.

As a result ive always had savings, my kids have always had a small holiday as I see those as important and we've always managed very well on very little.

Never go into debt. Good advice though it is not always possible to follow.

Work out how many hours you have to work to earn the money to pay for your latest item of desire.

Let him spend what he wants but don’t bail him out for driving lessons etc once it’s gone. Perhaps help him sit down and work out what the cost of learning to drive and running a car will be so he versus what he earns.

I dunno my 16 year is like a little old man with his frugal spending I find myself trying get him to let loose a little!

Encourage him to get an online account where you can see your transactions immediately and create saving pots for the wish list etc - honestly this has been the biggest thing to change my habits and I am a grown up ( who was never given any advice from parents on this sort of stuff !!)

None

By getting them to budget from their income they're more likely appreciate the value of money and make responsible financial choices. A £500 console to a 16 year old who doesn't have to pay bills, is worth significantly more to a person of the same age who does.

Saving for everything over a long period so not spending the whole lot of income in a month. For example if you can guess that you'll need new shoes in a year, depending on how much you usually put away for shoes, divide the total by 12. That means you're down £10 or so a month, rather than a whopping £120 out of one months income if you see what I mean. (I don't spend that much on shoes, it was just an example). So the £10 or so a month isn't accidentally spent, you'd need a separate bank account under the correct label can be opened to store the funds, and a direct payment from the main account to the separate accounts when you get payed.

It depends how much is earned, what their necessary outgoings are and if they can be reduced. Anything left over after that is money into savings

Save half spend half.
Advise from my dad.

Save half and spend half. Easier to do while living at home!

I agree with the save half and spend half. To do that, you'd need to reducing essential outgoings so it only takes up less than half your income, with room for saving for long term outgoings like driving lessons. It depends what you can afford and what things cost for you, so it might not be realistic doing that. But if it is great

Never buy consumer items or depreciating assets like cars or boats on credit.
Spend some, save some, share some (50/40/10)

Save half for university? In particular have him list what he will need for that eg laptop. If you can afford it, offer to match his savings for university as an incentive

Don't spend what you don't have and when it's gone, it's gone! And enjoy having loads of disposable income 'cos before you know it, there'll be bills to be paid...😀

Never a lender or a borrower be

Never borrow money except on a house mortgage.
Marry a man who earns more than you do (yes, I know).
Don’t waste anything.

My old man is super careful with money. But he never offered much in the way of advice. I had a baptism of fire going to uni and figuring out on my own how to live on a pittance a month. This was in the late 90s.

I have a teenager but not working yet. When she does, I'll say 50/50.

Nothing, I don't think. I just learnt through experience - if I spent it, it was gone. I paid for all my personal expenses as a teen (I don't mean household contribution, just clothes, phone credit, bus fares etc).

Also, I learnt frugality by watching my parents. E.g. buying own brands, cooking from scratch, no living beyond our means. They were quite transparent about what we could and couldn't afford, and how much an unexpected expense hurt. I probably led a better lifestyle than they did, once I had pocket money plus Saturday job money! So it was clear to me that I had no Bank of Mum and Dad to fall back on.

I genuinely wasn't given any! My thriftiness is from a natural horror of being skint and in debt.

Absolutely none. :-(