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 .

I love that concept ( pay yourself) with savings.
Also I'm now a huge believer in splitting money up into various pots.

The main message I was taught was, when it's gone, it's gone.
No bailing out. Ever. Just have to wait until I either earned more, or next allowance or birthday.
I think that's an important lesson. I have always lived within my means and only ever borrowed money for my mortgage. Everything else, I have saved up for.

Don't borrow.
Don't lend.
Don't gamble.

Spend some.
Save some.
Remember to enjoy some.

My girls (both at uni) had good temp jobs during covid and put away a "cushion" to prepare which was good.

They gave me some advice... put your money in your savings account, transfer what you need to your current account when it's needed, then if your debit card gets scammed they don't get the lot.

Split your income into 3 - spend, save, give - and never dedicate so much to any one of the three that you cannot afford to do both of the others.

Never spend money that you do not have. (The only debts any of us have ever had are mortgages, a business loan, and now, for my dc, student loans.)

Arrange an overdraft, but never use it. An overdraft is a safety net.

Pay off credit card in full every month. If this is a struggle, then decide how much of your monthly income is available to pay off your credit card and have the company set the maximum at that amount.

Bills come under 'spend' for me.

Spend within your means.
Save for big things you need or want.

Don’t get into debt! Live below your means. Learn to cook. Invest what you can in the stock markets early and often. Your son has decades of compound growth ahead of him. I started at 23 at the advice of my dad (20 years ago) and now wish I had started even earlier. 50% saving for uni, 30% spending 20% invest.

If you can't afford it, you can't have it!!!

Borrow for nothing other than a mortgage or very short term situations where there is a clear payback period.

Price shop for everything (mobile phone, insurance etc.)

Ear mark stuff for sales (tell yourself you can have the jacket if it's reduced to an amount you can afford in the sales but not until then)

All direct debits and standing order come out of your account on payday or within 2 days max.

The rest should be divided as follows:

1/3 spending (day to day enjoyment)

1/3 short term easily accessible savings (holidays, repairs, emergency expenses, job loss etc.)

1/3 long term savings not easily accessible (for the big stuff, where you need to give 30 days notice for withdrawal etc.)

Anything left in the current account at month end, should be transfer into savings.

Rinse and repeat.

First wage slip spend it, or in my dads words "throw it all at the wall or down the drain" enjoy that first pay, everything thereafter have 3 homes for money "fun, savings, bills"

He helped me organise my bank accounts, and set up a money tracker (later to become an excel spreadsheet)

Save for a rainy day.

I want given any advice at all and wished I was. I used to just spend all my money and it's only been about 8 years ago that I've stopped doing it. I now think twice before I buy anything and don't waste money plus resell items once too small etc

Growing up pocket money was always split between save half and spend half. So even quite young I had some of my own money to spend on presents or when we went on holiday. Agree with pp about developing bills/save/spend - that habit has helped me out a lot over time. Growing up I was encouraged to save half my pocket money and watch it grow, and meant I've had a long relationship with a building society. Nowadays think on-line accounts are great for that. Also understanding how many hours it takes to earn the money for something can be a real eye-opener and help with impulse buying. Good luck.

My dad said "Tell the bank manager what you want to do with your money and theirs, before they tell you where to shove it" (don't go into unauthorised overdraft ).
FWIW- my first job on leaving school was with a high street bank.

I wasn’t given any. But Id been aware from a very young age that money was invariably very tight (we knew never to ask for anything when e.g. at the shops) so being careful with money, and not wasting it, came naturally.

Especially when for quite a while I had none to waste.

I’m sure that for many it was easier to stay out of debt decades ago, when there were no credit cards or store cards, and you had to go and see the bank manager if you wanted a loan.

I had to see mine about a loan for buying my first car. £150, an old Mini, and IIRC I paid it back at £10 a month. This was in the early 70s.