Money Skills

Buisness man hand put gold coin in pink piggy

Becoming an adult comes with certain responsibilities, the biggest responsibility is looking after your money.  There are many websites that will help you when it comes to looking after those pennies.

Here are a few tips to help you from

1. Interest on your income – choosing the correct bank to keep your money in is really important. Different banks offer different rates of interest, look around to see which bank is the best for you.

2. Free travel Insurance – If your planning a trip, travel insurance can be an expense that you have not budgetted for, look around as some banks offer free European travel insurance.

3. Car Insurance costs – Car insurance can be a massive financial burden.  It is always best to shop around but there are some ways to cut costs.

  • Do you really need it, think about whether you actually need a car, would the cost be too much, could you use public transport.
  • Pay when or how you drive, some insurance companies offer discounts if you have a device fitted to your car which moniters ‘ how or when you drive’
  • Specific young driver brokers, comparison sites are good for comparing everyday situations but for young drivers it maybe worth contacting specialist brokers to see if they are cheaper.
  • Learner driver Insurance, being added to your parents policy can be expensive, some insurance companies cover learner drivers specifically so shop around to get the best deal.

4. Don’t splash the cash, budget – you may get paid monthly or even weekly the key to making sure you dont get into debt unnessary is to manage your money when you get paid, think about out goings first and stick to it.  By budgeting you may find you have excess cash the day before pay day which is always a bonus.

5. Want and Need – Before you buy anything ask yourself do you ‘want it’ or ‘do you need it’.  Some other useful questions to ask yourself:

If you are skint ask – Do it need it? Can I afford it? Can I find it cheaper anywhere else?

If you are lucky and are not skint alos consider what you buy by asking – Will I use it? Is it worth it? Can I find it cheaper elsewhere?

6. Cheaper gas and electricty – if you are living on your own a big chunk of money will be taken up on paying gas and electricty bills so you need these to be as cheap as possible.  Look on comparison sites for the cheapest offers.

7. Start saving if you are lucky enough to have spare cash then start saving.  banks offer accounts that offer a higher rate of interest than normal accounts such as ISA’s, regular savers.  Speak to the bank and they will advise you on the best type of account.

8. Train Fares – Getting a young persons railcard can save you money, by buying a rail card for the year it will save you money on every train journey.  Also buying seperate tickets may work out cheaper.  Download TicketySplit Lite Iphone app to get the best deals.

9. Get paid for nights out – If you are 18 or 19 Serve Legal will pay you to buy age-restricted items as a test in pubs, supermarkets and bars to see if they ask you for ID.

10. Be smart with your phone – Make sure you are on the right contract dont waste money if you don’t need to.  Make sure your only paying for what you use.

11. Pension at my age? – your never too young to start saving for the future.

12. Debt isn’t bad, bad debt is bad – There’s very little chance you will be able to live your life without borrowing money, whether is for university, a house or a car.  If you get the type of lending wrong it will cost you a fortune.  Ensure you get credit with a provider you trust.

13. Warning!! Store cards are bad debt – Most store cards charge massive amounts of interest. Rules around store cards:

  • They DO NOT give free money
  • You have to pay back every single penny
  • Interest charges can be through the roof

14. Get paid to shop online – When shopping online use cashback sites to get money back on purchases.

15. Right on return – you have no rights when buying from a shop if you change your  mind.  With that in mind always make sure if you buy something. you want it.  However if you buy something and there is something wrong with it you have got right.  These rights are referred to as SAD FART

  • Satisfactory
  • As
  • Described
  • Fit for purpose
  • And last for
  • Reasonable length of
  • Time

16. Surf for free – here are some tips on surfing for free or cheaper

  • Most high street chains have free wi-fi, weatherspoons, walkabout and Mcdonalds are a few.
  • Consider shorter contracts, if you get internet at home some providers offer 30-day contracts.
  • Beware download limits – going over your download limits maybe costly, if you are a heavy downloader consider getting an unlimited plan.
  • Shop around for the best deals.


Barclays Money skills is a national programme that helps young people to develop and improve their financial skills, knowledge and confidence. The programme tackles topics such as opening a bank account: budgeting, saving and spending; and gives practical guidance on what to do if something goes wrong. TYS can offer 1:1 budgeting support or group sessions to young people or parents or carers who have been referred to the Targeted Youth Support programme.


Please follow the link for more information and budgeting tools.

Wakefield Council Youth Work Team is a subsidiary of WMDC Children and Young People's Directorate (c) Wakefield Council 2013