My Money

Managing your money for the first time can be difficult.

• Help when studying
• Help for Apprenticeships

Interview

Deborah, 18, is a PA at a firm of solicitors and tells us how she manages her money.

What is your monthly/weekly wage?

'I am on a salary of £10,500 a year.'

How much do you spend on...

Rent?

'£200 a month.'

Travel/transport?

'£40ish.'

Going out?

'About £100ish, sometimes a little more depending of what's going on throughout the month.'

Clothes?

'Depends, usually between £20 and £70.'

Savings?

'£100 a month.'

Other stuff?

'The rest of the money stays in the bank unless used for something special or just random days or nights out.'

Do you find it easy to manage your money?

'Yeah, it’s fine as long as you know where you are. If I go on a night out I take out about £30–£40 with me and leave my bank card at home to avoid spending any more.'

Hints and tips

• If you're at school or college think how you can earn money without affecting any of your studies, for example getting a summer job. It’s really useful experience for the future.
• Do you manage what money you currently get, such as money from allowances or jobs well? Do you keep track of it, or just stuff it in your pocket to spend when you need?
• Open a bank account. You’ll need one at some point so why not get used to dealing with a bank account straight away.
• Look at what you’re spending your money on. Most of us waste money, and even cutting back on buying a magazine you don’t really read adds up to being able to buy something you really want after a couple of weeks. Saving is boring, we know, but can really help you out in an emergency. See what kind of spender you are.
• Don’t let money issues get out of hand, for example mobile phone bills or credit cards. Keep an eye on what you spend, as it’s all too easy to get carried away!