Getting money

Most young people under age 16 rely on their family for money. Since
every family's circumstances are different, this can lead to serious
competitiveness at school and heated discussions at home.

On average young people in southeast England receive £8.20 a week for pocket money (BBC, April 2006). What you receive will depend on a number of things including what your family can afford and how responsibly you manage the money they give you. If you are unhappy about what you receive, ask yourself whether it is realistic and fair to request more. If you decide that it is, try discussing it calmly with your parents.

Some young people earn money by doing odd jobs for their parents. Agree beforehand what you will be paid. Some of the chores you could offer to do:

• Cleaning the house
• Loading/unloading the dishwasher
• Washing the car
• Making the beds
• Cutting grass

Stretching money

• Use student or youth discount cards
• Hire DVDs and videos from the library – cheaper than Blockbuster with more variety.
• Call when cheap calls area available on your mobile (varies with package).
• Get a free/cheap haircut by being a model on training night at a salon or beauty training college.
• If you smoke, stop.
• Look out for free gigs and entertainment.
• If you drink, stop.
• Refill water bottles instead of buying a new one every day.
• Cut junk and snack foods.
• Get free condoms from a family planning clinic, Bodyzone or Wellsafe.
• Visit charity shops regularly so that you can grab the nice stuff as soon as it comes in.
• Get a student rail card and bus pass.
• Only use cashpoints once a week and avoid the ones that cost money.

Checking your cash flow

Many people have no idea where their money goes. One day they have £20 and the next they are skint. Ask them what they spent it on and they haven’t a clue. To avoid falling into this trap you need to keep an eye on your cash flow.

1. Write down everything you spend for a week.
   Yes, we mean everything.
2. Make a list of money coming in each week: wages after tax, pocket money, gift money, benefits and any other income.
   
   

   TOTAL INCOME

   
   
3. Using notes from step 1 list your weekly expenditures.
   
   

   CINEMA		GIFTS
   EATING OUT		BUS/TAXI FARES
   EVENTS/CONCERTS		AUTO –
   SCHOOL ACTIVITIES		PETROL/INSURANCE
   CLOTHING		SAVINGS
   SPORT FEES/EQUIPMENT		CREDIT/LOANS
   HAIR APPOINTMENTS		HOLIDAY
   MAKE-UP/TOILETRIES		RENT
   TELEPHONE/MOBILE		OTHER

   
   
4. Subtract expenses from income
   
   

   EXPENSES - INCOME =

So, how did you do?

-	If you spend more than you have you either need to cut down somewhere or increase your income. If you don’t have enough for essentials look into getting a job or find out if you qualify for benefits.
+	If you have money left over, well done! You can start a longterm savings plan.

 

Experience: trouble with money

My mum and dad are divorced and have been for years. Dad has no problems with money and sends me some when I need it. Last month mum told me that we were 3 months behind on the rent and could end up going to court. I had to go see our solicitor because my mum was at work. I was so scared and didn’t really understand a lot of it. He told me what we had to pay and when. He explained it well. I found it hard to concentrate at school and I had a few days off. My head of year talked to me about things and I confided in her. She listened and assured me that things would work out, but I mustn’t miss any more days off school. In the end I called my dad and explained it to him. He sent some money and we managed to find enough to get us through the first few payments. I am definitely going to be more organised with my money when I’m older. Life is already too stressful without the problems with money. – 16, Witney