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Teenagers

Global Money Week: Three ways to save now

This week is Global Money Week, a great initiative aiming to get children thinking more about money and saving. It can be difficult to engage young people into a savings habit, but our research has shown money habits are picked up as young as seven years old.  What are the simple ways young people can get more involved in the money world?

This year’s Global Money Week theme is ‘take part, save smart’ – but what does this mean in reality? Child and Youth Finance International (CYFI), the company behind Global Money Week, has identified three key areas – save for your career; save financial knowledge; and save money by opening savings accounts.

We’ve broken down these three areas for you, with some great tips on saving and starting solid habits which can last for life.

Three pillars of saving

1.Save for your career

The leap from education to a career can be very daunting. It’s always a good idea to learn some skills around budgeting first and ensuring your expenditure isn’t more than the money you are bringing in every month.

Apprenticeships are also a potential option you may not have thought about. Apprenticeships enable you to learn practical skills and a qualification while also earning a wage. A survey in Scotland by financial services group Prudential showed that 87% of school leavers underestimated apprenticeship pay, but it could be a valuable option for you. Read up on our guide on apprenticeships for young people.

2.Save financial knowledge

Financial knowledge is absolutely key to helping maintain a healthy relationship with your finances. Skills like budgeting can make a real difference.

Knowing how and where you can cut costs is also an invaluable skill. You should shop around and avoid impulse buying and this is applicable to all areas of your spending. Online reviews can also be a great indicator of whether a product is right for you before you buy it. If you’re clever with your money, you can save everywhere from your mobile phone contract to your household bills – have a look on the Money Advice Service website for a range of tips.

3.Save money by opening a savings account

Knowing where to put your money is also a very important part of being financially astute. There are so many options for saving, it can be difficult to know where to go. It’s always a good idea to have a separate account which you put money in – doing this on payday via a Direct Debit can help you make sure that you do it!

It’s also a good idea to set a savings goal – research has shown that naming a goal e.g. ‘James’ travel fund’ actually helps you save more into it.

If you are interested in learning more about Global Money Week, visit their website

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  • Penny Lewis / 6 April 2016

    I am a 37 year old and I really would have benefited from this sound advice when I was a kid! Especially saving goals. I am keen on giving my baby daughter a head start when it comes to good financial sense, so this is a great initiative and support. Thanks