Penny Pushers
According to a survey by Citizens Advice and Youth Access of over 16s, money is the top worry for most young people.
The survey also showed that more than half of all 16-24-year olds say money is the issue currently worrying them the most overall, with nearly one in three saying that they worry all or most of the time about their problems.
Figures show that around 50% of teenagers have been in debt by the time they are 17. Despite that fact money is such a worry, young people often put off getting advice! According to the survey young adults are most likely to ask friends for advice with problems, but only one in ten go to an advice agency. The aim of this section is to help you with information and tips without you needing to go and see someone.
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School Age (11-16)
Finding jobs
For under 16s, a lot of jobs are 'out of bounds' in terms of legislation. Advice Guide has information about legislation and suitable jobs for under 16s. It says that there aren't many jobs for teenagers, but things like babysitting, paper rounds and helping out in your area (gardening, car washing) etc. is all ok. Other rules on hours also apply. Obviously you can't work during school hours, but also you can not do any more than 2 hours on a school day or 12 hours a week. There are a lot more rules on the website. If you are 16, there are a lot more jobs that you can do, for example working in a shop, supermarket or restaurant. You are also entitled to a minimum wage and you're hours are slightly longer.
The best way to find jobs is to ask. Most of the jobs that teenagers are allowed to do, rely on you asking neighbours and friends if they need any chores to be done. However, there are some more permenant jobs around if you look for them. A good website for how to find jobs is Connexions Direct. Once you are 16, it is much easier to find jobs, but you still have to work hard. The best thing to start with is writing a CV. There are many guides around on the internet, for example CV Tips or and this can be sent to everywhere you would like to work. If you are struggling to find jobs in your area, try searching on the internet.
College age (16-18)
Student Finance
Applying for student finance:
If you're a new, full-time student, you can apply for student loans, grants and bursaries as soon as you've made your course application. However, you can still apply up to 9 months from the 1st day of the academic year. You will need to make a new application for each year of your course.
New, full-time applicants need to register with Student Finance England before applying. If you've registered before, or begun an application (even if you didn't complete it), you'll have a Customer Reference Number.
If you think there's been a mistake in the decision on whether you're entitled to student finance or on how much you get, you can ask for it to be reviewed.
There are also different application processes for part-time and disabled students.
Directgov has downloadable student finance guides, including on how to appeal, current application forms, information on your Customer Reference Number and information on disabled students' allowences
Cars
Loans to buy a car:
If you're at college and need a car, it can be hard to get hold of enough cash to buy a reliable one. You may need to check out student loans to buy a car.
You should do a comparison of all the deals available before making a decision. You should be aware of interest rates and make sure you read all the small print.
When looking at student loans to buy a car, make sure you can afford the repayments!Take into account other expenses that cars bring: insurance, tax, fuek, breakdown cover, repairs, servicing etc.
Choose a payment plan to suit your circumstances
The length of time affects the repayments - the shorter the loan term, the lower the interest rate will be. A deposit will also keep the cost right down.
Fair Investment has a free car loan calculator to help find a deal to suit your budget and circumstances.
Car Insurance:
If you're a young driver, some questions you might be wondering are:
Why does teenage car insurance cost so much?
Insurance companies quantify risk; the riskier something is, the more they charge to insure it. It's proven that young drivers are more likely to have accidents than adult drivers, meaning that their rates are much higher.
What kinds of cars offer the lowest insurance rates for young people?
Mid-size vehicles (not sports cars) with good safety ratings offer reasonably good rates.
Should I have my own policy or be added to my parent's?
It's almost always cheaper to be added onto your parent's existing car insurance policy than to set up your own.
Can I get a good student discount?
If you're getting high enough grades, the answer's yes. Different companies have different standards for giving out student discounts but they're always worth applying for.
Go Compare has an area of its site dedicated to young drivers' which gives advice and quotes.
Student discounts
It's well worth checking what discounts you could get with certain student cards. Pick the right ones and you could save a small fortune during your time at University.
The NUS Extra Card is the most famous of the student discount cards. For £10 you gain access to discounts on food, motor, travel, days out, music, retail, health and beauty, making it the best card all round, especially as it also incorporates the International Student Identity Card.
If you regularly travel by train, it is well worth considering a 16-25 Railcard, formerly known as the Young Persons Railcard, which is valid for travel across Great Britain. Initial expenditure may be steep (a costly £24) but this card is invaluable for both long and short journeys, cutting the cost of both by a third. The only catch is that weekday journeys before 10am are subject to a minimum fare but this is still cheaper than what you would pay without a railcard. Savings are also valid on advance fares, and often one long distance journey can recompense for the cost of the card.
Alternatively if you prefer coach travel, you can get a Young Person's Coachcard for £10, and receive up to 30% off travel.
Another good discount card is the V Card, available from Varsity Bar's nationwide for a meagre £2. As well as offering 25% off selected drinks, doubles for an extra £1 and two main meals for £5, discounts are also available outside the bar, including 10% off and free delivery at figleaves.com and 20% off Essensuals haircuts.
University Age
Camp America is a company who work with people 18 and over in there gap year for work expeience and to help them earn some money. If after university you wish to go travelling then this website will help you do this, it offers the chance to go to America and work in the summer kids' camp. You work for one to two months depending on the camp you get the chance to learn new skills which will help you in finding a job back home. You get £352-£735 pounds. You do have to pay a bit up front but it's broken down into manageable chunks, you also get your visa for four months which means you will be able to travel after your placements finishes and you get discount off travelling packages.
If you are worried about the costs of university and would rather get into full time job and start
open university means you can study in your own time at home or at work in your lunch breaks, you may have to visit a centre now and again to visit your tutors but most employers will support you on your course if it will help and improve your work they may give you day offs to go to visit your tutors. Some employers may even fund your course.
If you are interested in joining the RAF or the army then a bursary might be for you!
If you are aiming to become an officer in the RAF or the Army then this may be for you. You get up to £6,000 towards your university fees and a guaranteed job once you leave university fees. You also get free flying lessons! And means you can carry on with your career in the RAF.
The HSBC bank account is a great way to save money and watch what your saving. You get up to £2,000 interest free overdraft, no overdraft fees and overdraft limit alerts at HSBC cash machines. We'll pay you 2% AER Variable Credit interest on the first £1000 in your bank account during your first year at university
Two years free worldwide travel insurance. Access to your cash wherever you are - get local currency at over a million cash machines worldwide
You get 24 hour access to your account and free TalkMobile SIM card with £5 preloaded credit and free calls to HSBC telephone banking so you can manage your money on the go. You get Mobile Banking straight from your mobile phone. You can visit an in-branch Student Advisors
You also get great savings with Dell and you get chart CDs from £7.49.
If you have a job whilst at uni then store cards may be the answer but you have to watch your spending as interest rates are high on these cards and you may find your self getting in to debt if you have to many. But if you can afford them it's a great way to spread the cost of everyday items like cloths. With food shops you get great advantages from store cards, they reward loyalty with vouchers and discounts on products across the store.
Credit cards are a great way to buy essentials when your short on cash, but you have to watch and be careful with how much your spending as the intrest rates can be high. It's advised to use money supermarket.com and shop around to find out the best deal for you, one with low interest and a smaller over draft is reccomendded so you don't go crazy with your spending.
Debit cards are cards that take the money straight out of your bank account when used in a shop or resterant. You can get an overdraft on debit cards of around £2000 as a student and you wont get charged interest when paying it back.
If you're a new, full-time student, you can apply for student loans, grants and bursaries as soon as you've made your course application. However, you can still apply up to 9 months from the 1st day of the academic year. You will need to make a new application for each year of your course.
New, full-time applicants need to register with Student Finance England before applying. If you've registered before, or begun an application (even if you didn't complete it), you'll have a Customer Reference Number.
If you're a new, full-time student, you can apply for student loans, grants and bursaries as soon as you've made your course application. However, you can still apply up to 9 months from the 1st day of the academic year. You will need to make a new application for each year of your course.
New, full-time applicants need to register with Student Finance England before applying. If you've registered before, or begun an application (even if you didn't complete it), you'll have a Customer Reference Number.
If you think there's been a mistake in the decision on whether you're entitled to student finance or on how much you get, you can ask for it to be reviewed.
There are also different application processes for part-time and disabled students.
