“I don’t have many outgoings as I live at home with my parents who cover my food and phone bills, but I pay for my own entertainment and clothes. I got a car for my birthday in February and so now I also have driving lessons, road tax and insurance to pay for. My parents paid the insurance annually so I could get a cheaper rate, and I pay them back monthly which costs me £80. It’s a small car, so the road tax is only £20 a year.
Generally, my aim is to end the month with more money than I started with. I’m on a zero-hours contract as a part-time sales assistant at a sportswear shop – the job started as a Christmas temp position but after that they offered me regular hours around my A-Levels. I earn £5.35 an hour, plus commission on certain sales. I have some savings from family inheritance and presents, but I try not to touch that money – it’s for the future. I’ve also recently found out that I have a Child Trust Fund which I’ll get access to when I’m 18.”
If you have a job, try not to spend your wages before you get paid! I’m not too strict about my spending but I try not to go over what I’ve earnt most months, and usually aim to save at least half of what I earn. In the school holidays I’ll work more hours, too.
Sell your old clothes, games and gadgets on eBay or Depop – it’s like free money for things that you don’t use anymore. You can also buy things to sell online, as I do at car boot sales – check charity shops and Facebook Marketplace for things you can make profit on and do your research to check what you are likely to make before buying.
Take lunch to work and school rather than buying meal deals. I want to keep all my earnings so take food from home. It doesn’t have to be boring sandwiches, either – sometimes I make chicken goujons or take left over pasta.