Wise words for young spenders
- By Hannah Mahony -
- Aug 09, 2012
Virgin Money are always looking to help you make your money stretch further. In their latest edition of Virgin Money Magazine, the bank have teamed up with YouthNet to offer some money-management tips to young people.
Opening an account
When opening an account be sure to shop about – there are many special student current accounts available or an accounts for your earned income. A lot of account providers offer free gifts to tempt young people in, but there are lots of other important factors to consider too for example, would you prefer to do online banking or telephone banking. These are smaller, but important factors to take into consideration.
It’s always tempting to pick up store cards to pay for things like new clothes or electrical items – particularly when a greater discount is offered. But be warned - shop staff are trained to promote these cards and sometimes the discounts can be misleading. Be sure not to confuse store cards with loyalty cards.
Depending on what course you do, where you’re based and whether or not you’re moving out- the costs of going to University can hugely vary. Use the student finance calculator to get your head around what help is out there. Don’t forget to take extra costs such as rent, electricity bills, food, toiletries, cleaning products and TV license into account!
Don’t take the gamble
Scratch cards and slot machines are a big draw among some young people, with many brands specifically targeting 18 to 24-year-olds, don’t take the risk! The same applies to online gambling, it may seem like you’re on a winning streak, but always consider how the website are making their money.
For the full article and more money saving tips and tricks - check out the Virgin Money website.