Money Advice I Would Give To My Younger Self

One thing I wish I had been taught in school was about finances. We were taught about how to carve wood with one of those wood carving machines (like when am I going to need that?!) but nothing about finances. Unless you count learning how to add and subtract money sums as financial education. Anyway, financial education is so important for youngsters, particularly in high school. When I left high school, I had no clue about mortgages, the difference between credit and debit cards and how to save effectively. Amongst other things. I wish I was given money advice in school lessons. 

A money saving jar


I had a small child's savings account which I had no idea why I had it. My Dad used to make me put my birthday money in there. Bastard. What happened to that savings account I hear you ask? Just like Bebo, it's history. Don't even know if it's still an open account or not. Anyway, I have a savings account with my bank and that's all that matters. I've kept it ticking over throughout the years and it feels satisfying that I have a bit of money in my savings to go to in case of an emergency. 


Thinking back to just before I left comp at 16, I wish I knew how to handle money properly before stepping out into the big wide world. Fast forward back to today, there are plenty bits of money advice I would give to my younger self. 

Here are the bits of money advice I would give to my younger self:


1) Being financially savvy will make you feel more independent

Knowing how to handle my money has made me more independent. Learning to plan how to spend and save my income every month is so freeing and makes me feel organised. Having that control over how I choose to utilise my money makes me feel so independent. The more responsible I am with my money, the more confident I am with it. I always think "It's my money and I should choose how to spend or save as I please". 

2) Save, save, save

However much you have in your bank account at the end of the month, before your next payslip goes in - save it. It can be as little as £20 or as big as £200 (if that's even possible), it's surprising how quickly it can add up by the end of the year. Now that I'm looking ahead to my future more these days, I like to keep my savings pot topped up monthly. It's very comforting to know that I have a little nest egg in case of any rainier days ahead. 

A money saving jar

3) It's ok to treat yourself once in a while

I know I've gone on about saving a lot during the financial month, but it's ok to treat yourself once in a while. Whether that be a takeaway or a new pair of shoes, or whatever floats your boat, it's ok to have a little spending splurge. After all, you've worked hard for your money, so why shouldn't you treat yourself?

4) Make sure you have a pension

As soon as I entered my twenties and started working properly, I opened a pension. When I do reach retirement age, I need to know that I have a good pension that will pay out to help me out for the rest of my days. Hopefully, your workplace will set up a pension for you, where they will add a little chunk of your wages to it every month. You can always add money to your pension yourself if you don't want to add it to your savings account. Again, I find it comforting that I have a pension waiting for me. 

5) Keep note of your income & outgoings

I started keeping track of my finances when I started working. It's an excellent way to keep on top of my income and outgoings every month. It allows me to see when I need to start being careful and stop myself from overspending. I try and be careful what I spend in the month, but you never know when something crops up eg car trouble, a birthday, needing to buy a leaving present for someone at work etc. When I spend money, I write it down in my notebook and take it away from my monthly income so I know what I have left every time I spend money. A good way to keep organised with money.

A money saving jar

6) Only have direct debits which are necessary

Sometimes, you sign up for a direct debit which eventually becomes unnecessary. When it does become that way, cancel it. Don't let a needless direct debit take money from you every month. You can put that money to good use.

7) Remember, it's YOUR money

Don't let anyone tell you how you should spend and save your money. At the end of the day, it's your money, do with it as you please, but be as responsible as you can. Trying not to sound like your mother here, but you know, just be sensible!

What money advice would you give to your younger self? 

29 comments
  1. There are so many important things they should teach in school that they don't and this is definitely one of them! I wish I'd known more about things like getting a mortgage, how pensions work etc!
    Amy x
    callmeamy.co.uk

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    1. Absolutely Amy, it's hard to believe that this doesn't get taught in schools! I would have loved to have learned about taxes too! x

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  2. Great advice Lucy! I find that keeping a note of your incoming and outgoings is so helpful. Sometimes a visual can allow you to see what areas you need to work on. Thank you for sharing!

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    1. I find it incredibly helpful to keep track of my incomings and outgoings, it allows me to see how much I can put in my savings at the end of the month! Visuals help me a lot too x

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  3. You're so right! We definitely need to start learning about money in schools. Definitely instead of woodwork - That was my absolute worst lesson! I hated it. Haha. I thikn being accountable for your spendings is a good one. When we were saving for our house I' write down everything I was spending in a list that was stuck to the fridge. That really worked. I did that for well over a year and it massively helped me save. I'd be thinking oh I shouldn't spend that because I don't want to add it onto the list I'm going to see every time I make a cup of tea. I don't know if that sounds silly, but it worked! Hahah.
    Claire.X

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    1. Exactly, woodwork is not a necessary lesson! It's not silly at all Claire, it's a method that has helped you save so much money so how can that be silly?! x

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  4. These are all great suggestions Lucy! I agree with everything. If your pension isn’t covered by your employee contribute to a RRSP or whatever the equivalent is in your own country.

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    1. Thank you lovely, that's some good advice!

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  5. Oh this very sage advice. I think finances and how the backing system works should be required teaching in high school.

    Allie of
    www.allienyc.com

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    1. It really should Allie, it should be taught in schools!

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  6. I always wish I was smarter with money when I was younger and even still now to be honest! There's always the pressure to save but sometimes it's actually so hard haha! This is a great post :)

    Courtney x
    c0urtinthemagic.blogspot.co.uk

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    1. It is difficult to save money, it takes a lot of time and effort! x

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  7. I'm always wishing I'd been more sensible with my money when I was younger! Even now, I'm improving slightly but I still splurge more than I spend most months. I am making a point of saving a minimum of £100 a month from my wages this year though so I'm getting there slowly but surely! I'll definitely be trying to teach my son to be sensible with his money.
    Saph x

    www.simplysaph.co.uk

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    1. I like that you make the point of saving £100 every month from your wages, it will easily build up! x

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  8. I love these tips Lucy! I'm still learning a lot about money, and lots of it confuses me. I only just learnt how to cancel direct debit, which seems a bit silly to say. But I agree, school really doesn't set you up with useful life skills.

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    1. Thank you Caroline! Money is such a learning curve for everyone, no matter how old you are! School really doesn't set you up for these useful life skills x

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  9. I wish I saved more when I was in my 20's! I did really enjoy my 20's but did throw money around. I lived in a shared house and had a decent job, spent too much on going out partying and clothes! I'm glad I enjoyed myself but there are deffo ways I could have put away a couple of hundred pounds per month, rather than spend it on silly stuff!

    Corinne x
    https://skinnedcartree.com

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    1. Money is a learning curve for everyone and it definitely sounds like you have learned from your mistakes and have improved Corinne! x

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  10. It's so crazy that they don't teach us money skills in school. All of a sudden we get thrown into the deep end, and left to figure it all out. Also sorry to hear about what happened to your childhood savings account, it's mental that it's just gone xx

    Hannah | https://luxuryblush.co.uk/

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    1. It honestly hasn't bothered me that my childhood savings account has gone Hannah, there was only a couple of pounds in there! It's mad they don't teach any money skills during our time in school! xx

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  11. I wish I was taught about finances in school too because when I was on my own for college, I had to keep track of my money and budget, but I had no idea how to do that effectively.
    This is great advice and I agree it is good to be able to save in case of rainy days, but it's also nice to be able to treat yourself every now and then.

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    1. It should definitely be taught in schools, it's surprising that it still isn't!

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  12. Good advice. I wish I could tell my (much) younger self to get on the property ladder when it was more manageable!

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    1. Oh I wish I could tell my younger self the same thing too!

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  13. I wish I could go back and tell myself to save more money, especially in regards to living alone x

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    1. I wish I started saving a lot earlier too Lea! x

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  14. This is everything the younger generation needs to read right now! I wish I’d had a post like this when I was younger to help guide me after leaving school. This will be hugely beneficial to alot of people who are reading this as you’ve shared some really great advice & tips lovely. I think it’s awful that schools don’t teach this kind of stuff, it’s so important for the future of the students BUT they’ll happily teach us Pi - I mean, in reality when are we ever going to use that? Thank you so much for sharing this with us lovely, it’s a really great read! Xo

    Elle - ellegracedeveson.com

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    1. Thank you so much Elle!
      I wish we all got taught these things when we were in school! Exactly - when are we going to use Pi?! x

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  15. I love this so much! I wish I could go back in time and start my pension earlier!

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