While it’s no secret that young people can find out pretty much anything via the internet and social media, it’s still worth knowing the basics when it comes to managing money. Here’s the essentials to get you started.
As a larger proportion of Gen Z enters the workforce, more of us are having to fully wrap our heads around managing money and understanding budgets.
We’ve also taxes to think about, self-assessments, mortgages, deposits, debt, and a bunch of other fun buzzwords that spark joy in all of us.
To get you up to speed, we’ve put together a few tips and tricks to fully understand how to look at personal finances and make the most of banking.
Financial literacy is now more important than ever, and with Boris Johnson set to raise National Insurance rates in the UK pretty soon, we’ll need all the pennies we can salvage.
Ensure you understand the value of money
This first one is perhaps more about parenting than it is Gen Z know-how, but understanding the intrinsic value of cash is important to establish long-term, responsible saving skills.
Getting to grips with how vital money is to good quality of life, prospects, and general opportunities is worth doing as young as possible. That way, you’ll avoid blowing your first pay cheque on useless tat and put at least a little in the savings pot.
Consider a side hustle or a freelance opportunity
We know that side hustles and the toxic ‘sleep when I’m dead’ culture can cause burn out and problems, but having a manageable source of extra income can be hugely useful in achieving monetary goals.
We’re not saying that you need to exhaust yourself, nor do we want to be put into the same bracket as ‘self-help’ TikTokers that say to work to the bone. However, if you’re currently working part-time, or for a full-time job that isn’t in the field you want to eventually create a career, consider looking into freelance work.
Extra cash on top of a salary can be helpful in making dreams a reality. Just don’t overstretch beyond reason!