Understanding your energy usage
As your children grow up, giving them more freedom to manage their own money is a good way of continuing their financial education.
This guide covers some of the milestones you will tackle together during their teenage years.
Legally, you have to be at least 18 years old to have a credit card.
Debit cards allow both cash withdrawals and purchases, while cash cards only allow ATM withdrawals.
Taking on paid jobs such as babysitting, gardening, or working in a shop can be a great way for teenagers to learn about money management – while clocking up some useful work experience.
There are rules to bear in mind, though, particularly for school age children.
Only children of school leaving age and above are entitled to the Minimum Wage – currently £4.20 an hour.
So if your child wants a part-time job before hitting 16, make sure he or she is being paid fairly.
Check too that any part-time jobs do not have a negative impact on their results at school.
Whether they earn extra money working part-time, or simply save their pocket money, it’s a good idea to encourage teenagers to start putting money aside for future projects.
You may, for example, want to strike a deal such as you will cover their first year’s insurance if they save up enough to buy a car.
Once they start saving, getting the highest rate of interest will maximise their returns, so help them to search for the right account.
When your child starts driving, you will need to add him or her to your car insurance policy, or take out a separate policy if they have their own car.
This can prove very expensive – teenage drivers pay more than any other group for cover – so it’s worth shopping around.
Other ways to cut the cost of car insurance for teenagers include:
Once young people leave education and start working full-time, many parents ask them to start paying rent or contributing towards the household bills.
Whether or not you do this is up to you, and is likely to depend on how much your child is earning.
But asking them to pay even a small amount each month is good practice for when they move out.
Whether your child is going on a week’s holiday to France, or backpacking around the world, he or she will need appropriate travel insurance.
To make sure you get the right deal at the right price, it’s important to shop around and compare single-trip, annual, and backpacker policies.
When it comes to foreign currency, prepaid currency cards – the modern version of travellers’ cheques - are a good way to avoid them carrying too much cash, and can offer competitive exchange rates.
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