Learning to be Money Savvy

While at School I happily worked a paper-round and also worked in the newsagents before school,  I then worked Saturdays in a local chemist.

It was a good start for me and I hadn’t had a working break since I was 13, until I had Emmy that is, although I did go back to work as a Nanny for a while.  The break didn’t last long and soon I was self-employed and working again.

Although I’ve worked from a young age I was never careful with money, it was a means to fund my going out with friends, my new clothes and of course shoes and drinking, clubs and pubs.

Living at home with my parents while at college meant I didn’t have much to pay out for – I paid them £20 house keeping a week, paid my own mobile phone bill – pay-as-you-go was the easiest option back then, I also paid my car tax, insurance, MOT and petrol bills but it was a pretty cheap lifestyle back then.  During college I was working as a Mother’s Help to a lovely family who I later went on to work full time for as a Nanny once I qualified.  With my wages coming in at the end of each month I would have money left over and at a young age of course I didn’t think of putting this into a savings account for a rainy day – it would go towards a new outfit for clubbing or takeaways while out at the weekend.

It was so easy back then.  Becoming a Mum and becoming self-employed has taught me how important budgeting is as the work isn’t always constant however the bills are.  Banks and utility companies are fussed if I only earn a very small amount one month – they still need paying so I HAVE to ensure I have budgeted for the bills and expenses which keep cropping up.  School trips need paying for, uniforms purchased and school shoes renewed almost termly.  I just have to be careful with money, there is no choice no.

It is only recently I have started to put money aside in a separate account to pay for these rainy days and discussed with my bank manager the best accounts available for this as I wanted to find something I could put money into to save but still have access to it when needed.

A recent survey by Satsuma revealed that 54% of middle aged Brits (44-55 years old) admitted to not knowing simple things like their current account interest rates, while 44% confessed to never having sought financial advise from a bank.Do you think you are Money Savvy?  Why not take this simple quiz to see just how clued up you are?

 

 

You can watch this video to see how clued up others thought they were when they were asked recently.

You can find further information on this survey and quiz by following on Twitter and Facebook.

For me personally, it was only in the past few years I stopped living in my overdraft – I had fallen into the trap of having more outgoings that incomings due to poor money management and far too many rainy days, now I am out of it happily and DO NOT wish to fall into this trap again but I now know should I need that money desperately it is my very last back up plan.

Are you a careful saver and watch the pennies?

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