Money Issues at 15! Please help....?

Question

Ok, rite. I'm 15 years of age.

In my bank account my Grandmother gave me £1000, which had to be saved in there for when I was older. But I only have £400 or so left in it.... I spend far too much money, especially on clothes. I have a job, but I only get £4.20 each hour for about 2 hours weekly. I also occasionaly babysit for neighbours. Any ideas of how I can get out of this financial rut, and maybe even start saving some money?

Oh, I also get a monthly allowance of £30. And I also owe my Dad £150.....

Help!

Answer 1

Does the money allowance enough for your monthly basic expenditure? If so, save all other money your earned, work more hours weekly; then you may be saving some money.

Answer 2

Laura - I suspect you already know the answer to your own question.  As with all stages of life, however old, you can't spend what you don't have without getting into the financial rut.  Getting out of it is of course the age-old problem.  

Firstly, can you desist from buying more clothes for a while, and cutting back on what ever else you spend your money on?  Can you increase your working hours each week? Advertise for more baby-sitting? The money you owe your dad - can you offer to work it off by doing more house chores, ironing for example, window cleaning - things you would not normally be expected to do?

My son once borrowed money to purchase something, and we agreed he could pay me back by lawn-mowing.  I did have to keep reminding him, but he got there in the end.  It wasn't so much that I wanted the money back, but it was the principle of the thing. He had to learn that the money didn't grow on trees, and in order to get it, you have to work for it.  he is very good at saving now.

There isn't an easy answer, but at least you are now sensibly considering that you have spent more than you should have done - and well before you have actually got yourself into serious debt.  I wish you good luck.

Answer 3

HAHAHAHAHAHA    LMAS  HAHAHAHAHA

When you have a house payment, a car payment, all the bills and a few credit card payments due and no money, THEN ask about your "financial rut".