Managing my money for young adults
Managing my money for young adults

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Managing my money for young adults

9 Session round-up

In this session you’ve looked at how you can earn an income from part-time work while you’re still at school. You’ve also looked at the deductions that can be made from gross incomes – although the likelihood is that you should have no liability to these until you move into full-time employment or, at least, work a substantial number of hours each week.

You also explored government benefits and looked at those you could become entitled to when you leave school or college.

You should now be able to:

  • know about the minimum wage and the other employment rights to which you are entitled
  • identify the pros and cons of zero-hour contracts
  • understand Income Tax and National Insurance contributions, and how these are deducated from earnings
  • understand Income Tax codes and when to make Income Tax returns
  • understand the basics of state benefits, their funding and how means testing works.

To finish the session watch this video where Martin Lewis talks about his first job and a key lesson he learned that helped his future career.

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Transcript

MARTIN LEWIS
My first job was working in a financial PR company, the number one, the black ops of financial PR, trying to help big companies communicate. And I ended up after a couple of years thinking I'm on the wrong side. And I switched and do what I do now.
But in my first couple of weeks, I was the youngest person they had ever employed as an executive by six years. I was 23, and everybody else who'd ever done that job was 29. But I had to spend a few weeks in the research department, where I learned a bit more what was going on. And one of my tasks, in those days, we didn't have the internet, wasn't working in the way it did now, was I had to go on the boards and pin up the financial newspapers so that everybody in the company could read them. That was, well, induction type job going there.
Now I'd just come from representing my country at the United Nations. I had chaired the first debate between the Palestinian ambassador to the EU and the Israeli ambassador to the UK that had been done since peace was declared in Israel. I was the shizzle, right?
[LAUGHTER]
And I'm putting stuff up on the walls. And I'm not enjoying it, because I'm thinking, I'm better than this, come on. This is why you've hired me. That's why I'm the young ...
And I was meant to be doing that for two weeks. One week, two week, three weeks, four weeks, five weeks, I'm still doing it. And I'm not happy. And eventually, I said to one of the partners, the big bosses of the firm, I was only meant to be doing this for two weeks. I'm still here five weeks doing it. What's wrong?
He said, you want to know? I said, yeah. He said, look at those newspapers. That one's got a crease in it. That one's not straight. That's only got three drawing pins. You're [MUTED] at putting the papers up on the wall.
So the next day, I came in, I kid you not, with a protractor
[LAUGHTER]
and a ruler, and a rolling thing to make sure they were all flat. I did it exactly perfectly. I was taken off doing the papers two days later.
Whatever you're going to do in life, even if it's your Saturday job now, when you are working, you give it your all. You do it to the top of your ability. It reflects on you. It carries you through. You learn the skill of dedication to work.
You'll find there's a skill in every single thing you do, even if it's serving sweets in a sweet shop. There's a skill to it. You're learning numbers. You're learning count. You're learning interaction with the people who come and talk to you.
In everything you do, you do it to the n-th of your ability, because if you don't, and you take that attitude with you when it really matters, it's very difficult to translate. Best lesson I've ever had in my life, putting up newspapers on the wall. Never forgotten it. Never stop working as hard as I possibly can to the best of my ability, always wanting people to see the best of what I do.
It's a really important thing to understand in whatever you do, because when I come as an employer, and I see that someone who worked at Tesco during their university career was promoted to a supervisor at Tesco, I sit there and think, that person has the right attitude. OK, it doesn't give me translatable skills for what I'm employing them to do, but it says this person can grind, work hard, follow the instructions, and he's willing to put themselves forward.
So whatever you do, best that you can possibly do. It's always the way to be. And don't let anyone make fun of you for doing it, for taking your work seriously. People are paying you to do it. That's why it works that way.
[MUSIC PLAYING]
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In the next session you look at spending and then, by combining your expenditure with your income, you start the process of building a budget for yourself – something that is essential to ensure you keep on top of your finances.

You can now go to Session 3 [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .

If you are a teacher working with young adults, you might find this additional guidance for teachers useful.

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