The Advice I Never Got

The Advice I Never Got



The advice I never got from my parents which I have given to my 18 year old son who has just finished school.

My parents never spoke to me about money, my bank offered me an overdraft when I was 16 and I’ve had one ever since. I don’t want history to repeat itself.


The Advice I Never Got

  • Live below your means
  • Once you get your first job, aim to save 20% of your net pay. There is no need to save more – life is for enjoying.
  • Automate your savings – take the money you want to save out of your account on the day you get paid – it will stop you from spending it.
  • Save up 3 months of living expenses and keep this in a deposit account to use as an emergency fund
  • Avoid debt – if you want something that you can’t afford – save up for it
  • The only debt worth having is a mortgage on a property
  • Don’t buy a car or take holidays which leave you broke.
  • Auto Enrol in your company’s pension scheme – if you start early the effect of compound interest should ensure you have a sizeable retirement fund
  • Once you have got 3 months expenses saved, then buy a book on investment – open an account with an Investment Company that allows you to invest in stocks, bonds or funds and then save as much as you can.
  • Make sure your savings are held in a tax efficient account. Here in the UK we have an ISA limit of £15,000pa (your doing well if you can hit this)
  • Invest small amounts every month – trying to time the markets and invest larger amounts is a fools game.
  • Dont put all your eggs in one basket. Invest in a spread of accounts, funds or stocks – it reduces risk.
  • Though you might think that all this saving is pointless as you want things now – an account full of money when your 30 will result in a happier family life, than a cupboard full of out dated gadgets.

Don’t ever forget that your Dad loves you more than anyone else in the whole world – You can always call on me for help no matter what the problem or situation – I will never judge you.

What do you think about the advice that I never got – would you add anything to the mix ? (keeping it financial of course).


  1. Great advice, particularly building an emergency fund and automating savings/investing.

  2. Great advice! My parents never really taught me much about money either. I’ve just sort of bumbled along and most of it I actually learned from money conscious ex-boyfriends! So thank goodness for those relationships.

    I like don’t buy a car or take a holiday that will leave you broke – around that age, that’s a pretty common thing.

  3. In the event that you have enough credit available on your credit card, make
    sure you can use that card for your emergency bill. This
    person needs to be 18 years or above, he or she should be a lasting citizen of USA, if working the salary and job information shall be considered.
    The consolidation specialists will not only help with the problem but they will
    even teach consumers how money and credit work so that they will
    never need a payday loan again.

  4. I am skeptical about investing and never done so but have seen some investments that has. To do with the market and nit willing to take losses when I have nothing to lose. Is there any other investments I can start with that doesn’t cause a loss?

Speak Your Mind