What credit card? Which loan? Helpful money hints for teenagers

24 September 2013 - Which Way To Pay

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Credit cards? Loans? Insurance? Money tips for teenagers

Having sufficient money provides you with an enjoyable and comfortable life. That is why it is best to learn a few money management tricks when you are young before you find yourself in deep water. The sooner you start to manage your money, the richer you will be. That is why it is important for teenagers to get to know the importance of the when, why and how of loans, credit cards and insurance.

Credit cards: Steer clear if you are in any doubt

A big risk with credit cards is you could find yourself in large debt if you do not make your monthly repayments. If you want to borrow the money, there can be much cheaper ways to do it. Unless you have a need or you are 100% certain you will be able to make the repayments then it is advisable to say no! Having said that, credit cards do have their benefits so they should not be ruled out completely.

Loans: Understand the jargon before you commit to a loan

When you speak to a lender be sure that you completely understand their language. Being "specially selected" or "introductory rates" are both phrases that you should ensure you are aware of. They have a tendency to focus on the introductory rate or examples of the loan, rather than actual cost to you.

Insurance: Watch out for the exclusions and excess payments

Insurance companies have a sneaky way of getting out of paying you every penny that you claim for. Always check the terms and conditions with your provider and ensure you are aware of any restrictions or excess payments before you take out the insurance policy. Be aware that usually the bigger the excess the less expensive the insurance, great if you donítí need to make a claim but what if you do?

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