Hi Money Minder,
So, I’m in my late 20s here in the UK, just a full-time student trying to navigate this whole adulting thing until 2026. The thing is, I never really got the hang of anything finance-related – savings, taxes, credit cards, it’s all like a foreign language to me. I see all these abbreviations and numbers thrown around on finance subreddits and I’m totally lost.
I don’t have a part-time job yet, but I’m planning on snagging one soon that’ll bring in around £250-£270 for a 12-hour shift on Sundays. I’m looking to learn the basics from scratch and figure out how to grow my savings from this job into something solid that I can invest in down the line. Any advice for a total newbie like me?
Thanks a bunch!
Best,
Financial Newbie
Response from THE MONEY MINDER:
Hello There,
Hello,
It’s great to hear that you are taking steps to educate yourself about personal finance at a young age. Understanding financial matters can be daunting at first, but with the right resources and a practical approach, you can definitely make significant progress.
As a complete beginner, I would recommend starting with some basic financial literacy resources such as online courses, books, and websites that cater to beginners. Websites like the Money Advice Service or MoneySavingExpert offer beginner-friendly guides on various financial topics, including savings accounts, taxes, and credit cards. Taking the time to familiarize yourself with these concepts will help you build a solid foundation for your financial knowledge.
In terms of growing your savings from your part-time job, it’s essential to start by setting clear financial goals. Determine how much you want to save each month and what you are saving for, whether it’s an emergency fund, a specific purchase, or long-term investments. Once you have a goal in mind, create a budget to track your income and expenses and identify areas where you can cut back to save more.
To make your savings grow into something substantial, consider opening a high-interest savings account to maximize your returns. Additionally, you may want to explore investment options such as index funds or exchange-traded funds (ETFs) that offer a good balance of risk and return for beginners.
Remember, the key to financial success is consistency and discipline. By starting small, educating yourself, and staying committed to your financial goals, you can gradually grow your savings and set yourself up for a secure financial future.
All the best from THE MONEY MINDER.
